CHANTILLY, Va. - (07/25/06) -- First-time accounting for equitycompensation and tax expensing pushed down net income at OnlineResources Corp. by 11% for its second quarter to $1.4 million, orfive cents a share, the Internet services provider reported Monday.Revenues rose a strong 21% to $17.4 million, compared to the sameperiod last year. For the first six months of the fiscal year,Online Resources reported a decline in net income of 42% to $2.2million, or eight cents a share, compared to the first half in2005. The company stated that the financials for this year and lastyear are not comparable because it had a $13.7 million tax benefitlast year which added to its net income; the tax rates aredifferent; and this year's financial include equity compensationfor the first time. For the first six months, revenues rose 16%, to$34.1 million, compared to last year's first half. During thesecond quarter Online Resources completed the acquisition ofelectronic bill payment and presentment service provider PrincetoneCom, for $190 million.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27