ALEXANDRIA, Va. - (05/26/06) -- Profitability at America's creditunions declined again in the first quarter, for the third quarterin a row, to just 0.81% return-on-average assets, the lowest inmore than a decade, as the flattening yield curve continued tosqueeze profits. That compares to an ROA of 0.85% for the fourthquarter in 2005, 0.92% for the third quarter, and 0.93% for thethird and second quarters. Data compiled by NCUA shows that loangrowth for the first quarter was a tepid 0.9%, while share growthwas strong at 3%. Asset quality remained strong, with the loandelinquency ratio declining to just 0.59%, from 0.73% at year-end2005; and the charge-off ratio falling to a low 0.49%. Real estatelending continued to lead the way for loan growth, with firstmortgages increasing by 2.2% and other mortgages, which includessecond mortgages and home equity loans, rising by 2.7%. New autoloans grew by 0.9% in the first quarter, while used auto loansdeclined by 0.4%.
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Mastercard launches service to fight instant-payment fraud, EU may green-light Apple's NFC-access plan, and more.
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The top five banks and thrifts had combined assets of more than $13 trillion as of December 31, 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.
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The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
April 23