ROCHESTER, N.Y. - (10/13/04) -- Genesee Co-op FCU is helping EastAfricans realize their dreams, through its local membership. The $6million community development has been assisting immigrant membersfrom Somalia, Sudan and other countries in the Horn of Africa bringfamily members over the United States. To do this, they have hireda Somali immigrant who speaks five African languages, tocommunicate with this member base, Melissa Marquez, loan officerfor the credit union, told attendees to Monday's PALS workshoporganized by NCUA Board member Deborah Matz. In one instance, thecredit union lent a Kenyan immigrant with no credit history $3,000to help her bring five of her eight children to the U.S. "She hadno credit score," said Marquez, who was speaking on alternativecredit histories. "But we know her well and she's well known in thecommunity."
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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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