CONCORD, N.H. - (05/18/06) Members have begun returning totheir credit unions as flood waters recede throughout theNortheast, following the worst flooding in the region since thegreat flood of 1936. Dan Egan, president of the Massachusetts, NewHampshire and Rhode Island CU leagues, said a few credit unionsnear the swollen Merrimack and Salmon Falls Rivers had closedMonday, but are now open. The main problem has been that membersare being blocked from their branches due to road closings orout-of-commission bridges. The real threat is if one of those damsbreak, Egan told The Credit Union Journal. Credit unions in Maineare operating, but some employees and local businesses haveflooding in their basements, said Jon Paradise, a spokesperson forthe Maine CU League. Credit unions in the state may expect to seean increase in short-term loans or member business loans to helppay for flood damages, 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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