PEWAUKEE, Wis. - (05/24/06) The average high school studentin Wisconsin is failing financial education, according to a newreport issued Tuesday by the bipartisan Jump$tart Coalition forFinancial Literacy, a group comprised of credit unions, banks andother financial service professionals. Wisconsin students, onaverage, answered just 53.1% of questions correctly on a financialliteracy surveya failing grade based on academic gradingscales. The national average was just 52.4%. The goal was tomeasure high school seniors competence in basic finance,like money management, debt, savings and spending. Release of thestudy comes as top financial regulators, the heads of the FederalReserve, Securities and Exchange Commission and U.S. Treasury, weretelling the Senate Banking Committee of the need to increaseeducation on critical financial decisions, like home buying andretirement saving. The young people of this state need to beprepared to responsibly handle their finances and make intelligentdecisions with their money, said Brett Thompson, presidentof the Wisconsin CU League and a partner in Jump$tart, of the newstudy. Credit unions around Wisconsin have expended significantresources over the past two years to offer financial educationcourses around the state on issues like youth savings, creditscores, online financial resources and financial services for theunbanked. Jump$tart partners include CUNA, the American BankersAssociation, the Federal Reserve, Consumer Federation of Americaand Visa USA.
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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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