The 2004 legislative session began in Alabama on Feb. 3, and we are on high alert for the possibility of a tax threat, as the state battles with a budget deficit. Last year there were severe budget cuts, and this year's focus will be on new revenue measures, focusing on Alabama's businesses, as Alabama resident's voted a resounding "no" on an amendment last September that would have raised $1.2 billion in taxes. Advocacy is our best plan of action, and the league has recently redefined our programs to include a "key contact" program that establishes which individuals in Alabama's credit union movement have strong relationships with our state legislators. Other components include state-wide chapter Hike-the-Hill visits and a state-wide image campaign both hosted by CU-Vote. The league also has invested in a new website feature (www.acul.com) enabling a "Legislative Action Center" that will fuel our advocacy efforts by providing legislative updates, contact information for elected officials, and a bulletin for action alerts.
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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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