The Credit Union 24 Network reported it hit a new high in monthly volume during July when it performed nearly 17 million transactions through its EFT network in July. That figure is a 40% figure over the same period in 2004. While increases in point-of-sale transactions contributed to the volume increase, Credit Union 24 said that ATM volumes have also continued their steady rise, with monthly activity at ATMs up more than 30% over July 2004. "We've already seen over 25 million more transactions on the network than we did last year at this time, and we expect more record-setting months ahead," said CEO Jim Park.
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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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Tests of models from OpenAI, Google and others found their advice tends to disadvantage names commonly associated with racial minorities and women.
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Federal Reserve Governor Michelle Bowman said she believes there is a feasible path forward for the revised capital reform proposal, emphasizing the importance of making broad changes informed by industry feedback to achieve broad consensus among Federal Reserve board members.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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