SAN FRANCISCO - (01/12/06) More than a dozen local creditunions and banks are asking the thousands of unbanked residents ofthis renown Bay City to Bank on San Francisco. Modeled afterManhattans Bank on New York program, the localdepositories are working with the citys Treasurer and theFederal Reserve of San Francisco to develop and market a variety ofprograms aimed at signing the citys estimated 50,000unbanked residents up to deposit accounts and to create specialservices for them. This is a new area for this office.Getting into areas like financial justice has not been tackledbefore by the Treasurers office, David Augustine, aspokesman for San Francisco Treasurer Jose Cisneros, told TheCredit Union Journal. Among the issues being looked at are makingit easier for immigrants to open deposit accounts, providingincentives to opening insured deposit accounts, and offeringalternatives to high-cost check-cashers and payday lenders. Theprogram is currently being formalized for an official roll-out inthe first quarter. Advertising agency McCann Erickson Worldwide hasagreed to provide advertising and marketing assistance and todevelop a branding campaign on a pro bono basis. Among theparticipants so far are: Patelco CU, California Preferred CU,Northeast Community FCU and Spectrum FCU, as well as Wells Fargo,Bank of America, Citibank, Bank of the West and County Bank of SanFrancisco.
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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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Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.
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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.
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