The Federal Reserve, which processes the vast majority of checks
The Fed said it processed 16.6 billion checks in 2002, down 1.9% from 2001,
The Fed's commercial ACH volume has almost doubled since 1997. Long-term
In 1995, the Fed's unit costs for checks and ACH payments were virtually
Since then, the unit cost for an ACH transaction has decreased from 3.5 cents to 1.3 cents, while the unit cost for a check has increased from 3.6 cents to 4.5 cents.
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.
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.
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.
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.
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.
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.
