INDIANAPOLIS - (12/15/05)The Indiana Credit Union LeaguesServicecorp subsidiary is rebating a total of $80,550 to creditunions that have used its services this year. Rebates are going toclients in four product and service areas: Card Services; CUNAMutual Group products; shared branching and Harland check printing.Credit unions will receive amounts ranging up to $5,000 based oneach credit unions usage of the products and services. Inaddition to the client rebate, Servicecorp made an additional$16,500 donation in December to the Indiana Credit UnionFoundation, bringing its total 2005 donations to that organizationto $49,600. Servicecorp will also be disbursing more than $33,000this month to 19 credit unions to help them send a representativeto the CUNA GAC.
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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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