FORT WORTH, Texas - (03/07/06) -- Eleven area credit unionsco-sponsored a full-page newspaper ad in the Fort WorthStar-Telegram over the weekend aimed primarily at customers of onelocal bank that was until recently was a credit union. The ad,headlined, "Mega Bank," asks in its sub headline, "Did your creditunion turn into a bank?" The colors used and even one graphic imageare similar to those of OmniAmerican Bank, the former OmniAmericanFCU, which, like nearby Community CU (now ViewPoint Bank)convertedto a bank. Ad copy then goes on to provide the definitions of abank ("a for-profit financial establishment that invests moneydeposited by customers for the profit of its shareholders") and acredit union ("a not-for-profit financial cooperative whose memberscan borrow from pooled deposits at low interest rates"). "Make YourMove, Choose a Credit Union" states copy above the logos of the 11ad co-sponsors.
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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.
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