WASHINGTON - (02/28/06) -- NCUA Chairman JoAnn Johnson deniedany suggestions her new member services survey gauging credit unionservice to the underserved communities is anything like theCommunity Reinvestment Act required of banks and insisted that NCUAhas no plans to suggest a CRA for credit unions. "I would like tomake something very clear," Johnson told more than 4,000 attendeesto CUNA's annual Government Affairs Conference. "This Agency is notabout to impose CRA on credit unions. I will repeat, NCUA, under myleadership, is not about to embark on a path that would lead you toCRA." Johnson was referring to criticism of her member servicesprogram that attempts to measure and monitor credit union'sservices to underserved members are similar in function to CRA,which attempts to gauge and monitor banks service to theunderserved communities where they operate. But Johnson insistedthat NCUA has to do something to satisfy increasing inquiries fromCongress to determine whether credit unions are serving individualsof modest means, as is generally interpreted as the chief creditunion mission. "The job that needs to be done is one that theregulator must do," she said. "As always, we welcome input andopinion from the industry, but at the end of the day, the regulatoris the one charged with responding to Congress."
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Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.
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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.
April 18 -
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.
April 18 -
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.
April 18 -
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.
April 18 -
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.
April 18