HOUSTON - (09/23/05) -- PULSE EFT Association, one of thebiggest electronic funds networks for credit unions, said Thursdayit has moved its operations to its back-up station in Dallas inorder to avoid the oncoming Hurricane Rita. The company, whichprovides electronic funds services for as many as 1,700 creditunions and another 2,500 banks, said the move is a precautionaryone designed to maintain uninterrupted service should the hurricanehit the area, as projected. The network, which is owned by MorganStanley's Discover Financial Services, established a dualprocessing platform in 2003 that allows identical operations fromeither location. PULSE was able to operate uninterrupted throughoutHurricane Katrina, providing millions of Gulf Coast residentsaccess to their funds during and after the massivestorm.
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The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.
April 17 -
The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.
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After the Minneapolis-based company reported stubbornly high commercial deposit costs, it reduced its full-year forecast for net interest income by $200 million-$500 million.
April 17 -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
April 17 -
Rising deposit costs have plagued banks in general, and the Tennessee bank had to pay up to bolster liquidity after its failed merger with TD. But First Horizon retained customers in the first quarter while not paying them the special rates they got last year.
April 17