SCOTTSDALE, Ariz. - (08/04/05) -- Net income rose 50% at paymentsprocessor eFunds Corp. for the second quarter, to $14.1 million, or30 cents a share, after the company sold its ATM operations. Secondquarter revenues declined 17% to $116.3 million, reflecting lastyear's sale of the company's fleet of 17,200 ATMs to TRM Corp. As aresult, eFunds, which still maintains the machines sold to TRM andprocesses transactions for half the machines on the CO-OP Network,reported an 18% drop in first half revenues to $230.5 million. Forthe first six months of the year, eFunds reported a 30% rise in netincome to $27.3 million, or 56 cents a share, compared to the firsthalf last year. Second quarter highlights included the acquisitionsof National Check Protection Services and India Switch Company, andan agreement to acquire WildCard Systems.
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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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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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