ALEXANDRIA Va. - (01/14/05) --The NCUA Board also approved expandeddisclosure requirements Thursday for credit unions converting toprivate deposit insurance. Among the new requirements are thatmembers are clearly informed that the National CU Share InsuranceFund operated by NCUA enjoys the full backing, the so-called fullfaith and credit, of the U.S. government, and that they be giventhe right to withdraw their funds without penalty if they disagreewith the conversion to private insurance. The rules will alsorequire that members be informed that after conversion to privateinsurance if their credit union eventually fails, the federalgovernment does not guarantee that they will get their money back."Members should have access to this information prior to voting onsuch a conversion, not just after the fact," said NCUA ChairmanJoAnn Johnson.
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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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