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.
-
As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3