MADISON, Wis. - (06/02/06) The Feds tugging ofshort-term rates higher has apparently slowed loan demand at creditunions so far this year, with loans growing just 0.8% in April andby a three-year low of just 1.6% for the first four months of theyear. Loan demand for used cars, adjustable-rate mortgages and homeequity lines of creditproducts closely tied to short-termrates, all declined in April, as the Fed continued to push the ratefor overnight FedFunds to a five-year high, CUNA reported Thursday.But deposit growth has also stagnated in the first part of theyear, with shares declining 0.5% in April, and growing by a 10-yearlow of just 2.7% for the first four months. More than $3 billion indeposits flowed out of the credit union system in April, the tradegroup reported. Regular shares, money market accounts and sharedrafts all declined for the month, as credit unions have been slowto raise their rates to attract new funds.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27