MADISON, Wis. - (10/31/05) -- CUNA Mutual Group said Friday itnotified 60 of its employees the day before that their jobs will beeliminated sometime after Jan. 1. That includes 35 union jobs. Thelay-offs are part of a three-year plan by the credit union insurerto transform back-office operations and save costs, a companyspokesman told The Credit Union Journal. The lay-off announcementsfollow a deal earlier this month to sell the company's mortgagebanking operations and eliminate its 160 jobs.
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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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