With the defeat last year of AB 1226, a banker-inspired bill that called for a study on imposing a "fee" on California's largest credit unions, the tax threat in California has lessened somewhat, but attempts by the banking industry to tax credit unions are likely to recur. The state is facing a $14-billion budget shortfall for 2004-05. Just as they did in California and other states last year, the banking industry may try to leverage the state's fiscal problems into an excuse for calling for taxes on credit unions. If they do, we will meet their challenge with the same grassroots campaign-credit union leaders phoning, faxing, mailing and e-mailing their legislators and if necessary testifying before legislative committees-that exposed AB 1226 as an attempt to harm credit unions, and led to its defeat.
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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.
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