JACKSONVILLE, Fla. - (04/27/05) -- Fidelity National Financial Inc.said first quarter earnings tripled to $445 million, or $2.51 ashare, because of a $318 million gain on the sale of a minoritystake in its fledgling financial information and outsourcingbusiness. The company sold a 25% interest in its FidelityInformation Software and Services (FISS) unit, a conglomeration ofrecent acquisitions Aurum Technologies, InterCept, ALLTELInformation Services, VISTA Information Solutions, and SanchezComputer Associates, to Texas Pacific Group and Thomas H. LeePartners for $500 million. The sale helped boost first quarterrevenues for Fidelity National by 23% to $2.27 billion. Butrevenues for the company's core title insurance and escrow unitdeclined 5%, to $1.23 billion, for the quarter; while its FISS grewrevenue 56% to $396 million. Gross operating revenue for thefinancial services conglomerate rose 5% to $1.8 billion, comparedto the first quarter last year.
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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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