WASHINGTON - (04/11/05) -- The Federal Trade Commission isreviewing the proposed acquisition of Liberty Enterprises by JohnH. Harland Co. under the pre-merger notification provisions of theHart-Scott-Rodino Antitrust Act for its potential affects oncompetition. But officials involved in the deal expect the deal topass muster with the federal regulators. "We don't expect anyproblems," Stan Hollen, CEO of Liberty told The Credit UnionJournal last week. He said he expected the review of the $160million deal to be completed within 60 days. The combination willeliminate one more competitor in the rapidly declining market forcheck printing. "Our intention is to be the last check printerstanding," said John Heald, president of Harland's Printed ProductsDivision, of the dwindling number of printers serving financialinstitutions that will now include just Harland, along with Deluxeand Clarke American.
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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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