ALEXANDRIA, Va. - (10/21/05) -- The NCUA Board Thursday, with itsonly sitting member Chairman JoAnn Johnson, approved a new ruleallowing large well-run credit unions that qualify for Reg-Flex toincrease the deductible on their fidelity bonds to as much as $1million--effectively allowing them to self-insure for the first $1million of losses. The new rule increases the maximum requireddeductible, on a sliding scale, for all credit unions over $1million in assets that qualify as well-managed under the agency'sregulatory flexibility, or Reg-Flex program. So for credit unionsunder $100,000 no deductible is required; for those between$100,000 and $250,000 a $1,000 deductible is required; for thosebetween $250,000 and $1 million a $2,000 deductible is required.For credit unions over $1 billion in assets, a deductible of $1million is required.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27