DALLAS - (11/18/05)-- Southwest Corporate FCU announcedThursday it is shuttering its broker/dealer operation andtransferring accounts to U.S. Central CU subsidiary, CU InvestmentSolutions. "It has gotten to the point where the cost of operationsand regulatory compliance issues are making it necessary to findgreater efficiencies," said Bruce Fox, Chief Investment Officer forSouthwest Corporate Investment Services, in a statement. SouthwestCorporate has operated the broker-dealer, Southwest CorporateInvestment Services, since 1998. It has approximately 150 creditunion clients. Through CU Investment Solutions, credit unions havethe opportunity to buy and sell all permissible securitiesincluding: agencies, CMOs, and corporate bonds.
-
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.
April 24 -
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.
April 24 -
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.
April 24 -
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.
April 24 -
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.
April 24 -
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