GRAND RAPIDS, Mich. - (06/12/06) A federal court Friday set aJuly 6 hearing for a suit in the members revolt over theattempted conversion of DFCU Financial to a mutual savings bank.The suit challenges a decision by the DFCU directors to reject arecall petition which was signed by 1,800 angry members askingspecial meeting to vote to oust the directors. Two members of the$1.8 billion credit union, Richard Sly, a former director himself,and Raymond Ward, charge in a civil suit that directors violatedthe credit unions bylaws requiring the board to hold aspecial meeting it petitioned to do so by 500 members ormore.
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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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