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Banker News

Four credit unions join shared network
Marshfield News Herald
As of March 5, four north central Wisconsin credit unions are offering their services through the CU Service Centers shared branching network. Joining the network means their members can perform transactions free of charge at any of 4,474 shared branch locations nationwide. "It's a good example of the way that credit unions share and cooperate with each other," said Pat Wesenberg, president and chief executive officer of Central City Credit Union. "We understand we can't build the branch network larger banks have, but we have the member convenience." Members of credit unions involved in the network have access to a variety of services at any branch with the CU Service Centers' "swirl" logo. To access their accounts at a shared branching location, a member will need the name of their primary institution, their account number and a valid picture ID. Marshfield News Herald

Fed to release bank stress test results Thursday
The Federal Reserve will release on Thursday the results of its latest round of stress tests on 19 large U.S. banks. The test will gauge the ability of banks to withstand a financial shock that includes unemployment hitting 13 percent and a 21 percent drop in housing prices. According to disclosure templates revealed on Monday, the bank-by-bank financial information this year will be the most extensive yet and will include information that could be prized by investors and financial analysts, such as stress scenario estimates of pre-tax income, total assets and loan-loss provisions. The Fed will also show how well capital positions hold up under the test conditions, as well as the deterioration in several loan categories, including credit cards and home loans. The results will be released after markets close on Thursday. Reuters

New consumer agency reassures banks on disclosure
On Monday, the new Consumer Financial Protection Bureau added protections to privileged information banks turn over to the regulator, in a proposed rule that addressed bank executives' fears about disclosure. The new rule will ensure that sensitive documents such as legal memos submitted to the CFPB for regulatory or supervisory reasons cannot be subpoenaed by consumer groups or others looking to sue those firms. "This is a common sense rule that is consistent with our practice of guarding the confidentiality of the information of the institutions we supervise," CFPB Director Richard Cordray said in a statement. The proposed rule would extend a protection already in place at the other banking regulators, including the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the Federal Reserve. Reuters

PNC Bank names Goller regional president for state
Milwaukee Journal Sentinel
On Monday, PNC Bank named Christopher G. Goller, a former U.S. Bank executive, as regional president of Wisconsin. Goller, a Milwaukee native, will succeed Beth Wnuk, who last fall said she planned to leave PNC to pursue other opportunities. Goller begins his job March 26. Goller joins Pittsburgh-based PNC from U.S. Bank in Milwaukee, where he served since 1991 in increasingly more responsible business and commercial banking leadership positions. He served since 2007 as senior vice president and commercial banking leader, where he led a team of senior-level commercial bankers in Wisconsin and Michigan. Before joining U.S. Bank, he held various positions with M&I Bank. Goller earned both a bachelor's and master's degree in business administration from Marquette University. Milwaukee Journal Sentinel

NCUA Settles MBS with HSBC Out of Court
Credit Union Times
The NCUA has settled a complaint about the way HSBC sold mortgage-backed securities to five failed corporate credit unions without having to go to court. The bank has agreed to pay NCUA $5.25 million in the matter, without admitting fault and the settlement lifts the total the agency has managed to recover from MBS-selling banks to $170.75 million. The agency said it will use the money to help offset the costs of settling claims against losses from the securities. Since 2009, the agency reported that it has assessed credit unions $3.3 billion to pay for losses associated with the five corporate credit union failures. Given the current settlement proceeds, projections for remaining assessments range between $1.8 billion and $6.1 billion that must be paid by 2021, according to the agency. Credit Union Times

Associated Bank receives order from federal regulators
Wisconsin State Journal
Associated Bank has agreed to an order from federal regulators requiring the Green Bay bank to shape up its system for keeping an eye on "suspicious activity." The 21-page document, signed Feb. 23 but disclosed on Monday, requires Associated to conduct a complete analysis of its "vulnerabilities to money laundering and financial crimes activity" and to provide strategies to limit the risks. Those include maintaining documents such as "customer due diligence information." Procedures will have to be updated at least once a year, as new bank products are introduced, "high-risk" customers open or close accounts, or the bank makes acquisitions. Wisconsin State Journal

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