FARMERS BRANCH, Texas - (09/07/05) Credit unions in Texas continue tomount aggressive efforts to assist credit unions in neighboringgulf states that are hurting from Hurricane Katrina. The state hastaken in more than 100,000 displaced residents from Louisiana, andmembers of the Houston Chapter have been working to help those whohave taken refuge in that citys Astrodome. Texascredit unions have proven their capacity for giving, but there isconcern as far as how much they can provide hurricane victims andstill stay in compliance, said Texas league CEO DickEnsweiler. We have reaffirmed with NCUA that credit unionsmay offer services to the extent consistent with safe and soundoperating practices. Credit unions in the state have beenwaiving ATM fees and cashing out-of-state and non-member checks.JSC Credit Union in Houston purchased supplies to help two RedCross shelters in the city deal with refugees.
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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.
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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.
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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.
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