ALEXANDRIA, Va. - (10/13/04) -- NCUA said Tuesday it plans to slashits spending plan for 2005 by a little over 1%. The $148 millionspending plan, which must be approved by the NCUA Board, wouldinclude a reduction in both annual operating fees assessedfederally chartered credit unions and the overhead transfer rate,the rate by which funds are transferred from the NCUSIF to pay foroperating expenses. The proposed spending plan calls for an averagepay raise of 4% for NCUA employees, about the same as last year.But salary and benefits costs, which account for 85% of theagency's expenses, would be reduced by around $2.1 million becauseof the retirement of high-salaried employees and their replacementwith newer hires. Another major saving would be in administrativeexpenses, with $1.2 million in charges for this year's relocationof west coast Region Six not in the budget for nextyear.
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The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.
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The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.
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After the Minneapolis-based company reported stubbornly high commercial deposit costs, it reduced its full-year forecast for net interest income by $200 million-$500 million.
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The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
April 17 -
Rising deposit costs have plagued banks in general, and the Tennessee bank had to pay up to bolster liquidity after its failed merger with TD. But First Horizon retained customers in the first quarter while not paying them the special rates they got last year.
April 17