Since two-thirds of Tennessee's credit unions are state chartered, we must anticipate the efforts of bank trade associations to advance the notion of credit union taxation. Our Commissioner of Financial Institutions, who regulates banks and credit unions, has said on numerous occasions that this administration is not seeking to tax the income of credit unions. He refers to the issue as one to be resolved in Washington, not Tennessee. We remain watchful while we work on a large number of other issues that affect the operations of credit unions in Tennessee, regardless of charter. Our approach to the state legislature is that any threat of taxation will be defeated by a strong grassroots organization. In the fourth quarter of 2003, the league arranged and credit unions hosted 49 separate meetings with state legislators on key committees. Each of these meetings took place in a credit union with a significant membership in that district according to CUNA's Project Zip Code.
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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.
April 24 -
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.
April 24 -
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.
April 24 -
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.
April 24 -
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.
April 24 -
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.
April 24