POINT ARENA, Calif. - (11/04/04) -- Oakland-based Inwood CU said itopened a new branch in this tiny town on California's northerncoast that was abandoned by its last remaining financialinstitution in February 2003 when Westamerica Bank pulled up stakeshere. The bank's abandonment left the town with only an ATM, withthe closest financial institution branch 32 miles away. Point ArenaMayor Leslie Dahloff and other local dignitaries were among almost500 townspeople on hand to welcome the new credit union branchduring a dedication ceremony. In its first week after opening, thenew branch attracted 130 new members and took in more than $1million in deposits.
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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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