WASHINGTON - (02/16/06) African-American consumers paysignificantly higher rates on auto loans on average than do otherAmericans, according to a new survey by the Consumer Federation ofAmerica. The CFA found that African-Americans pay an average autoloan rate of 7.5% compared to 6% for most borrowers. On a six-year,$20,000 car loan, this 1.5 percentage point difference would add upto about $900 in additional interest payments. The group urgedAfrican-Americans to talk to their bank or credit union first aboutfinancing before taking the dealer financing. The difference inauto loan rates between African-Americans and other Americans wasrevealed by an extensive survey, conducted by the Opinion ResearchCorporation in November 2005, of more than 2,000 adult Americans.The survey also revealed that the proportion of African-Americanswith auto loans (29%) is nearly as high as the proportion of otherAmericans with these loans (33%).
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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