MADISON, Wis. - (09/07/05) -- Credit unions reported anemicdeposit growth of just 0.02% in July, continuing a major drop-offin new savings in 2005, according to CUNA. July's deposit growthcompares to 1% a year ago. Through the first seven months of theyear deposits grew just 2.1%, less than half the 5.1% of 2004, andthe lowest in a decade. On the other side of the ledger, loans grewa strong 1.4% in July, pushing year-to-date loan growth to 6%, justoff last year's 6.5% for the first seven months. New car loans grew3% in July, while used car loans expanded by 1%. Growth in secondmortgage and home equity loans was strong, at 2.7% and 1.6%,respectively, for July.
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The top five banks and thrifts have combined total assets of nearly $13 trillion.
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A new Citizens Bank survey suggests rising check-fraud incidents are driving middle-market companies to accelerate plans to fully adopt digital payments. But 70% of all businesses will continue to rely on checks for years to come, according to recent data from the Association for Financial Professionals.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
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The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
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The bank will use biometric authentication to streamline checkout in stores starting in 2025. It has already completed internal and external pilots of the technology.
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Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.
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