LANSING, Mich. - (02/28/06) -- State Employees CU said it haschosen Open Solutions Inc.'s The Complete Credit Union Solution asits new core data processing system. The decision comes on theheels of the $775 million credit union merger with Ottowa CountySchools Employees CU in 2004, which sent the credit union in searchof a new processing system to support the combined entities. Thecredit union will also integrate Open Solutions' FinancialAccounting Suite (general ledger, fixed assets and accountspayable) and ProfitVision: e-Commerce Banker (Internet banking andcash management solutions); iMagic (imaging); cView (relationshipmanagement tools); Interactive Management Center (IMC) andtelephony solutions.
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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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