American Banker back issues from July 2008:
Skimmers Seen Targeting Arco Gas Pumps in Calif.
Jul 01, 2008; ... Byline: KATIE KUEHNER-HEBERT Arco gas stations in California have become favorite targets of thieves who use skimmers to steal debit card information and empty consumers' checking accounts. In dozens of thefts since December, the devices have been used to download ...
Industry Cool To Fincen's Plan on CTR Exemptions.(currency transaction report)
Jul 01, 2008; ... Byline: CHEYENNE HOPKINS WASHINGTON - Given the chance to weigh in on the Financial Crimes Enforcement Network's plan to broaden exemptions to currency transaction report requirements, bankers have responded with the equivalent of a "Thanks, but no thanks." Financial ...
Under Order And Seeking New Charter.(Community Banking)
Jul 01, 2008; ... Byline: KATIE KUEHNER-HEBERT A Pennsylvania bank under orders from the Office of the Comptroller of the Currency to restrict its insider dealings is trying to dump its national charter in favor of a state charter. After 14 years as a national bank, the $2 ...
Banking's Russell 3,000 Slice Falls to 8-Year Low.
Jul 01, 2008; ... Byline: DAVID BREITKOPF Declining market capitalizations for financial companies in the Russell 3,000 index have pushed the sector's weighting to its lowest level in eight years, data from Russell Investments shows. The Tacoma company, which conducted its annual ...
Viewpointe Offering a Cheap Connection for Small Banks.(Technology)(Viewpoint essay)
Jul 01, 2008; ... Byline: WILLIAM WADE Viewpointe LLC, which mainly serves large banks, is making its image exchange system accessible to very small financial companies. The New York company is expected to announce today that it has developed a software suite that lets banks to send it ...
Fed Seeks to Avert HUD Rule Conflict;.(Washington)
Jul 01, 2008; ... Byline: Cheyenne Hopkins The Federal Reserve Board urged the Department of Housing and Urban Development to coordinate with the central bank before moving ahead on a rule to revise mortgage disclosures. In a June 13 letter, the Fed argued that HUD should synchronize ...
R.I. Bank's Newest Branch Will Have High-Tech Touch.(Cards)(Washington Trust Co.)
Jul 01, 2008; ... Byline: FREDERICK H. LOWE, ATM&Debit News Customers at the branch Washington TrustCo. plans to open in September in downtown Providence, R.I., will not have to stand in line while waiting to meet with a teller. The branch will be equipped with aDiebold Inc ....
Wachovia Stops Amortization Option.(Market News)(Brief article)
Jul 01, 2008; ... Byline: Paul Davis Wachovia Corp. said it has stopped offering mortgages that could result in negative amortization. Don Vecchiarello, a spokesman for the $809 billion-asset Charlotte company, said the minimum-payment option is no longer available on new mortgages ....
TierOne Shutting Offices in Six States.(Market News)(TierOne Corp.)(Brief article)
Jul 01, 2008; ... Byline: Robert Barba TierOne Corp. of Lincoln, Neb., said Monday that it will close all nine of its loan production offices and will focus instead on lending through bank branches in its home markets of Iowa, Kansas, and Nebraska. The offices set to close are in ...
Fla. Suit Alleges Countrywide Deception.(Market News )(Attorney General Bill McCollum filing a lawsuit against Countrywide Financial Corp. for unfair trade practices)(Brief article)
Jul 01, 2008 ... Florida Attorney General Bill McCollum filed a lawsuit Monday against Countrywide Financial Corp. and its chief executive, Angelo Mozilo, alleging that the Calabasas, Calif., company engaged in deceptive and unfair trade practices. The lawsuit, filed Monday in the Florida ...
Barclays, L.L. Bean Reach Pact.(Cards)(Barclays PLC's replacing Bank of America Corp. as the issuer of cobranded credit cards for L.L. Bean Inc)(Brief article)
Jul 01, 2008; ... Byline: Maria Aspan Barclays PLC's U.S. card unit has replaced Bank of America Corp. as the issuer of cobranded credit cards for the Freeport, Maine, catalog retailer L.L. Bean Inc. As part of the deal, Barclays said Monday that it has opened a call center in Wilton ...
H&R Block Thrift Revenue Climbs.(Cards)(H&R Block Inc.)(Financial report)(Brief article)
Jul 01, 2008; ... Byline: Harry Terris H&R Block Inc. said its thrift's revenue in its fiscal fourth quarter, which ended April 30, jumped 46% from a year earlier, to $53.1 million, primarily because of growth in its prepaid card and credit line offerings. Overall pretax income from ...
Amex to Issue for a Mall Owner.(Cards)(American Express Co. to issue a cobranded general-purpose gift card for Macerich Co)(Brief article)
Jul 01, 2008; ... Byline: Marc Hochstein and Maria Aspan American Express Co. has agreed to issue a cobranded general-purpose gift card for Macerich Co., a Santa Monica, Calif., owner of 72 shopping malls around the country, beginning in the fall. Anita Walker, a spokeswoman for ...
Moody's Downgrades Old Republic Arm.(Mortgages)(Old Republic International Corp.)(Brief article)
Jul 01, 2008; ... Byline: Harry Terris Moody's Investors Service Inc. lowered its insurer financial strength rating for Old Republic International Corp.'s mortgage insurance subsidiary to A1, from Aa3, citing "the deterioration in" its "capital adequacy and medium term profitability prospects." ...
Ideal Mortgage Moves Headquarters.(Mortgages)(Ideal Mortgage Bankers Ltd)(Brief article)
Jul 01, 2008; ... Byline: Danielle Gorman Ideal Mortgage Bankers Ltd., a direct-to-consumer lender that does business as Lend America, said Monday that it has moved its headquarters to a larger office in its hometown of Melville, N.Y. The company said it has expanded greatly since ...
N.Y. Mortgage Trust Increases Dividend.(Mortgages)(New York Mortgage Trust Inc)(Brief article)
Jul 01, 2008; ... Byline: Danielle Gorman New York Mortgage Trust Inc., a real estate investment trust that manages a portfolio of mortgage-backed securities and adjustable-rate loans, said Monday that it has nearly tripled its second-quarter dividend from the first quarter, to 16 cents a share. ...
B of A Makes Strategic Call On mFoundry.(Technology)(Bank of America Corp.)
Jul 01, 2008; ... Byline: STEVE BILLS Bank of America Corp.'s decision to make an equity investment in the software provider mFoundry Inc. is a sign the banking company anticipates some strategic benefit from its technology, other than a financial return, observers said. Many banking ...
For Unhappy Customers, Press One.(Mortgages)(report on customer relations management of banking industry)
Jul 01, 2008; ... Byline: KATE BERRY Evidence is building that hard times in the banking industry are translating into less satisfaction among customers. According to a survey to be released today by CFI Group, bank call centers had the largest drop in customer satisfaction among eight ...
First Tennessee Moves Advisers to Fee Platform.(Investment Products)
Jul 01, 2008; ... Byline: STEVE GARMHAUSEN First Tennessee Bank's wealth management business has been slowed by the slumping stock market but should be reinvigorated by a new fee-based platform. The registered investment adviser platform, rolled out a month ago, is meant to help ...
Wamu Retail Chief's Quick Exit Surprises the Street.(National/Global)(Washington Mutual Inc.)
Jul 01, 2008; ... Byline: KEVIN DOBBS Washington Mutual Inc. has touted its retail banking arm as an engine for growth while it downsizes its troubled mortgage business, so its disclosure Monday that it had abruptly replaced the executive who ran the retail unit took some analysts by surprise. ...
Wealth Management Media Scan; What consumer financial publications wrote about this week.(Investment Products)
Jul 01, 2008; ... Byline: Marian Raab Focus on Fees Mutual fund fees continue to rise, The Wall Street Journal reported. After falling substantially from 2003 to 2006, the average expense ratio for retail mutual funds leveled off last year, at 0.9%, according to ...
Three Stocks Climb on Upgrades.(Brief article)
Jul 02, 2008 ... Byline: Will Wade Shares of American Express Co., Discover Financial Services, and Capital One Financial Corp. rose Tuesday morning after Eric Wasserstrom, an analyst at UBS AG's securities unit, upgraded all three stocks. Mr. Wasserstrom wrote in a research note that ...
Diebold: Reports Coming Soon.(Brief article)
Jul 02, 2008; ... Byline: Will Wade Diebold Inc. said Monday that it plans to report preliminary financial results for last year and the first two quarters of this year in four to six weeks. The North Canton, Ohio, automated teller machine company's accounting methods have been under ...
Antifraud Product by ID Analytics.(ID Analytics Inc.)(Brief article)
Jul 02, 2008; ... Byline: Maria Aspan ID Analytics Inc. of San Diego has started offering network-based software to verify customer identities. The ID Analytics for Authentication software is intended to help financial institutions flag "legitimate and suspicious identities" while ...
Wawa to Use Radiant Terminals.(570 Wawa Inc.)(Radiant Systems Inc.)(Brief article)
Jul 02, 2008; ... Byline: Danielle Gorman Radiant Systems Inc. announced Monday that it will install its point of sale terminals in more than 570 Wawa Inc. convenience stores in Pennsylvania, New Jersey, Delaware, Maryland, and Virginia. Since 2001, Radiant has provided the ...
Credit Corroded, Downey President Shown the Door.(Market News)(Downey Financial Corp. firing its president Frederic R. McGill)
Jul 02, 2008; ... Byline: Kevin Dobbs Downey Financial Corp., struggling with soaring loan losses from the stumbling California housing market, fired its president, Frederic R. McGill, who had been on the job less than a year. In a brief regulatory filing after the markets closed ...
A Change in Priorities.
Jul 02, 2008 ... Bankers' appetite for construction and development lending waned as the downturn in housing deepened, but they made up for that by writing more commercial and industrial loans. With C&D delinquencies hovering ...
IndyMac: Schumer Letter Led to Deposit Hit; Debate over impact heats up; Senator "reassured" by talks.(Washington)(IndyMac Bancorp Inc.)
Jul 02, 2008; ... Byline: CHEYENNE HOPKINS WASHINGTON - IndyMac Bancorp Inc.'s disclosure that depositors had pulled $100 million in funds since Sen. Charles Schumer went public with doubts about its well-being rekindled concerns on Tuesday that the senator's letter to regulators would create a ...
Visa on Expanding Gas Plan, Changing Rules for PIN Debit.(Cards)
Jul 02, 2008; ... Byline: MARIA ASPAN Visa Inc. says the technology it is adopting to reduce authorization hold times for gas purchases could be applied eventually to other types of merchants, though it has no immediate plans to do so. The San Francisco company announced another change ...
Lone Star Embraces Line It Once Found Too Costly.(Mortgages)(Lone Star Funds)
Jul 02, 2008 ... Byline: HARRY TERRIS Nearly a year ago Lone Star Funds tried unsuccessfully to back out of an agreement to buy a mortgage lender, but now the Dallas private-equity firm has made a much bigger deal in the field. And while Lone Star has yet to publicly articulate its ...
Thornburg Buyback Extension.(Mortgages)(Thornburg Mortgage Inc.)(Brief article)
Jul 02, 2008; ... Byline: Marc Hochstein Thornburg Mortgage Inc. said Tuesday that it got a 90-day extension on its deadline to buy back 90% of its preferred stock from the investor group whose capital infusion saved the jumbo lender from bankruptcy. The Santa Fe, N.M., real estate ...
Republic Gives Freddie Pledge.(Mortgages)(Republic Mortgage Insurance Co.)(Brief article)
Jul 02, 2008; ... Byline: Marc Hochstein Freddie Mac said Tuesday that Republic Mortgage Insurance Co. has pledged to send it a remediation plan within 60 days after the unit of Old Republic International Corp. of Chicago was downgraded by Moody's Investors Service Inc., to A1 from Aa3. ...
Tex. Bank's Web Phones Cut Costs, Add Cohesion.(Technology)(West Texas National Bank )(Brief article)
Jul 02, 2008; ... Byline: STEVE BILLS West Texas National Bank has cut its costs and improved customer service by switching to an Internet telephone system, but the bigger benefit, an executive said, was making employees feel connected to each other. The $475 million-asset bank, the ...
SECURITY WATCH.(Technology)
Jul 02, 2008; ... Byline: Daniel Wolfe Disclosure Duties The parent company of Montgomery Ward failed to notify customers of a security breach last year, because, its chief executive said, he did not realize he had an obligation to do so. Direct Marketing Services Inc., ...
Nigerian Scam.(Technology)(Brief article)
Jul 02, 2008 ... Byline: A Washington state resident was sentenced to two years in prison and five years of supervised release for her role in a Nigerian check-cashing scam. Edna Fielder pleaded guilty in March to sending out the bogus checks and was sentenced June 25, according to a ...
Citi Breach.(Technology)(automated teller machine cards breach at Citigroup Inc.)
Jul 02, 2008 ... Byline: A breach that led Citigroup Inc. to reissue some of its automated teller machine cards has also led to 10 arrests, but the source of the breach and the identity of the fraud ring's leader remain uncertain. Part of the scam focused on a single Citi branch in ...
Not-So-Smart Cards.(Technology)(Brief article)
Jul 02, 2008 ... Byline: A team of Dutch researchers claim they cracked the security of the Oyster Cards used for London's public transit system, according to an article posted on Wired.com's "Autopia" blog June 24. Though the tactic could only be used to get free fare rather than to ...
A Shifting Emphasis In Loan Portfolios.(Market Statistics)
Jul 02, 2008; ... Byline: BONNIE MCGEER Construction and development lending is no longer driving banks' loan growth. With demand for new homes weak, banks of all sizes slowed the pace of their construction lending last year and accelerated their commercial and industrial lending, ...
At Countrywide, Little Fanfare as Sale Closes.(National/Global)(Countrywide Financial Corp.)
Jul 02, 2008; ... Byline: PAUL DAVIS AND KATE BERRY Bank of America Corp. and Countrywide Financial Corp. took pains to convey a business-as-usual feel to B of A's highly scrutinized purchase of the mortgage lender. The main lobby at Countrywide's corporate headquarters in Calabasas, ...
Das to Become CitiMortgage CEO.(Market News)(Sanjiv Das )(Brief article)
Jul 02, 2008; ... Byline: Marc Hochstein Citigroup Inc. said Tuesday that Sanjiv Das will return to the company this month to succeed Bill Beckmann as the chief executive of CitiMortgage. In a memo to employees, Terri Dial, Citi's CEO of consumer banking for North America, said Mr ....
FDIC: Do HELOC Freezes by Book.(Market News)(Federal Deposit Insurance Corp.)(Brief article)
Jul 02, 2008; ... Byline: Joe Adler The Federal Deposit Insurance Corp. is urging banks to follow certain legal requirements before freezing or reducing a borrower's home equity line of credit. Many financial institutions have blocked access to credit lines or lowered their limits as ...
E-Trade Board Adds Former JPM Exe.(Market News)(E*TRADE Financial Corp.)(Brief article)
Jul 02, 2008; ... Byline: Paul Davis E-Trade Financial Corp., whose chairman and chief executive is a former JPMorgan Chase & Co. executive, announced Tuesday that it has added a former JPMorgan Chase controller to its board. Joseph L. Sclafani, 59, joined the New York company's board ...
Term Loan Auction Bids Total $90.88B.(Market News)(Brief article)
Jul 02, 2008; ... Byline: Steven Sloan Demand for liquidity through the Federal Reserve Board's term loan auction grew slightly Monday, as the auction attracted 77 bids worth $90.881 billion. The previous auction, on June 16, generated 76 bids worth $89.377 ...
Bernanke to Testify About Reg Revamp.(Market News)(Federal Reserve Board Chairman Ben Bernanke)(Brief article)
Jul 02, 2008; ... Byline: Stacy Kaper Federal Reserve Board Chairman Ben Bernanke and Treasury Secretary Henry Paulson are expected to testify at the House Financial Services Committee hearing July 10 on revamping the regulation of the financial services industry. The hearing is meant ...
Franklin of Houston Names Interim CEO.(Market News)(Franklin Bank)(Brief article)
Jul 02, 2008; ... Byline: Marissa Fajt The troubled Franklin Bank Corp. of Houston said late Monday that it has named a new interim chief executive and received another extension for filing its 2007 annual report. The $5.9 billion-asset thrift company had been in danger of having its ...
JPM, Seeing Adviser Unit Growth, Picks Chief for It.(Investment Products)(JPMorgan Funds Ltd.)
Jul 02, 2008; ... Byline: STEVE GARMHAUSEN The head of JPMorgan Funds has handed responsibility for the company's growing registered investment adviser business to a lieutenant. Steve Lundquist, previously the national sales manager of JPMorgan Funds' wire house division, is the new ...
RBC on U.S.: Systems First, Deals Later.(National/Global)(Royal Bank of Canada)
Jul 02, 2008; ... Byline: PAUL DAVIS The chairman and chief executive of Royal Bank of Canada's U.S. retail bank is downplaying speculation that the Toronto company is poised to step up bank acquisitions here, saying it has some groundwork to do before it makes a deal. Scott Custer ...
New York Life Names Mathas CEO.(Investment Products)(New York Life Insurance Co. has promoted Ted Mathas )(Brief article)
Jul 02, 2008; ... Byline: Matt Ackermann New York Life Insurance Co. announced Tuesday that it has promoted Ted Mathas to chief executive officer. Mr. Mathas, 41, will remain the company's president, a position he has held since July 1, 2007. As chief executive he succeeded ...
Baron Unveils Retirement Income Fund.(Investment Products)(Baron Funds introducing a new retirement income fund)(Brief article)
Jul 02, 2008; ... Byline: Matt Ackermann Baron Funds, a unit of Baron Capital Group Inc. of New York, has a new retirement income fund. The Baron Retirement Income Fund invests in growth companies and seeks to provide investment growth along with income that outpaces inflation. ...
Genworth Adds RetireReady IRA Annuity.(Investment Products)(Genworth Financial Inc.)(Brief article)
Jul 02, 2008; ... Byline: Matt Ackermann Genworth Financial Inc. has a new product called RetireReady IRA Annuity that it says combines the traditional benefits of an individual retirement account with the ability to provide a ...
Bus Manufacturer Selects MassMutual.(Investment Products)(Blue Bird Corp. selecting MassMutual Retirement Services as service provider)(Brief article)
Jul 02, 2008; ... Byline: Matt Ackermann MassMutual Retirement Services, a unit of Massachusetts Mutual Life Insurance Co., has been selected by Blue Bird Corp., a bus manufacturer in Fort Valley, Ga., as the new full-service provider for its $90 million defined benefit plan and ...
Adviser Confidence in Economy Falls.(Investment Products)(Brief article)
Jul 02, 2008; ... Byline: Matt Ackermann Adviser confidence in the economy and stock market declined in June, according to Rydex AdvisorBenchmarking. The Rydex Advisor Confidence Index fell 3.07%, to 96.93, from a month earlier. Rydex AdvisorBenchmarking, a unit of Rydex ...
Small-Bank Leap for Basel II, But Plenty of Changes Await.(Washington)
Jul 03, 2008; ... Byline: STEVEN SLOAN WASHINGTON - For a rule that has been plagued by regulatory disagreements and countless fits and starts, last week's release of a capital framework for small banks was a significant accomplishment. But as the industry inches closer to finally ...
PrivateBancorp Seen Hiring Ex-Lasalle CEO.(Norman R. Bobins appointed chairman)(Brief article)
Jul 03, 2008; ... Byline: Robert Barba PrivateBancorp Inc.'s strategy for replacing LaSalle Bank Corp. as the Chicago area's top middle-market lender has been to hire dozens of LaSalle bankers with thick Rolodexes, and its next pickup could be its biggest one yet. According to local ...
Visa's PayWave to Use EMV for Security.(Cards)(Brief article)
Jul 03, 2008; ... Byline: Will Wade Visa Inc. is adopting a version of its PayWave contactless technology based on the Europay, MasterCard, Visa security format. Visa said Wednesday that PayWave 2.0 offers better encryption and is compatible with existing contactless payment systems ....
Camden National to Join Pulse Network.(Cards)(Camden National Bank)(Brief article)
Jul 03, 2008; ... Byline: Will Wade Camden National Bank has agreed to use Pulse Network LLC to carry some of its PIN debit and automated teller machine transactions. Pulse, a Houston unit of Discover Financial Services, announced the agreement Tuesday and said it had signed up more ...
KeyCorp Revamp to Replace 148 ATMs.(Cards)(Brief article)
Jul 03, 2008; ... Byline: Will Wade KeyCorp has announced that it is replacing 148 automated teller machines with ones from Diebold Inc. as part of a continuing upgrade of its self-service financial channel. Diebold, of North Canton, Ohio, said Monday that it is also supplying its ...
Discover Closes Diners Club Card Deal.(Cards)(Brief article)
Jul 03, 2008; ... Byline: Will Wade Discover Financial Services said Tuesday that it has purchased Citigroup Inc.'s Diners Club International credit card network. The Riverwoods, Ill., card company paid $165 million for the network, which it has said will help it boost acceptance in ...
Citi Eyes New Online Niche: ID Verification.(Technology)
Jul 03, 2008; ... Byline: STEVE BILLS Citigroup Inc., aiming to build on its existing role as a commercial customer authenticator, plans to begin offering a service in which it acts as verifier of customers' digital identities to third parties. As more commercial transactions and ...
Paulson Backs Idea Of I-Bank Receivership; Cites regulators' need for "additional emergency authority".(Washington)
Jul 03, 2008; ... Byline: CHEYENNE HOPKINS WASHINGTON - The push to create a receivership mechanism for failing investment banks gained momentum Wednesday with Treasury Secretary Henry Paulson's endorsement. A former chief executive of Goldman Sachs & Co., Mr. Paulson said federal ...
Mortgage Shuffling Gives Regionals Lift.(Company rankings)
Jul 03, 2008; ... Byline: KATE BERRY If last year's residential mortgage origination rankings are any indication, the market crisis is causing regional banking companies to gain volume at the expense of both small independent mortgage companies and some industry Goliaths. The biggest ...
BankUnited Faces Hurdles In Hunt for More Capital.(Financial report)
Jul 03, 2008; ... Byline: DAVID BREITKOPF Given its markets, the high level of nonperforming loans on its books, and investors' wariness to throw more money at troubled banks, raising the $400 million BankUnited Financial Corp. says it needs is a tall order. An early hurdle for the ...
As 2Q Earnings Near, Deposits, Capital Taking Center Stage.(Industry overview)
Jul 03, 2008; ... Byline: KEVIN DOBBS When second-quarter results start rolling in this month, analysts say they are willing to look past anemic bottom lines, especially for banking companies with solid capital levels and decent deposit growth. "Credit quality, we know, is going to get ...
OTS: No IndyMac Data for Schumer.(Market News)(Brief article)
Jul 03, 2008; ... Byline: Cheyenne Hopkins The Office of Thrift Supervision said it will not give Sen. Charles Schumer public information on IndyMac Bancorp Inc.'s condition in response to concerns he raised about the thrift company in letters to regulators last week. OTS Director ...
FDIC Guidance on 'Other Real Estate'.(Market News)(Brief article)
Jul 03, 2008; ... Byline: Joe Adler The Federal Deposit Insurance Corp. is instructing banks to practice proper maintenance and accounting for real estate acquired through foreclosures. In guidance released Tuesday to the institutions it supervises, the agency said higher foreclosures ...