ALEXANDRIA, Va. - (04/13/06) -- NCUA said Wednesday so-calledSkip-A-Payment loans are permissible for federal credit unions, aslong as the credit union meets Truth In Lending disclosurerequirements. A credit union's addition of an option to defer orskip a payment to an open-end loan after giving certain disclosuresmay trigger additional disclosure requirements, the agency said ina new legal opinion letter. No additional disclosures are requiredif the credit union adds the feature within 30 days after providingthe initial disclosures, and the finance charge is the same. Themember must receive additional disclosures before using the optionfor the first time if the credit union adds the option after the 30days, and it is not part of a renewal, resupply, or the originalextension of credit. Skip payment offers for closed-end creditafter the initial loan do not require additional disclosures, NCUAsaid. A credit union is proposing a Ski-A-Payment program formembers based on their credit and payment history and will charge afee for it.
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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