RICHARDSON, Texas - (06/20/05) -- Members of Community CU are widelyexpected to vote approval of the credit union giant's conversion tomutual savings bank at Tuesday's special meeting--setting up ashowdown with NCUA, which has asserted it won't certify the vote.Just days before the special meeting, to be held at RichardsonCivic Center in suburban Dallas, the $1.4-billion credit union--thebiggest ever to seek the controversial charter switch--has alreadyreceived tens of thousands of votes and will complete the votetally at the meeting. But even if the vote is to approve theconversion NCUA has ruled the three-step mail ballot was inviolation of the agency's rules and regulations and will not becertified, as required for the charter switch to be completed. Thatleaves open the likelihood the dispute will end up in court.Officials expect a large turnout for the landmark meeting, whichwill be boosted by a random drawing for more than $20,000 in cashprizes. "We don't really know what to expect, but certainly thismeeting has been more widely publicized than any other meetingwe've ever had," Michael Hord, general counsel for the credit uniongiant, told The Credit Union Journal.
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Banking Circle US is the first company to use Connecticut's uninsured bank charter for wholesale and merchant activities. This kind of charter makes sense for payments firms, but questions persist about overall viability.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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Ant Group's Alipay is linking to Pakistan's NayaPay as part of a push to support tourism to China, Revolut has obtained a license from Mexico's National Banking and Securities Commission, and more.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16 -
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
April 16 -
The Federal Home Loan Bank System stepped up advances by 37% or more to Silicon Valley, Signature and First Republic banks ahead of their failures, the GAO says in a post-mortem on last year's banking crisis. The findings add to the debate about whether the system should be a lender of last resort.
April 16