WASHINGTON - (12/07/04) -- The Federal Reserve reported Mondaythat electronic payment transactions exceeded check payments in theU.S. last year for the first time ever. The number of electronicpayment transactions was 44.5 billion in 2003, compared to 36.7billion for checks. Electronic payments include payments by creditand debit cards and automated clearinghouse transactions. Asrecently as 2000, check transactions topped electronic transactionsby 41.9 billion to 30.6 billion, but since then check usage hasdeclined by an average of 4.3% a year, wile electronic payments hasincreased an average of 13.2% a year, the Fed said. "The balancehas shifted from check writing to electronic payments, and weexpect the trend to continue," said Richard Oliver, vice presidentof the Federal Reserve Bank of Atlanta and product manager for theFed's retail payments. At current growth rates, credit and debitcard transactions will exceed paper checks in 2007, Oliverstated.
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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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