ST. PAUL, Minn. - (08/02/05) -- Deluxe Corp., the nation's largestcheck printer, said second quarter earnings declined 9% on higheroperating expenses and the loss of an undisclosed large financialinstitution client. Second quarter earnings were $42 million, or 83cents a share, down from $46 million, or 91 cents a share, for thesame period last year. Revenues, fueled by last year's acquisitionof New England Business Services, rose 41% to $434 million for thequarter. Through the first six months of the year operating incomewas down 4% to $158 million.
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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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