SALT LAKE CITY - (02/03/06) NCUA retreated further in itsdefense of the Utah undeserved case Thursday, even as it was askingthe court to dismiss the bankers challenge. In a new motionto dismiss, the credit union regulator told U.S. Judge Dale KimballThursday since they have retracted underserved expansions grantedAmerica First FCU that the American Bankers Associationscourt challenge for those expansions is now moot. In addition, NCUAinsisted to the Judgewho ruled a year ago that NCUA violatedfederal law in a related casethat the agency is certain notto approve any more underserved expansions for community charteredcredit unions because it plans to enact a new rule restrictingunderserved expansions to multiple group charters. In its suit thebankers claim NCUA in the America First case violated the FederalCU Act which expressly restricts underserved expansions to multiplegroup charters. The bankers charge NCUA has used its underservedprogram to allow broad expansions for as many as 200 communitychartered credit unions, some of which have encompassed major U.S.cities, like Philadelphia, Baltimore, Houston and Washington,D.C.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27