WASHINGTON - (01/16/06) NCUA and the banking regulatorswill unveil a new campaign of public service announcements thisweek that will urge the hundreds of thousands of hurricane Katrinaand Rita victims to continue working with their credit union orbank to resolve the ongoing financial recovery caused by themassive storm. The PSAs will run in print and on radio in thestorm-stricken areas and will urge victims to Contact YourLender to discuss and develop financial strategies to. Theregulators are also calling on the lenders to continue forebearanceon the affected borrowers by restructuring repayment terms andschedules, deferring principal or interest for additional periods,and providing help ful information. Although four months havepassed since the two major storms, regulators note that manyvictims have still not contacted their lenders.
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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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