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LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
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MICHELLE WILLITSManaging Editor
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ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Market
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 …


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News Now LiveWire
App puts #CUNAGAC in palms of attendees' hands #NewsNow http://t.co/piabPHIGb5
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App puts #cunagac in palms of #creditunion attendees' hands http://t.co/2XZC3LWw6Z
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Breaking at #NewsNow: @CUNA files amicus brief in Florida interchange case. http://t.co/gWSBjCtSD7
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What is the @NCUFoundation ? Watch this Foundation video: http://t.co/iC6XoInU7r
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Follow @cumagazine for even more #CUNAGAC live-action reports March 8-12 #creditunion #creditunions #UniteForGood
18 hours ago