WASHINGTON - (03/04/05) -- Just as the bankruptcy reform billgot tied up on the national debate on abortion rights in each ofthe last two congresses this year the opponents of the bill aretrying to throw everything they have at it, even a diversion to adebate over minimum wage. But an amendment by Democratic Sen. TedKennedy to lift the minimum wage from its current $5.15 an hour to$7.25 is expected to be defeated when the Senate takes a vote on itnext week. Thursday Republican supporters of the bill successfullyturned away several amendment by the Democrats that would haveclearly limited predatory lending. One of those would have cappedconsumer interest rates at 30% APR. The vote was 74-24 to scuttlean amendment by Sen. Mark Dayton, D-Minn., who said consumers mustpay interest rates as high as 1,059% when they borrow money. "Thatgoes way beyond what we call predatory lending. That is`terroristic' lending," he said. But Sen. Orrin Hatch, R-Utah, saidDayton's proposal would pre-empt state laws, including those thatfix an interest rate ceiling below 30 percent. "There's no reasonto touch the state usury laws," he said.
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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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