PHOENIX – Desert Schools FCU said yesterday it has introduced special no-interest bearing savings accounts for undocumented immigrants which will not require a social security number of other taxpayer identification. The only documentation required is a Matricula Consular ID card which is available from the Mexican consulate in most big U.S. cities. The savings accounts, which will be insured by NCUA, are aimed at providing mainstream financial services for unbanked immigrants, many who fear deportation if their finances can be easily traced. The new accounts were enabled by a legal opinion issued by NCUA last month. Desert Schools’ efforts to serve Arizona’s burgeoning Hispanic population, which has includes a series of financial education guides in Spanish, has earned it recognition in the credit union movement.
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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.
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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.
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