TORONTO – Navy FCU is about to embark on one of the biggest hiring plans ever for a credit union. The $25-billion credit union plans to hire about 920 new employees in 2007, expanding its workforce by 18% to about 6,000 worldwide, according to Cutler Dawson, president of the world’s largest credit union. The new hires will not only staff the credit union's ambitious branch expansion—45 new facilities over the next five years—but also its new call center in Pensacola, Fla., its member service centers and support staff, Dawson told The Credit Union Journal Thursday during NAFCU’s annual convention. “We’re really trying to build our member services and support, and trying to make it even better,” said Dawson.
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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 involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company 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.
April 18