RESTON, Va. - (06/02/06) Student loan giant Sallie Maeannounced Thursday it has agreed to acquire Upromise Inc., a theoperator of a rewards program that helps members save for college.Upromise is also the largest administrator of direct-to-consumer529 college savings plans, and manages over one million collegesavings accounts with more than $10 billion in assets in sevenstates. The agreement comes a week after Upromise announced a dealwith MasterCard International which will allow MasterCard debitcard holders to set aside bonus points for a college savingsaccounts. Members of Upromise will earn rebates from thousands ofgrocery stores, gas stations, restaurants and retail stores thatwill be rebated into a Section 529 plan.
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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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