ALBANY, N.Y. - (02/14/06) -- The New York CU League announcedMonday that Empire Corporate FCU and two of its subsidiaries,Consolidated League Services and CUC Mortgage, have donated a totalof $375,000 to an endow a small credit union assistance fund in thename of Harold Korman, co-founder of the New York corporate. Thefunds from the Harold Korman Endowment will be used to provideprofessional development grants, technology grants and financeworkshops for the state's small credit unions. The goal for thefund is to raise $1 million. Korman, who died in 2005, served aschairman of Empire Corporate, chairman of the New York league, anda director of CUNA Mutual, while he was president of BrooklynJENAPO FCU and Independent CU.
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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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