NEW YORK - (04/10/06) Technology start-up SmartMetricInc. announced Friday the launch of new technology that will allowmerchants to use fingerprint identification to authenticate creditan debit card users. The technology stores a persons uniquefingerprint on their card, which is used to verify the user bytouching it to a scanner at participating merchants. SmartMetricclaims the technology, which is emerging among retailers andfinancial institutions, is 99.99% accurate. The company is pilotingtwo different uses: as a contact card for ATMs, smart card readersand other instances when a card may be inserted into a reader; andas a contactless card employing RFID signaling for use in buildinglobbies, schools, and other locations where hi-tech security isemployed.
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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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