NEW YORK - (01/10/05) -- More than two dozen credit unionsand banks joined with the State Department of Banking last week ina campaign aimed at enrolling the city's 800,000 unbanked in atraditional financial institution account. Through the month ofJanuary the credit unions and banks participating in the Bank onNew York campaign will use targeted advertising and consumereducation in multiple languages to promote low or no-fee accountsand distribute information about the Earned Income Tax Credit. Adswill be placed in credit union and bank lobbies, on bus sheltersand in newspapers throughout the city in English, Spanish andChinese. "The money saved by opening basic bank accounts andavoiding more expensive options, will help New Yorkers expand theirfinancial opportunities," said Meagan van Harte, spokesman forLower East Side People's FCU, one of the participants in theprogram. New York state law requires all credit unions and banks tooffer so-called lifeline accounts that meet certain criteria,including low minimum balances ($25), low monthly charges ($3maximum), and a minimum of eight free withdrawals (including ATMtransactions). Other credit unions participating include: BushwickCooperative FCU, Montauk CU, Union Settlement FCU, as well as theNational Federation of CDCUs.
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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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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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