WASHINGTON - (07/28/06) -- The Senate last Wednesday nightconfirmed former NCUA Board member Geoff Bacino to the FederalHousing Finance Board, the regulator for the nation's 12 FederalHome Loan Banks. The long-time credit union figure was confirmedalong with Frederic Mishkin, to the Federal Reserve Board, EdmundMoy as director of the U.S. Mint, and three nominees to theExport-Import Bank. Bacino, currently an executive with CENTRIXFinancial, was among the founders of Callahan & Associates, andformerly served as head of the National Association of StateChartered CUs and of the National Association of Share InsuranceCorporation. The FHLB system has become increasingly important as asource of mortgage funding for credit unions, with more than 1,000credit unions now part of the system.
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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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