WASHINGTON - (07/01/05) The Office of Thrift Supervision hascertified the vote by Community Credit Union members to convert theCU to a bank charter and implicitly called NCUA to task as the soleholdout on the $1.4-billion CUs proposed conversion. In itsorder certifying the vote, OTS chastised NCUA fordisapproving CCUs disclosure notices afterhaving preliminarily approved the documents. Moreover, OTSsuggested NCUAs required, so-called box disclosures arepotentially misleading. The NCUA raised no objection to theadditional information that the credit union placed on the reverseside of the single sheet of paper, and, in fact, preliminarilycleared the credit unions disclosures, including thedisclosures placed on the reverse side of the boxed disclosures.Similarly, the [Texas Credit Union Department] preliminarilycleared the same disclosures, OTS Acting Director Richard M.Riccobono wrote in the June 29 order. OTS concludes thatthere is no reason to object to the credit unions additionof information set forth on the reverse side of the boxeddisclosures, because the additional information mitigatespotentially misleading statements included in the NCUAsrequired disclosures. OTS raised the specter of NCUAsown process potentially misleading membership and tainting the votein a footnote that suggested OTS determined only CCUs ownstatements mitigated the need for further investigation ofNCUAs language by OTS.
-
The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
3h ago -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
11h ago -
Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27 -
A panel at CBA Live explored the contract provisions banks need to consider before embarking on new banking-as-a-service relationships and what catches their eyes in consent orders from banking regulators.
March 27