AUSTIN, Texas - (08/02/05) -- The Texas CU Department will startthe process of reforming the rules for conversion to mutual savingsbank during a public forum August 29 at the Texas CU League'sheadquarters in Farmers Branch. Among the issues being reviewed inlight of the controversy over the ongoing conversions of creditunion giants Community CU and OmniAmerican CU is: are members beinggiven enough information to make an informed vote on the charterswitch. Interested parties are also being asked whether a minimumpercentage of members should be required to participate in theballot; whether cash and other inducements to vote should berestricted; and whether members should be allowed to share theirconcerns before the vote occurs. Meantime, NCUA told a federalcourt in Dallas Monday a suit brought by Community CU andOmniAmerican CU, the biggest credit unions ever to seek conversionto banks, should be dismissed.
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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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