Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

News of the Competition (01/02/2013)
News of the Competition

MADISON, Wis. (1/2/13)

  • Bank of America (BofA) has sold 21 branches in Iowa and Maine since March, and the Charlotte-based megabank has made deals to sell an additional 38 branches in the central U.S. Community banks are set to purchase all of the branches, which total about $1.5 billion in assets (American Banker Dec. 31). Northwest Bank has sought to acquire BofA branches for several years, according to Greg Post, Northwest president/CEO. Northwest wanted the branches for what they offer in customer relationships, employees and real estate, Post said. Locations that are irrelevant for BofA are meaningful for community banks, said Chris Marinac, an analyst with FIG Partners …
  • Banks paid a record $1.2 billion in fines to U.S. and state authorities this year. About half of that amount was related to improper mortgage practices. A $1.5 billion mortgage settlement with major home lenders was announced in February to create a fund to pay borrowers whose homes were improperly sold or taken into foreclosure (CNNMoney Dec. 31). Another $3.5 billion was awarded to state and federal governments to fund counseling and legal aid. Wells Fargo paid $175 million in July to help minority homeowners who were sold subprime loans when they qualified for traditional mortgages. Also, UBS agreed in December to pay $1.2 billion for manipulating the London interbank offered rate …
  • Canadian Imperial Bank of Commerce (CIBC) has agreed to pay $149.5 million to settle a claim with the estate of Lehman Brothers related to collateralized mortgage obligations that led to the failure of the Wall Street bank (Reuters Dec. 31). The estate claimed had Lehman Brothers contracts that gave it senior payment priority on derivatives and collateralized debt obligations, but that the bankruptcy improperly placed the priority of the payments. The claims were filed against CIBC and numerous other financial institutions in September 2010, two years after Lehman Brothers went bankrupt. CIBC previously recognized a $841 million gain and reduced its financial commitment to zero after Lehman filed for bankruptcy in September 2008 …

RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions
9 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version:
10 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now:
10 hours ago
African financial inclusion possible with mobile money: @IMFNews study
11 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids
12 hours ago