American Banker articles from March 2004

American Banker archives from March 2004

Aftershocks Of New Haven Conversion.(banking bill)
March 1, 2004... The bruising fight over New Haven Savings Bank's conversion to stock ownership continues to reverberate in Connecticut. The state Senate's majority leader has introduced a bill that would authorize the banking commissioner to order a...

Did Week Help or Hurt Chances For GSE Reform Bill This Year?
March 1, 2004... Sen. Richard Shelby is hard at work on a bill to rein in Fannie Mae and Freddie Mac, but even before the Banking Committee chairman introduces the measure observers say chances of enactment this year are fading fast. Sen. Shelby wrapped up...

Royal of Canada Puts Cuts Ahead of Expansion in U.S.
March 1, 2004... Royal Bank of Canada has spent nearly $6 billion on acquisitions in the United States since 2000, but on Friday it indicated that it intends to slow the pace of its U.S. expansion as it tries to reverse disappointing returns here. As part...

Now It's JPM Wrestling a Deposit Cap -- In Texas.(J.P. Morgan Chase & Co)(bank deposits)
March 1, 2004... Unlike Bank of America Corp. and FleetBoston Financial Corp., J.P. Morgan Chase & Co. and Bank One Corp. have been spared one headache as they seek approvals for their deal -- the need to squeeze deposits to fit under federal limits. But...

Executive Changes.
March 1, 2004... MIDWEST Fifth Third Bank of Cincinnati has hired Ann Lazarus-Barnes as its first diversity director. The Fifth Third Bancorp unit said Ms. Lazarus-Barnes will monitor its hiring practices and will run its work and life family programs,...

FDIC: Banks Not GSE-Vulnerable.(Federal Deposit Insurance Corp)(government-sponsored enterprises)(Brief Article)
March 1, 2004... Banks and thrifts could easily cope with the changes that would result if Fannie Mae and Freddie Mac lost their implicit government backing, a Federal Deposit Insurance Corp. report slated for release today says. Any government decision on...

Washington People.
March 1, 2004... Equal Time? While New York Attorney General Eliot Spitzer continues to make news with mutual fund-related lawsuits, he is still pounding away at the Office of the Comptroller of the Currency over its recent preemption rules. In a...

Fed Chief's Sudden Clarity Makes Washington Wonder.
March 1, 2004... For three straight days last week Federal Reserve Board Chairman Alan Greenspan grabbed headlines concerning a range of financial issues -- a feat that fueled speculation about what the normally opaque policymaker was up to. Legacy...

Community Bankers Warned Of a Slowdown in Profit Growth.(Brief Article)
March 1, 2004... Community banks could be less profitable in the long term than their larger competitors, a Federal Reserve Board governor said Friday. "The near-term outlook for community bank profitability is good, but at this point prospects for the rate...

In Brief: Prepaid Card Pitched to Unbanked.(Brief Article)
March 1, 2004... The former basketball great Earvin "Magic" Johnson and Celebrity Cards International Inc. of Los Angeles are marketing a prepaid card designed for unbanked consumers and those with poor credit histories. The MagicCash card, introduced Feb....

In Brief: Hypercom Offering New Terminals.(high-speed card payment terminal)(Brief Article)
March 1, 2004... Hypercom Corp. introduced a high-speed card payment terminal Friday designed to shorten checkout times at multilane retailers. The Phoenix company's Optimum L4100 is certified as a personal identification number entry device and meets EMV,...

In Brief: Alliance Data in Pact with Retailer.(Alliance Data Systems Corp)(Brief Article)
March 1, 2004... Alliance Data Systems Corp. said Thursday it has signed a five-year private-label card agreement with the furniture retailer Design Within Reach. The Dallas card company will run the retailer's card portfolio, including funding...

In Brief: Blockbuster, MasterCard Sign Deal.(MasterCard International)(Brief Article)
March 1, 2004... MasterCard International has signed a multiyear marketing agreement with Viacom Inc.'s Blockbuster subsidiary, the companies announced last week. The Dallas movie and game rental company will make MasterCard its "preferred" card for buying...

Australia Reserve Goes After Visa Debit Card.
March 1, 2004... The central bank of Australia is eyeing Visa's debit card operation just months after regulating Visa's and MasterCard's credit card rules. On Feb. 23 the Reserve Bank of Australia took the first step by formally designating Visa...

Comerica Insurance Unit Expecting a Good Year.
March 1, 2004... Comerica Inc.'s insurance unit is looking for increased growth in 2004 after years of a tough business climate in its home state and a reorganization of its leadership. The Detroit banking company is reorganizing several units, and it put...

In Brief: LaSalle Unit Unveils 'Inflation-Floater' CD.(certificate of deposit)(Brief Article)
March 1, 2004... The broker-dealer services division of LaSalle Bank, which says it has been successful at selling an inflation-protected certificate of deposit, has now introduced a floating-rate CD, called inflation-floater CDs. The so-called IFCDs pay a...

In Brief: Pioneer Incorporates Four Papp Portfolios.(Pioneer Investment Management Inc)(L. Roy Papp & Associates)(Brief Article)
March 1, 2004... Pioneer Investment Management Inc. has announced the reorganization of four mutual funds managed by L. Roy Papp & Associates LLP into the Pioneer family of funds. The portfolios resulting from the reorganization are the Pioneer Papp Stock...

In Brief: Evergreen Taps Head for High-Yield Team.(Evergreen Investments)(Brief Article)
March 1, 2004... Evergreen Investments has announced the promotion of Dana Erikson to be head of its high-yield team. Mr. Erikson was to assume oversight today of the team that manages the firm's high-yield assets from institutional separate accounts and...

In Brief: Fidelity Cuts Prices for Active Traders.(Fidelity Investments)(Brief Article)
March 1, 2004... Fidelity Investments said it has enhanced pricing for active traders by dropping its penny-per-share charge for online equity trades. The incentive, which was to take effect Feb. 18, lets Gold Level customers pay a flat rate of $8 for...

Interest Rate Increase Bodes Well for Cards.
March 1, 2004... Credit card companies stand to benefit more than banks from an interest rate increase, market observers say. Card companies' earnings and shares alike would probably rise, these observers said. Banks' earnings, meanwhile, would probably...

InteliData Takes a Beating and Lowers Its Sights.(InteliData Technologies Corp.)(Brief Article)
March 1, 2004... InteliData Technologies Corp., struggling to find customers for its bill-payment software and related products, fell short of its own projections in the fourth quarter. But executives said they are still optimistic that banks will choose...

In Brief: A Neb. Bank Using DiCom Tool.(First National of Nebraska)(DiCom Portfolio Analysis)(Brief Article)
March 1, 2004... First National of Nebraska Inc. will soon start using specialized software instead of standard spreadsheets to analyze its lending portfolio. In less than a month it should be using the DiCom Portfolio Analysis software to analyze loans by...

In Brief: Phone Unit for Open Solutions.(Brief Article)
March 1, 2004... Open Solutions Inc., which makes core banking software, has acquired Maxxar Corp., a Wixom, Mich., maker of computerized voice technology, for $6.5 million in cash to promote telephone banking. The purchase, announced Feb. 24, was the first...

B of A Gets Deal Via Lend Lease U.S. Breakup.(Bank of America Corp)
March 1, 2004... The departure of Lend Lease Corp. Ltd. from U.S. commercial real estate has led to a subcontracting deal for Bank of America Corp. One of the Australian company's former subsidiaries, Holliday Fenoglio Fowler LP of Houston, hired B of A to...

Freddie Proxy Reveals Exec Pay.(Freddie Mac)
March 1, 2004... Freddie Mac backed away Friday from a promise to release its 2003 financials by midyear and revealed it paid Gregory J. Parseghian $19.4 million for his three-month stint as its chief executive last summer. In the proxy statement for its...

In Brief: Twin Cities Chief for U.S. Bank.(Brief Article)
March 1, 2004... U.S. Bancorp said Friday it has appointed Christine Hobrough to be the regional manager in charge of its Twin Cities market. She succeeded Kurt Treu, who was promoted to market president in Cleveland. Ms. Hobrough, a 21-year U.S. Bank...

In Brief: Good Day for Mortgage Stocks.(Brief Article)
March 1, 2004... Bank stocks outperformed a flat market Friday. Superregional banking companies had a good run, but mortgage lenders beat them. The yield on the 10-year Treasury note fell below 4%. The American Banker index of 225 banks rose 0.7%,...

Mortgage Insurer Radian: No Poison Pill, No Sale.
March 1, 2004... Radian Group Inc. has terminated its poison pill, saying it no longer needed the defense against hostile takeovers. "We're not for sale," said Frank Filipps, the chairman and CEO of the Philadelphia mortgage insurer, in an interview...

Credit Unions with Largest Portfolios of First Mortgage Loans: On Sept. 30, 2003. Dollars in thousands.(Illustration)
March 1, 2004... (part 1 of 2) Rank 1 State Employees Credit Union Raleigh 2 Navy Federal Credit Union Merrifield, Va. 3 Boeing Employees Credit Union Tukwila, Wash. 4 Pentagon Federal Credit Union Alexandria, Va. ...

CUs with Largest Portfolios of Other Residential Real Estate Loans*: On Sept. 30, 2003. Dollars in thousands.(credit unions)(Illustration)
March 1, 2004... (part 1 of 2) Rank 1 Navy Federal Credit Union Merrifield, Va. 2 State Employees Credit Union Raleigh 3 Pentagon Federal Credit Union Alexandria, Va. 4 Golden 1 Credit Union Sacramento 5 Boeing...

Heat's On, But Compass Is Still Playing It Cool.
March 2, 2004... Analysts and investors agree that Compass Bancshares Inc. continues to justify its independence with robust earnings and growth prospects, but they cannot help but notice it's also a juicy consolidation target. After a handful of big bank...

E-Loan Lets Customers Choose: U.S. Or Offshore.(options )
March 2, 2004... Chris Larsen of E-Loan Inc., one of the financial services industry's loudest voices in favor of transparency in business practices, is now taking concrete steps to apply that concept to offshore outsourcing -- letting customers decide where...

Powell Takes Harder Line on Tier 1 Capital.(Don Powell)
March 2, 2004... Federal Deposit Insurance Corp. Chairman Don Powell recommended Monday that Tier 1 capital be strengthened by disqualifying some "hybrid capital instruments" such as trust-preferred securities. "We should clean up our definition of...

Unlikely Banking Center, Protected By Iffy Economy.
March 2, 2004... Through a curious mix of foresight and luck, Birmingham became a banking center in spite of itself. By population it's the 67th-largest metropolitan statistical area in the country, and it is in the middle of a state not known for its...

OCC Tells National Banks to Cooperate with States.
March 2, 2004... The Office of the Comptroller of the Currency, its relations with state officials strained by a recent exchange, is telling national banks to be responsive to inquiries from state regulators. National banks should "resolve consumer...

FTC: Plan Would Confuse Borrowers.
March 2, 2004... The Federal Trade Commission may have thrown another wrench in the works of the Department of Housing and Urban Development's controversial plan to reform the mortgage process. In a report issued Friday, the FTC said that telling consumers...

Coverage Limit Impasse Blocking Deposit Reform.
March 2, 2004... Deposit insurance reform legislation is bottled up in the Senate because Richard Shelby, the Banking Committee chairman, is still at odds with many of colleagues on the panel over coverage levels. Nearly a year after the House approved a...

First Federal of Wis. Planning More Hubs To Go with Spokes.(First Federal Capital Corp)
March 2, 2004... First Federal Capital Corp. of La Crosse, Wis., plans branch expansions this year in three cities in Wisconsin and one in Illinois. The $3.3 billion-asset company is using the hub-and-spokes model it adopted in 2000. It already has small...

Calif. Group Forming Bank For Vietnamese-Americans.
March 2, 2004... An Orange County, Calif., group is planning what would be the only bank focused on Vietnamese-Americans. It applied last month for a California charter to open First Vietnamese American Bank in the Little Saigon area of Westminster, whose...

In Brief: State Farm Web Site To Inform Youngsters.(Brief Article)
March 2, 2004... State Farm unveiled a financial education Web site Monday that offers enjoyable ways for kindergarten-through-12th-grade students to learn basic principles of financial responsibility and money management. With only a handful of states...

In Brief: N.C. Broker Buys N.J. Property Risk Group.(North Carolina)(Brief Article)
March 2, 2004... The "kid stuff" section of State Farm's Web site offers lessons and educational games for primary and secondary school students. It includes parent and teacher guides and age-appropriate lessons. American Wholesale Insurance Group, a...

In Brief: Visa to Introduce Car-Rental Insurance.(Visa USA)(Brief Article)
March 2, 2004... As part of a change reported in American Banker last August, Visa USA said Monday that it will offer auto rental insurance, also known as collision damage waiver coverage, to all Visa consumer credit cardholders, a benefit previously reserved...

In Brief: Hancock Fund to Use Trim in Dividend Tax.(John Hancock Advisers)(Tax-Advantaged Dividend Income Fund)(Brief Article)
March 2, 2004... John Hancock Advisers LLC said it has started its 13th closed-end fund, the John Hancock Tax-Advantaged Dividend Income Fund, to offer a high level of after-tax total return from dividend income and capital appreciation. The fund issued 38...

Nat. City Wealth Chief Looking To Build Brand in the Footprint.(Timothy L. Swanson of National City Corp.)
March 2, 2004... After spending his first year at National City Corp.'s wealth management unit fine-tuning internally, Timothy L. Swanson says he will spend his second year looking for external growth as the Cleveland banking company tries to expand its share...

Hypercom Upbeat on Business Abroad.(outlook for payments terminals)(Brief Article)
March 2, 2004... Hypercom Corp. predicted a rosy year for the global payments terminal market, which it said will be lifted by more activity overseas. At the Wall Street Analyst Forum in New York on Monday, John Smolak, the chief financial officer of the...

Coinstar Kiosks To Offer Prepaid Cards and More.(services)
March 2, 2004... A company that made its business counting sofa change is trying new ideas. Coinstar Inc. began 12 years ago with a simple plan: Give people a convenient way to get rid of change lying around the house and turn it into paper currency. ...

First Data Drops Concord's Co-CEOs in Integration.(Concord EFS Inc)(chief executive officer)
March 2, 2004... Though several Concord EFS Inc. executives have joined the company's new parent, First Data Corp., co-chief executive officers Dan M. Palmer and Bond R. Isaacson are leaving. First Data, of Denver, bought Concord, of Memphis, on Thursday,...

How Plans to Check GSEs Would Help Banks.
March 2, 2004... Alan Greenspan's publicly expressed desire to limit the growth of Fannie Mae and Freddie Mac dovetails with the interests of some of the Federal Reserve's big-bank constituents. Most observers agree that reining in Fannie and Freddie would...

Key's Business Menu Adds Data Backup with AmeriVault.(KeyCorp)
March 2, 2004... KeyCorp has added computer backup and disaster recovery to its lineup of nonfinancial services for corporate clients. The $84.5 billion-asset Cleveland company, which announced the additions Monday, said it is the first in the industry to...

In Brief: Greenspan on GSEs: Shelby, Oxley Differ.(Alan Greenspan)(Richard Shelby)(Michael G. Oxley)(Brief Article)
March 2, 2004... Two top lawmakers on Monday distanced themselves from a suggestion by Federal Reserve Board Chairman Alan Greenspan that the growth of Fannie Mae and Freddie Mac be limited. Senate Banking Committee Chairman Richard Shelby had balked at Mr....

In Brief: More Subpoenas for Citi in Fund Probes.(Citigroup Inc.)(Brief Article)
March 2, 2004... Citigroup Inc. disclosed Monday that it had received subpoenas "and other requests for information" from regulators in connection with the ongoing investigation of the mutual fund industry. The regulators requested information on market...

In Brief: Target Drops Visa Smart Card Program.(Brief Article)
March 2, 2004... Target, of Minneapolis, said it would drop the chips from its Target Visa credit card, three years after introducing them, because the chip feature has "experienced limited use by our guests." Customers can download discount coupons from the...

In Brief: Co-Head of Wachovia Unit Retiring.(W. Barnes Hauptfuhrer)(Brief Article)
March 2, 2004... Wachovia Corp. said Monday that Stephen E. Cummings will become sole head of its corporate and investment banking division May 1, when W. Barnes Hauptfuhrer, who is co-head of the group, retires. A spokeswoman said Mr. Hauptfuhrer's move does...

In Brief: SEC Weighing Action Against B of A.(Securities and Exchange Commission)(trading, research violations at Bank of America Corp.)(Brief Article)
March 2, 2004... Bank of America Corp. is still waiting to hear whether it will face regulatory action stemming from a two-year investigation of its investment bank's trading and research activities. In its annual report filed with the Securities and...

KBW Likes Synovus But Says TSYS Overvalued.(Keefe, Bruyette and Woods ratings on Synovus Financial, Total System Services)
March 2, 2004... Keefe, Bruyette & Woods Inc. initiated coverage for Synovus Financial Corp. in Columbus, Ga., on Monday and argued in a research note that its banking business is undervalued compared with its overpriced processing affiliate. Jefferson...

B of A's CEO Gives Up Job Guarantees.(Bank of America)
March 3, 2004... Kenneth D. Lewis canceled his employment agreement with Bank of America Corp. in December, saying that he wants to forgo guarantees and tie his pay more closely to the company's performance, according to a securities filing. Mr. Lewis, 57,...

Why Basel Could Take A Toll on Mid-Tier.
March 3, 2004... One of the biggest concerns raised by critics of pending international capital rules is that they would let the largest banking companies lower their capital standards and gain a competitive advantage over other banks. A Federal Reserve...

'Help Wanted' Signs Back Up at Commercial Banks.
March 3, 2004... After an extended period of payroll reductions, commercial and investment banks are making concerted hiring efforts this academic year, business school administrators and job recruiters say. They are also extending more offers, according to...

Executive Changes.
March 3, 2004... MIDDLE ATLANTIC The Pennsylvania Department of Banking has hired Victoria A. Reider as its chief legal adviser. Ms. Reider had been the general counsel and a senior vice president of Phico Group Inc. of Mechanicsburg, Pa., until 2001....

Italian Authorities Expand B of A Probe.(Bank of America Corp)(Brief Article)
March 3, 2004... Bank of America Corp. said that Italian authorities are investigating its activities as well as those of some current or former employees in Milan in connection with Parmalat Finanziera SpA. Italian authorities in January had identified...

FDIC Cautions on ARM, Home-Equity Risk.(Federal Deposit Insurance Corp)(adjustable-rate mortgages)
March 3, 2004... The Federal Deposit Insurance Corp. warned Tuesday that adjustable-rate mortgages and home equity lines of credit may pose a risk to lenders when interest rates rise or if home prices drop. Separately, Federal Reserve Board Chairman Alan...

Status Quo Advised on Reserves.
March 3, 2004... Since efforts to overhaul loan-loss accounting are stymied, federal regulators are advising banks in the meantime to use existing guidelines for calculating reserve levels. In a March 1 letter the Federal Reserve Board, Office of the...

In Brief: Agencies Urge More Focus on Reputation.(Brief Article)
March 3, 2004... Bankers need to be more aware of the way their actions can harm the reputation of their institution, federal and state regulators said Tuesday. Because reputational risk can be hard to measure, bankers often focus on other threats that can...

In Brief: Feinstein Threatens Data Privacy Bill.
March 3, 2004... Sen. Dianne Feinstein, D-Calif., is threatening legislation if companies do not adequately protect customers' personal data that is sent to contractors overseas. In letters to the chief executives of Bank of America Corp., Citigroup Inc.,...

In Brief: FDIC Chief to Testify at Oversight Hearing.(Federal Deposit Insurance Corp)(Brief Article)
March 3, 2004... A House Financial Services subcommittee is scheduled Thursday to begin a series of oversight hearings on the federal agencies under its jurisdiction, including the bank and thrift regulators. The first hearing, to be held in the oversight...

In Brief: Senate Panel to Meet on Treasury Nominee.(Brief Article)
March 3, 2004... The Senate Finance Committee is scheduled to consider Monday the nomination of Brian Roseboro to be Treasury under secretary of domestic finance. Mr. Roseboro, the assistant secretary for financial markets, has been serving as acting under...

In Brief: Va. High Court Upholds CU Expansion Grant.(Supreme Court of Virginia rules Waynesboro credit union expansion)(Brief Article)
March 3, 2004... The Supreme Court of Virginia has ruled that a Waynesboro credit union may expand its field of membership into a five-county region in the Shenandoah Valley. The ruling, handed down Feb. 17, came a month after the court heard oral...

BancTrust of Ala. Selling a Fla. Subsidiary.(Vision Bancshares Inc)(Brief Article)
March 3, 2004... BancTrust Financial Group Inc. of Mobile is selling BankTrust of Florida to the $207 million-asset Vision Bancshares Inc. for $7.5 million. The Wewahitchka bank, the smallest of BancTrust's seven subsidiaries, has $43 million of assets in...

Assessing Compliance Before the Examiners Do.
March 3, 2004... The directors of Milestone Advisors, whose study on Community Reinvestment Act compliance I mentioned in a Feb. 11 column, were amazed with the response. The Short Hills, N.J., firm got calls from bankers eager to learn what steps they...

For CEO, Visa International Reaches Outside Membership.
March 3, 2004... In a departure, Visa International has hired as chief executive officer someone who has never worked for a Visa card issuer. Christopher J. Rodrigues, 54, was named president and CEO-elect of the payment network's global umbrella company on...

Bank and Thrift Holding Companies with the Most U.S. Employees: Full-time equivalent on Sept. 30, 2003. Dollars in thousands.(Illustration)
March 3, 2004... (part 1 of 2) Type of holding company 1 Citigroup Inc. New York bank 2 Wells...

Publicly Traded Bank Holding Companies with Highest Net Income Per Employee: Full-time equivalent on Sept. 30, 2003. Dollars in thousands.(Illustration)
March 3, 2004... (part 1 of 2) Type of holding company 1 Heritage Holding Corp. Salt Lake City thrift 2 CFSB...

'03 Bad in Fixed, Up in Variables.
March 3, 2004... Though 14 of the top 20 variable annuity providers sold more in 2003 than in the year before, only eight of the top 20 fixed annuity providers could say the same. According to data from Kenneth Kehrer Associates, a consulting firm in...

Putnam Vows $3.8M Restitution for Errors.(Brief Article)
March 3, 2004... Putnam Investments announced Tuesday that it found accounting errors in its defined contribution services unit during a review of compliance procedures and will make payments of $3.8 million. The Boston investment company said the errors...

B of A Fee Unit, Growing Rapidly, Adds Flexible Plan.(Bank of America)
March 3, 2004... Bank of America's consulting services group has started a multiple-style investment program in an effort to attract affluent people by broadening its roster of fee-based products. Consulting Services Portfolio Strategies is a managed...

In Brief: A 'Respectful' Name For Countrywide Unit.(Brief Article)
March 3, 2004... Countrywide Financial Corp. announced Tuesday that its subprime wholesale division would now be called the specialty lending group. The change is "more respectful" to customers "who have had temporary setbacks or disruptions in their...

In Brief: Fairbanks Taken Off Fitch's Watch List.(Brief Article)
March 3, 2004... Things are looking up a bit for the subprime servicer Fairbanks Capital Corp. Fitch Inc. announced Monday that it no longer had the Salt Lake City company on "rating watch negative" status, where it had been since Oct. 8. The New York...

In Brief: Deutsche Hires CMO Researcher from Citi.(Collateralized Mortgage Obligation)(Brief Article)
March 3, 2004... Deutsche Bank AG has hired a Citigroup Inc. analyst as the director of collateralized mortgage obligation research and strategy in its investment banking and securities arm. Victoria Averbukh spent seven years at Citigroup, most recently as...

In Brief: Paragon of Fla. Hires An Investment Bank.(JPS Capital)(Brief Article)
March 3, 2004... Paragon Financial Corp., a Ponte Vedra Beach, Fla., subprime residential mortgage bank, said Tuesday that it had retained a Dayton, Ohio investment bank to help it to raise $7 million to $10 million. Paragon said the investment bank, JPS...

In Brief: OFHEO Finds Home Prices Rising Faster.(Brief Article)
March 3, 2004... Home prices appreciated 3.67% during the fourth quarter, 2 percentage points more than in the third, the Office of Federal Housing Enterprise Oversight said. Home prices averaged nearly 8% higher than a year earlier, the regulator said...

Charter One Mortgage Unit Gearing Up for Fiserv UniFi System.
March 3, 2004... Licensing new mortgage origination software represents the midpoint of a multiyear project at Charter One Financial Inc. to update its home-lending system. After beginning a review in mid-2002, the Cleveland company signed a contract at...

Check Imaging ROI Plans Found Wanting at Banks.(return on investment)
March 3, 2004... Some banks eager to turn check imaging technology into cost savings may be buying new equipment before they have figured out how to garner a return from that investment, according to payment industry executives. And that cost is not...

In Brief: Hudson United Will Pay N.Y. $5 Million.(Brief Article)
March 3, 2004... Hudson United Bancorp of Mahwah, N.J., said it had agreed to pay $5 million to settle money-laundering-related charges against the correspondent-banking operation it acquired in June 2002 from the failed Connecticut Bank of Commerce. The...

In Brief: Credit Unions to Get Once-Over by House.(House Ways and Means Committee )(Brief Article)
March 3, 2004... House Ways and Means Committee Chairman Bill Thomas on Tuesday announced plans to take a broad look at tax-exempt entities, including credit unions. Though credit unions started out serving relatively narrow groups of people, membership...