CHICAGO - (01/24/05) -- Discover Financial, fresh off itsacquisition of PULSE EFT, unveiled the first of a planned series ofspecial label card deals last week with announcement of aco-branded credit card for Wal-Mart Stores Inc. The Wal-MartDiscover card, issued in conjunction with GE Consumer Finance, willcarry no annual fee and offer cardholders up to 1% back from GE onall purchases. Discover executives said the deal is the first ofmany the new PULSE owner plans with banks, credit unions, GE andothers to issue cards over its network. The deal comes a week afterDiscover, a unit of Morgan Stanley, finalized its acquisition ofPULSE, an electronic funds transfer network for 4,100 financialinstitution, including 1,700 credit unions. The deal was also madepossible by last year's court decision ending exclusive issuingarrangements that Visa and MasterCard had with issuinginstitutions.
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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.
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