ALEXANDRIA, Va. - (05/30/06) Uncertainty over how to resolvea legal morass over its underserved policy caused the NCUA Boardlast week to postpone a critical vote on new rules for its field ofmembership expansions, agency sources told The Credit UnionJournal. NCUA Board members plan to bar community chartered creditunions from underserved expansions, but want to protect more than200 community charters already granted underserved expansions inapparent violation of the law. Those credit unions have investedmore than $1.3 billion by building branches, ATMs and otherfacilities and made $4 billion in loans and collected $3.4 billionin deposits form 1.6 million new members in those communities. Butthe American Bankers Association, which has sued NCUA overunderserved expansions granted community charters made it clear itwont drop its suit unless NCUA withdraws those expansions.The case is pending before the same federal judge who ruled NCUAviolated the law in granting four broad community charters in Utah.The three NCUA Board members were struggling last week to find away to protect the affected credit unions and their new members,while convincing the bankers to end their suit. The three Boardmembers agreed to postpone the fateful vote on a new rule becausethere was no consensus on a solution.
-
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.
11h ago -
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.
11h ago -
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.
11h ago -
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.
April 24 -
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