WASHINGTON - (04/27/05) -- NCUA said it won't consider theAmerican Bankers Association's request to reconsider a pilotprogram allowing CUNA Mutual Group to set the groundwork for a newsecondary market for credit union loans. NCUA Chairman JoAnnJohnson said Tuesday the NCUA Board has no intention ofreconsidering its March 17 decision approving CUNA Mutual's CUSystems Fund, which will buy and pool member business loans fromcredit unions, then sell shares in the pool, or fund, to individualcredit unions. "We feel it's a well-thought-out and very soundprogram," Johnson told The Credit Union Journal, after speaking toWomen in Housing Finance, a Washington trade group. Johnson saidshe sent the ABA a letter acknowledging their concerns on safetyand soundness and the possibility the program could help creditunions circumvent the cap on business lending, but said the creditunion regulator plans to monitor the pilot closely. CUNA Mutualsees the business loan fund as the first in a series of funds thatwould eventually buy credit card, mortgage, community development,and other loans from credit unions, creating a whole new secondarymarket for those loans, while keeping them within the credit unionmovement.
-
Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.
24m ago -
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