WASHINGTON - (09/07/05) -- More than 400 elderly veterans fromGulfport, Miss., are getting acclimated at a new home in thenation's Capitol, where they were transported after last week'shurricane, thanks to assistance from Pentagon FCU. The Pentagon FCUFoundation is buying refrigerators, wheelchairs and clothing forthe elderly veterans, who were moved to the Soldiers and SailorsHome in Washington, D.C. The nation's fourth-largest credit unionis working to raise $60,000 through its charitable arm to financethe post-hurricane assistance, according to Margot Szeliga,spokesman for the credit union. The credit union, which ran anational ad with Navy FCU in USA Today last Friday offeringassistance to affected areas, has also taken a number of steps toease the financial burden on members in the three affected states.They are: extended payment schedules; low interest emergency loans;waiving prepayment penalties on early withdrawals of CDs;refinancing of car and home loans at 100% loan-to-value ratio; andallowing affected members to skip a payment on loans.
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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.
April 18