LAS VEGAS - (05/11/05) The demise of the CUSO, postIncidental Power Act, allowing credit unions to do many of the samethings in-house, may have been overblown. One main reason: thecontinued ability of CUSOs to do business with non-credit unionmembersjust less than halfhelping to defray the costsof services and products to credit union members and earn a profit,er, net income, in the process. The CUSO difference, as well as arecent legal opinion letter issued by NCUA stating that federalcredit unions can not earn any income, including reimbursement ofcosts, from dual-employees, is creating confusion among creditunions. This letter could cause havoc for credit unions seeking toprovide services, like check cashing or shared branching, to othercredit unions, as well as those providing their members withinvestment services, Brian Witt, a well known credit union attorneysaid during the annual NACUSO convention Tuesday. You mayhave to go back to a CUSO to perform these services, Wittsaid.
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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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