CHICAGO - (04/27/06) NCUA said Wednesday it hasapproved a charter for a new credit union to serve members ofUnified Homeowners of Illinois Association, a group that providescounseling and other services to customers of TWA Corp., a localmortgage bank. The new credit union, the first chartered inIllinois since 2003, is also being sponsored by Greater AustinChildcare Providers and Latina Childcare Providers, according toJoyce Jackson, a field director with the Illinois CU League, whichhelped the groups in the chartering process. "The credit union willstart up without any reserves but will build them from retainedearnings, Jackson, former head of NCUAs CDCU office,told The Credit Union Journal. TWA Corp. is providing office spaceand computer equipment to the credit union start-up.
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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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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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