Pentagon FCU said it has acquired another credit union, its seventh-merger mate in the past two years. In its latest deal, the $8-billion credit union giant will absorb Fort Buchanan FCU, a $90-million credit union that serves Fort Buchanan, Puerto Rico, and several select groups affiliated with the military base. Over the past two years the nation's third largest credit union has acquired Budget FCU, Fort Shafter FCU, Coast Guard Employees FCU, D.C. Veterans Affairs Medical Center FCU and Fort Hood Military FCU. All except Budget FCU, which serves employees of the White House Office of Budget and Management, are Defense Department related.
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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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