WASHINGTON - (03/20/06) CUNA is expected to announce asearly as Monday it has hired the top staffer of a key member of thetax-writing House Ways and Means Committee as its new chieflobbyist, sources told The Credit Union Journal. The hiring of JohnMagill, chief of staff to California Congressman Wally Herger, thethird ranking member of the tax-writing committee, will give thecredit union lobby increased influence on the panel. Herger, a10-term Republican, could be in the running for chairman of theimportant congressional committee after this yearsretirement of Californian Bill Thomas, a sometime critic of creditunions. Magill will fill a void at the top of CUNAscongressional lobby created with Decembers departure ofchief lobbyist John McKechnie and senior lobbyist Gary Kohn, whoboth moved over to NCUA.
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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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