PORTLAND, Ore. - (04/10/06) Financially ailing ATM giantTRM Corp. said Friday its auditor, PricewaterhouseCoopers LP, hasraised questions about the companys ability to continue as agoing concern. The company, which reported an $8.8 million loss forthe fourth quarter of 2005, said PricewaterhouseCoopers noted itsconcerns over TRMs loan defaults. TRM has entered into a90-day extension with its lenders, led by Bank of America, toremedy the defaults and obtain new financing. The disclosure camejust three days after TRM announced a new agreement with the CO-OPNetwork to co-brand 5,500 of its ATMs bringing to 6,500 ATMsbranded on the CO-OP Network. With almost 21,000 ATMs undermanagement, TRM has the second largest ATM fleet in the country,behind only Cardtronics and its 26,000 machines.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
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At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
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Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
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The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
April 24 -
Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
April 24