GRAND RAPIDS, Mich. - (03/20/06) Capital Community CU launchedsome big expansion plans last month with approval from NCUA toacquire three nearby credit unions through mergers. The $220million credit union, formerly known as Lansing Community CUobtained approval from NCUA to merge with three smaller creditunion based in nearby Wyoming, Mich.: Spartan Stores CU ($10million); Allied Employers CU ($7 million) and Associated Builders& Contractors CU ($4 million). The he biggest mergers approvedin February were: Chevron FCU, Oakland, Calif. ($875 million) withChevron Pascagoula FCU, Pascagoula, Miss. ($27 million); Sooper CU,Denver ($140 million) with Colorado Central CU, Arvada, Colo. ($70million); Mutual Savings CU, Birmingham, Ala. ($150 million) andCaraway Methodist CU, Birmingham ($20 million) and Superior CU,Lima, Ohio ($180 million) with Member 1 CU, Lima ($20 million).NCUA approved 21 mergers last month, including 11 erasing a smallcredit union, one of less than $5 million.
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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.
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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.
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