DEARBORN, Mich. - (04/27/06) NCUA said Wednesday that direstatements of a regulatory takeover of DFCU Financial if dissidentmembers succeed in recalling the nine directors who voted for theill-fated conversion of the $1.8 billion credit union are in error.I dont know where they got that from, but if therecall of the board succeeds, then the supervisory committee wouldthen be given control and they would be responsible for schedulingelections for a new board, John McKechnie, chief spokesmanfor NCUA, told The Credit Union Journal. Material distributed byDFCU in its attempts to defeat the recall state, The NCUA the government would appoint a conservator until anew slate of directors could be elected at the next AnnualMembership Meeting, which will be sometime in February 2007. Thistypically only happens to insolvent credit unions that is why thisis such a drastic measure. Do you want the government to choose theleadership of DFCU Financial? Separately, DFCU reported thatits financials remain among the strongest among the nationscredit unions, with first quarter net income of $7.8 million and a1.7 return-on-average assets for the first quarter, putting itamong the top performers in the nation, according to data compiledby Callahan & Associates.. The credit union reported strongloan growth of 7% annualized for the first quarter and growth innet capital of 16% to $237 million at March 31.
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The FDIC Board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
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The state's Comptroller of Public Accounts is one of several notable non-depositories with access to the Fed's payments system, along with the Chicago Mercantile Exchange and the Tennessee Valley Authority. So why do they have accounts while some neobanks don't?
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
April 24