RANCHO CUCAMOGA, Calf. - (1/21/04) -- CU Direct Corp., the parent of CUDirect Lending, said Wednesday it has agreed to acquire IndirectServices, Inc., the Salt Lake City-based operator of the nation'ssecond-largest point-of-sale network for credit unions. IndirectServices, which is dedicated to developing alliances between autodealerships and financial institutions, administers the DecisionAppsystem. Terms of the deal were not disclosed. The deal increasesthe number of states CUDL does business in from 17 to 32, andexpands the number of auto dealers in its system from 3,000 to morethan 5,700.
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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