WASHINGTON - (12/28/05) A bill that would lift the amountcovered by deposit insurance will not see any action until afterthe turn of the year. The deposit insurance reform bill primarilyaddresses the FDIC, but will also affect the National Credit UnionShare Insurance Fund. Passage of the bill has been delayed becauseof an adjustment to its language that has meant it must return tothe House for another vote. The bill, which was included in theSenate as part of a huge budget bill, only passed the upper Housebecause Vice President Dick Cheney cast a tie-breaking vote. Thebill would increase coverage for retirement accounts to $250,000and give NCUA and FDIC authority to adjust coverage levels of allaccounts to keep pace with inflation, starting in 2010. The billwould also give the insurance funds more flexibility in chargingpremiums and would merge the bank and thrift insurance funds into anew Deposit Insurance Fund.
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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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