CUNA said it had a small net income of $124,400 for the first eight months of the year and expects to be profitable for 2004, for the second year in a row. CUNA Treasurer Alan McMorris reported at last month's CUNA Board meeting in Honolulu that the group had eight-month revenues of just over $30.1 million, compared to expenses of $30 million. "Net income will be in the black, even in the face of significant resources expended during an election year and resources spent to defend credit unions against bank attacks," McMorris told the CUNA board. As a result, CUNA expects net income of about $300,000 for the year. CUNA broke into the black last year to the tune of $450,000, after reporting losses the previous two years.
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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.
April 24 -
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.
April 24 -
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.
April 24 -
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.
April 24 -
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.
April 24 -
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