SCOTTSDALE, Ariz. - (10/06/05) -- eFunds announced Wednesday it is nowoffering an online account-opening solution for credit unions andbanks. The company's eXpress Accounts will provide a one-stop shopfor demand deposit account data, decision making, new accountset-up and funding. The system, offered through eFund's ChexSystems subsidiary, combines all of the components required for acomprehensive, real-time online account opening and fundingsolution. The service includes functions like identity verificationand fraud detection, new account risk, cross-selling and up-sellinganalysis, account verification, a management console forback-office management, credit card/ACH funds transfer processing,and system integration for complete debit card/check printingfulfillment.
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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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