WASHINGTON - (02/02/06) CUNA continued its trek towardsthe head of the list of political givers last year by making $1.4million in campaign contributions--setting a new high for campaigncontributions through its political action committee. That puts thecredit union PAC among the top four contributors to candidates,exceeded only by the National Association of Realtors, NationalBeer Wholesalers Association and the International Brotherhood ofElectrical Workers, and ahead of the American Bankers Association.CUNA begins the 2006 election year with a campaign warchest of$561,000, topped only by the PACs cash horde of $717,000going into the election year of 2004. Among CUNAscontributions last year, were more than $150,000 to so-calledleadership PACs. Leadership PACs have become kind of like the softmoney banned under the 2004 campaign finance reform law by allowinginterests to make a $10,000 contribution to an individualcandidates campaign fund, then another $10,000 to his or herleadership PAC. Leadership PACs can use the funds for almostunlimited purposes, including contributions to other candidates oreven personal travel by the candidate. Among the 30 leradershipPACs CUNA contributed to last year were: Senate Majority LeaderBill Frists Volunteer PAC; Speaker of the House DennisHasterts Keep Our Majority PAC; House Minority Whip RoyBlunts Rely On Your Beliefs (ROYB) PAC, as well as SenateMinority Leader Harry Reids Searchlight Leadership FUND;House Minority Leader Nancy Pelosis PAC To The Future, andHouse Minority Whip Steny Hoyers AMERIPAC.
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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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