PLANO, Texas - (05/02/05) -- The make-up of a group formed tooppose the conversion of Community CU to a mutual savings bank hasraised some doubts about the credibility of the organizationbecause the group seems to be headed by paid employees of othercredit unions. Groups opposing credit union conversions, like thenewly minted Coalition for Member Trust, aren't always exactly whatthey appear to, according to Alan Theriault, president of CUFinancial Services, who has engineered almost every one of the morethan 30 credit union conversions to banks. "These groups areusually organized by ex-employees. Credit union leagues tend tohave their fingerprints on these type of groups, as well,"Theriault told The Credit Union Journal. The founding members ofthe Coalition for Member Trust are all industry insiders, workingfor various credit unions and at least one has worked for the TexasCU League. That includes Mark Arnold, founding member and a vicepresident of nearby Neighborhood CU, and Elaine Laroa, a long-timecredit union trade group operative with NASCUS, the Texas leagueand now Texas FCU. The anti-conversion group is also beingsupported by a website crafted by Self-Help CU, the Durham, N.C.,credit union closely allied with State Employees' CU President JimBlaine, an avid conversion opponent. The group received its firstdonation Friday, a $1,000 check from Space Coast CU. But Arnold,also a member of Community CU, insisted the group is acting asinterested Community CU members that don't want to lose theircredit union.
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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.
April 24