DENVER - (06/19/06) Centrix Financial, the providerof subprime auto loans for credit unions, announced Friday its iscutting 250 more jobs, 30% of its workforce, and is reducing itsexpenses elsewhere including its sponsorship of the Denver GrandPrix auto race. The company has seen its credit union businessalmost eliminated under NCUAs crackdown on indirect autolending. Centrix officials have been working with NCUA in recentmonths to restore credit unions ability to enter subprimeindirect auto loans. Last weeks layoff follow trimming of150 jobs last October.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27