Appellate court orders Fed to reveal loan recipients
NEW YORK (AP) -- The Federal Reserve must reveal documents identifying financial companies that received Fed loans to survive the financial crisis, a federal appeals court ruled Friday.
A panel of the 2nd U.S. Circuit Court of Appeals in Manhattan said in two separate opinions that such information isn't automatically exempt from requests under the Freedom of Information Act.
Cases were brought by News Corp.'s Fox News Network and Bloomberg LP. The two companies sought details about loans that commercial banks and Wall Street firms received and the collateral they put up. The appeals judges had received written arguments on behalf of other news agencies including the Associated Press.
The Fed argued that if it identified banks that drew emergency loans, it could cause a run on those institutions, undermine the loan programs and potentially hurt the economy.
Lower-court judges were split on the issue.
The Federal Reserve said it was studying Friday's ruling.
"We are reviewing the decision and considering our options for reconsideration or appeal," said Michelle Smith, Fed spokeswoman.
M&T to shut branch in Tops
M&T Bank Corp. said this week it is shuttering a supermarket branch in Black Rock because it doesn't get enough business to be profitable.
The Buffalo-based banking company will close the branch in the Tops Markets store at Grant and Amherst streets June 18, spokesman Chet Bridger said. The four employees will be placed in jobs at other M&T locations.
Bridger said most of the customers who do business at that location also bank "regularly" at M&T's nearby branches at 788 Tonawanda St. or 130 Grant.
Fisher-Price adds offerings
Fisher-Price has come a long way since wooden toys. Friday, the East Aurora-based toy company launched two new high-tech offerings.
The "Moments to Share" Facebook application allows parents to create personalized timelines by adding photos and details for moments such as a child's first steps or first Christmas, and to control who has access to the photos and information. The application can be found at http://apps.facebook.com/momentstoshare.
The toymaker's iPhone applications feature its Chatter Telephone, See 'n Say and Little People Farm, aimed at children ages 2 to 5. They are available for download on the iTunes App Store.
Credit union updates image
Western New York's largest locally-based credit union has launched a new brand and marketing campaign in a bid to increase awareness of the institution's size and stature in the community.
Lockport-based Cornerstone Community Federal Credit Union refreshed its appearance with a new logo and updated colors, while unveiling the brand campaign for its four branches in Niagara County.
The $286 million-asset credit union will start using the new logo this month alongside its new tag line: "You rate better here."
Founded in 1957 as Unit No. 1 Federal Credit Union, Cornerstone now serves all of Niagara County and has more than 46,000 members.
Retirees fight benefits cutoff
DOVER, Del. (AP) -- Former workers for auto parts supplier Visteon Corp. are pushing ahead with their fight to preserve their retiree health and life insurance benefits.
The retirees filed an emergency motion Thursday asking a federal judge in Delaware to halt the company's plan to terminate benefits April 1 for about 2,100 people who worked at two Visteon plants in Indiana.
The emergency motion asks that the company specifically not be allowed to terminate benefits for 840 retirees who are not eligible for Medicare until their appeal of a bankruptcy judge's decision is heard.
The bankruptcy judge earlier this week upheld his decision authorizing the company to terminate the benefits.
He says Visteon had the legal right to do so and the retirees had little chance of winning their appeal.