DALLAS - (04/11/05) -- With the planned conversions ofCommunity CU and OmniAmerican CU very much on the minds ofattendees of Texas CU League's 71st Annual Meeting, one of thequestions is who will continue to serve these CUs once they becomebanks? There's one vendor these would-be banks can scratch offtheir lists: Southwest Corporate Credit Union. "As the rulescurrently stand, we can only serve our member credit unions," saidSouthwest's Bob Rehm. "We actually gave NCUA a call about this,because sometimes we'll chat with them informally before weofficially apply to them for something. We asked them if we couldapply the 'once a member, always a member, rule to situations likethis. They told us don't even bother filing." To date, the numberof credit unions that have converted to banks is so small-under30-that it's not a burning bottom-line question for most vendors,but for cooperatives like Southwest Corporate, it's also aphilosophical issue, Rehm noted.
-
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.
11h ago -
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.
April 18 -
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.
April 18 -
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.
April 18 -
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.
April 18 -
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.
April 18