The members of the Senate Banking Committee have framed a legislative code to stop companies like Wal-Mart from establishing banks. This legislation was set up by Sens. Sherrod Brown, Tim Johnson, and Wayne Allard. It would deter the expansion of Industrial Loan Corporations (ILCs) and boost up the power of the FDIC in regulating them. About two years ago, Wal-Mart decided to get into banking business and filed all the necessary documents. Self-bankers and other workers from United Food and Commercial Workers (UFCW) then opposed Wal-Mart. Small retailers and other unions have rallied against ILCs. An association of the National Grocers Association, UFCW International Union, the Independent Community Bankers of America, and National Association of Convenience Stores has joined hands to push Congress to lead them.
CFO of Anchor Bank announces retirement
Michael Helser, Anchor Bank's CFO and treasurer, will retire by the end of June 2007. Helser served Wisconsin's largest savings bank for more than 33 years. He joined Anchor Bank in 1974 as an internal auditor and eventually became the bank's executive vice president—treasurer and CFO. Dale Ringgenberg will succeed Helser. Ringgenberg is first vice president—controller at Anchor Bank. He joined the company as a staff accountant. Anchor Bank, established in 1919, is one of Wisconsin's prime financial institutions with more than 60 locations throughout the state.
U.S. Treasury advises switch to direct deposit before hurricane season
With the hurricane season advancing, the U.S. Department of the Treasury has advised Social Security check recipients residing along the Gulf Coast and Eastern Seaboard to change to direct deposit. The campaign slogan, "Go Direct," encourages senior citizens and the disabled to ensure that their federal benefit payments are protected during hurricanes or disturbances following bad weather. There is at present a population of more than three million in hurricane-prone states receiving their payments by paper check. Once citizens opt for direct deposit, SSI payments will arrive promptly. Because of weather disturbances caused by Hurricanes Katrina and Rita, almost 85,000 emergency payments were disbursed.
