MADISON, Wis. - (02/21/05) -- Loan growth among credit unions thisyear is expected to slow from its heated 10% pace in 2004, butshould still be warm at as much as 9%, according to the CUEconomists Group. The group of seven credit union executives andthree trade group economists predicted member business loans andhome equity loans will pace credit union lending this year. "Whilefirst mortgage and vehicle loan growth should remain steady, homeequity loans and business loans--particularly in larger creditunions--should continue to grow," said Bruce Beaudette, presidentof Sunmark FCU, Schenectady, N.Y. "Rising property values over thepast several years have created an outstanding home market andmembers are taking advantage of this new-found equity to refinanceother debt and make large purchases in the Northeast." Creditunions can expect a further flattening of the yield curve as theovernight FedFunds rate climbs towards 3.7% by year-end andlong-term mortgage rates move towards 6.5%, according to Tun Wai,chief economist at NAFCU and one of the founders of thegroup.
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The president and his allies have stepped up their verbal attacks on the Federal Reserve and its chairman in recent weeks, and while the tough talk has not changed policy, it has sent a clear message to the financial sector.
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Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
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The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
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Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
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Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
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