ROCHESTER, N.Y. - (10/12/04) -- GHS FCU is showing that one way toovercome addictive behavior is to regain your good credit. TheBinghamton, N.Y., credit unions has teamed with a local addictiontreatment facility, Fairview Recovery Center, to help addictivepatients get back on their feet by reestablishing good credit. Theparticipants in the program are recovery drug addicts or alcoholicswho are trying to rebuild their lives, said Stephen Gardner,president of the $65 million credit union. "And regaining theircredit is a big part of that," Gardner told The Credit UnionJournal during Monday's PALS conference here. Credit unioncounselors teach the patients about budgeting and consumer creditscores, keeping a checking and savings account. The patients meetwith the credit union's counselors once a week for 10 weeks. At theend, the credit union has helped the addicts recover theirfinancial abilities, and may even get a few new accounts, saidGardner.
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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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