At the invitation of the Washington State Senate, CUNA Mutual Group testified before the Financial Institutions, Housing & Consumer Protection Committee on the issue of consumer protection, identity theft and the internet. The Senate Committee requested the guidance of industry experts to help determine what future legislation could prevent and reduce identity theft as the fastest growing crime in the world. Senior Risk Management Specialist, Tom Southern, represented CUNA Mutual Group and the credit unions. Southern testified about the problems credit unions face and the solutions they are implementing to counteract identity theft.
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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.
11h ago