GULFPORT, Miss. - (01/25/06) -- The president of the Gulfport CBC CUand its board of directors were dismissed Tuesday and the creditunion placed into federal conservatorship while state bankingregulators look into alleged mismanagement of funds. An officialwith the Mississippi Department of Banking told The Credit UnionJournal the conservatorship had nothing to do with the damagesincurred from Hurricane Katrina but confirmed they were lookinginto possible mismanagement at the $17.5 million institution. Thecredit union had strong net worth of 10% at the end of the thirdquarter but reported a $175,000 loss for the first three quartersof 2005. Its loan delinquency ratio was 4.6% and its charge-offratio was 3%. Gulfport CBC CU primarily serves both the civilianand military employees and families of the U.S. NavysGulfport Construction Battalion Center.
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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