WASHINGTON - (07/25/06) The Filene Research Institutesaid Monday it is handing over management of its REAL Solutionsproject to the National CU Foundation just as the pilot program toincrease service to the underserved is being implemented in threestates. Bob Hoel, director of credit union think tank, told TheCredit Union Journal Filene planned to serve as a temporaryincubator for the pilot and then planned hand it off to anotherother entity that would implement it across a wider swath of thecredit union movement. The National Foundation has committed tospend $3 million over the next three years to spread REAL Solutionsfrom the current three state; Wisconsin, Ohio and Maryland, to amuch broader market. Among the offerings that have been createdunder REAL Solutions are alternatives to payday lending and checkcashing; as well as strategies for reaching out to immigrants. Thefoundation will be hosting the REAL Solutions first nationalinstitute: the Low-Wealth Households Conference, Aug. 23-25 inPittsburgh.
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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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