SALT LAKE CITY - (01/24/06) Mondays announcementthat Wescom CU is starting its own credit card bank for creditunions means that two credit card veterans will soon be competingfor credit union portfolios. We welcome them, saidWallace Jensen, president of Union Financial Services, thefledgling credit card bank owned by CUNA Mutual, Corporate One FCU,Card Services for CUs and Certegy. Jensen, who built Sears creditcard operations, said Union Financial has shifted its ownershipstructure to so that Corporate One is no longer the controllingowner in order to help it get deposit insurance through the FDIC.Wescom CU President Darren Williams, a former credit card bankerfor Union Bank, said he believes there is room enough in the creditunion market for both entities. Both executives said they plan onlaunching their cards programs around the third quarter. A thirdcredit card bank, First National of Omahas InfiCorp., isalso headed by a former credit union executive, Keith Floen, whoran CUNAs credit card operation.
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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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