SAN JOSE, Calif. - (04/14/05) -- Technology CU said it has become oneof the first financial institutions allow members to instantlyimport their 1099 (dividend interest) and 1098 (mortgage interest)directly into Internet-based TurboTax program without the need ofmanual input. The $1 billion credit union is one of only twofinancial institutions to provide 1098 downloads of both firstmortgage interest and home equity loan interest. To use thisfeature, members simply click on the TurboTax logo located on thecredit union's newly designed website. When the member arrives atthe section in the TurboTax system, which requires dividendinterest and/or mortgage interest information, they enter theirTech CU member number and Online Banking personal identificationnumber.
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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.
April 18 -
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.
April 18 -
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
April 18