CLARKSVILLE, Ind. - (10/17/05) -- Mounting losses brought on byincreasing member bankruptcies as the new bankruptcy law approachesare being credited with causing their first credit union merger.Community Service CU said Friday its board voted the night beforeto merge into nearby Obelisk FCU because of a $500,000 drop inmember equity and a major operating loss due to exploding memberbankruptcies. As of the first of this month, the $5.6 millioncredit union was facing a $286,000 operating loss and had totransfer $289,000 to loan loss reserves to cover losses frommembers filing for bankruptcy. Obelisk FCU, based in New Albany,Ind., has $55 million in assets.
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The top five banks and thrifts have combined total assets of nearly $13 trillion.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
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