EUGENE, Ore. - (07/02/04) -- SELCO CU agreed to settle civilcharges with the state attorney general's office requiring it tostop advertising the car-buying service operated by its SELCO GroupCUSO is free, the two parties said Thursday. The state charged thatSELCO Group, doing business as SELCO Auto Resources, misledcustomers by claiming the program was free, when it actuallycharged fees averaging $650 for the service. The company also toldcustomers that the dealers paid a marketing fee to participate inthe program, when they did not, the attorney general said. DavidKennedy, president of the CUSO, said they disagreed with theattorney general's characterization of the payment but agreed tosettle the charges instead of dragging it out through court. "We'reacting on behalf of our members who all love the service andacknowledge we're negotiating a great deal for them," Kennedy toldThe Credit Union Journal. He said the CUSO usually receives aportion of the purchase price as compensation for each transaction.Under the settlement, SELCO will pay $239,000, $119,556 of whichwill be paid as restitution to 184 Oregon customers in amounts from$100 to $1,853, and $119,556 for the state's Consumer Protectionand Education Fund.
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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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