HELENA, Mont. - (08/02/04) -- Authorities said the fake creditunion scam has returned here with a vengeance, with a new set ofindividuals, believed to be Canadians, soliciting loans throughbogus credit unions. State regulators issued cease and desistorders Friday against four individuals for using the names oflegitimate U.S. credit unions and soliciting loans through them.The scheme is similar to one operated by two Toronto-area brotherswho were charged a month ago with a multi-state scam that solicitedhundreds of thousands of dollars from American consumers throughphony credit unions. The four Canadians named in the latest scamare: Cassandra Henry, Sarah Johnson, Kevin Walters and CherylBrewton, who authorities said are advertising loans through 'UnitedSavings CU,' Global CU,' and Sunrise Family CU,' all names oflegitimate credit unions. The phony credit unions use Canadiane-mail addresses and toll-free phone numbers fromCanada.
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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.
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.
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