ALEXANDRIA, Va. - (06/06/05) -- A week after granting a TIP charterto serve federal employees throughout the mid-Atlantic states, NCUAdenied a request from XCEL FCU for a broad TIP charter to servefederal, state and local government agencies and the Port Authorityof New York/New Jersey in several counties adjourning New York andNew Jersey. In a new legal opinion letter issued to the $85 millionJersey City-based credit union, NCUA said its rules for trade,industry or profession charters do not allow a single charter forthe different levels of government or in the Port Authority. Thebroad TIP proposal, said NCUA, does not adequately demonstrate a"narrow commonality of interests of those working within a specifictrade, industry or profession to establish 'one group that has acommon bond of occupation." An acceptable TIP charter for XCEL FCUcould encompass state and local employees in the targeted counties;or federal employees in those areas; or employees of the PortAuthority, NCUA suggested.
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Powered by younger, affluent cardholders, American Express saw a 6% increase in billed business during the first quarter, while weak growth still plagues its small-business segment.
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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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