BROOKFIELD, Wis. - (06/14/05) -- Fiserv said Monday it has unveiled acomprehensive menu of services to help credit unions and banksoffer tax-deductible health savings accounts. Fiserv said it willprovide HAS processing, as well as various payment solutions,marketing and education. The current law, which allows consumers toset aside tax-free medical accounts, allows the money to beinvested in mutual funds and other investment vehicles, requiringboth long-term investment management and day-to-day transactioncapabilities. HSAs have come slowly to credit unions, with only ahandful of credit unions known to have started offering the specialaccounts.
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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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