NEW ORLEANS - (02/24/06) ASI FCU said it is stillworking to collect funds from thousands of its members who overdrewtheir accounts in the days after Hurricane Katrina hit when itprovided offline access to ATMs. As many as half of the 10,000members of the low-income credit union who overdrew their accountshave made amends, according to Audrey Cerise, president of the $250million CDCU. Many of the overdrawn accounts will probably never berepaid, she conceded. Five thousand took money from us anddidnt give it back, but you know, 75,000 didnt. Andwe know there are a lot of people out there who are very willing topay us back, but they cant feed their families, much lesspay us, Cerise told The Credit Union Journal.Were going to take a big hit, we just haventtaken it yet. Because of the emergency, ASI continued to letits members withdraw money from their accounts at various ATMs inthe days and weeks following the massive disaster, even thoughthere was no way to balance any of those transactions for daysbecause the data processing system was down.
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The top five banks and thrifts have combined total assets of nearly $13 trillion.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
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The two regional banks are anticipating that borrower demand will increase in the back half of the year. High interest rates and economic uncertainty have been muting the appetite for borrowing.
April 23