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 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.
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