KALAMAZOO, Mich. - (01/31/05) -- State regulators with the Office ofInsurance and Financial Services have approved a request byEducational Employees CU to expand its community charter to addalmost 2.5 million residents in 16 surrounding counties, giving the$240 million credit union what is believed to be the largestcommunity charter for a state credit union. The 500,000 people thecredit union already serves in five local counties give theEducational Community CU a field of membership of about threemillion. The grant comes a month after the OFIS approved a statecharter for USA FCU to serve 2.2 million people on Oakland andMacomb counties.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase stemmed from higher interest rates, partial charge-offs and certain problem loans, many involving commercial real estate, executives at the Dallas bank say. Further CRE deterioration is anticipated.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
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Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
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