TORONTO – The National Federation of CDCUs is expected to announce an initiative in the next few days in cooperation with the National CU Foundation to place Development Educators in CDCUs on a short-term basis. Cliff Rosenthal, executive director of the Federation, told The Credit Union Journal the project will provide much-needed help for CDCUs in areas of expertise for the Educators group, such as finance, accounting and operations. There are more than 600 active Development Educators, a program conducted by CUNA that gives participants a comprehensive initiation in credit union history, philosophy and operations.
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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.
April 24