MADISON, Wis. - (01/16/06) A number of new products andservices are being billed by a credit union Think Tank as anopportunity to change the face of credit unions and help themrecruit and retain new members. A new study issued by the FileneResearch Institutes i3 group suggests that credit unionsfield test some of the new offerings and proposes new ways creditunions can put them into practice in their communities. They are:SmartScore, which provides members with their credit scores andeducates them on how ti improve their scores; Hi5, anincentive-laden youth savings account; Lifetime Auto Loans, anopen-ended credit agreement comparable to a home equity line ofcredit, for multiple loan advances; Flex.One Account, combining allmember accounts into one; MoneyWorks, which usesadvocates to market credit union services toconsumers, much like a pyramid scheme; and MatriMoney, thatencourages cash gifts for newlyweds.
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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.
April 24