Fiserv is marking its 20th anniversary with a program offers college scholarships to the children of its employees. Called the Fiserv Scholarship Program, the plan will award 20 scholarships a year based on a combination of academic performance, financial need, leadership, work experience, and career and educational goals. "We have worked hard since our founding in 1984 to continue the education of our employees-whether in our own classes or in university courses," said CEO Leslie M. Muma. Fiserv was formed in 1984 through the combination of Sunshine State Systems of Tampa, Florida, and First Data Processing of Milwaukee, with $21 million in revenue. Today it has $2.7 billion in revenue and more than 21,000 employees.
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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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