COLUMBUS, Ind. - (09/12/05) -A liquidity squeeze at some creditunions is the primary driver behind 76% growth in the number of CUsparticipating in the SimpliCD program offered by Primary Financial,according to the CUSO that is owned by 30 coroprate CUs. Creditunions have been signing on in order to issue share certificates toother credit unions, the CUSO said. Through July of this yearlending volumes have been up 5.96% across credit unions, whilesavings have grown just 2.14%, Primary Financial noted. DuringAugust, more than $51 million was generated by CUs issuing throughthe CUSO, it said. "The increase in loan-to-share ratios is justone reason we're seeing an up tick in the number of new creditunions issuing certificates through our program," said, MarkSolomon, president and CEO of Primary Financial. Some 2,600 creditunions have participated in the program.
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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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