OLYMPIA, Wash. - (03/22/05) -- A director of a state charteredcredit union is prohibited from giving his proxy to anotherdirector to vote for him or her at a board meeting, the stateregulator said in a new legal opinion letter. While the issue ofproxy voting is not directly under the state's CU Act, the stategenerally follows the Model Business Corporation Act for its issuesnot directly covered by the state law. "Generally, corporate lawdoes not allow the directors of a corporation to vote by proxy atdirectors' meetings. They must be personally present and actthemselves," The Department of Financial Institutions said in thelegal opinion. As stated in the Washington Corporate Law," adirector may not act by proxy, but must be present to hear and toengage in the give and take of discussion in order to carry out hisor her duty of care and fiduciary responsibility," the DFInoted.
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Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.
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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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