WATERLOO, Iowa - (05/02/06) -- Veridian CU announced it awarded sixlocal groups a total of $15,000 in funding through its annualHealth, Welfare & Safety Grant program. The state's biggestcredit union, formerly known as John Deere Community CU, targetsthe grants towards local organizations that promote awareness andeducate the community on wellness-related issues. This year'srecipients were: Allen Hospital of Waterloo, for its Women's HealthDepartment Together for Youth coalition to protect adolescentpregnancy; The Family YMCA of Black Hawk County for its Fitness& Wellness Assessment Program; People's Community Health Clinicin Waterloo, for its Getting to Quit (smoking) Program; YoungParent's Network in Cedar Rapids, for Parents as Teachers familyeducation program; Children & Families of Iowa in Des Moines,which runs a domestic violence hotline; and the HispanicEducational Resources in Des Moines, for its bilingual Latinolearning academy. The credit union is now accepting applicationsfor its $15,000 in Culture & Arts grants awards.
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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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