ALEXANDRIA, Va. - (07/22/05) -- The NCUA Board Thursday proposedexpanding the agency's Regulatory Flexibility, or Reg-Flex programthat eases regulatory limits for well-managed credit unions, tomake the vast majority of federally chartered credit unionsavailable. The proposal, issued for a 60-day public comment period,would lower the threshold for eligibility in the program from allthose credit unions with a high CAMEL rating and a net worth of atleast 9%, to all those with a net worth of at least 7%. The movewould increase the number of federal credit unions eligible forReg-Flex to as many as 3,900, or 70% of all federal charters, upfrom the 3,450, or 62% currently eligible. The Board also proposeda new rule restricting post-employment by examiners in the creditunion industry. The proposal bars senior NCUA examiners fromworking for a credit union they have examined for one year afterleaving the agency. The Board also issued for a comment a proposalthat would allow low-income credit unions to redeem secondarycapital before five years, which would no longer require them todiscount the secondary capital in their net worth calculations at20% a year, as is required under current rules. Low-income creditunions are the only credit unions authorized to issue secondarycapital and to count it as net worth.
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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.
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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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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.
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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.
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Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
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