DENVER - (04/20/06) Payments processing giant FirstData Corp. reported flat earnings of $374 million, or 48 cents forthe first quarter, as most of a 10% increase in revenues was eatenup by rising costs. The company, which plans to spin off its coreWestern Union money transfers operations, reported a 16% growth inrevenues, and a 13% rise in operating profit, for the operation.Revenue growth wa salso strong in the companys commercialservices unit, at 9%, but slower in the financial institutionsoperation, which was down by 5%. The first quarter figures includedthe elimination of earnings from the NYCE electronic funds transfernetwork, which was sold last year to Metavante; a $23 million gainfrom the sale of CheckFree stock; and a $15 million charge for thesettlement of a patent infringement suit with DataTreasury.
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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.
10h ago -
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.
April 24 -
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.
April 24 -
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.
April 24