State regulators said last week they have approved two more requests from CUs to make donors to non-profit charitable foundations eligible for membership.The action by the state CU Division will allow OmniAmerican CU, Forth Worth, to allow donors to the OmniAmerican Foundation to join. Also, Texas Dow Employees CU, Lake Jackson, has become the fourth state-chartered CU to allow membership through an adjunct to the Texas CU League's Foundation, known as the Friends of the Texas CU Foundation. State regulators emphasize that the foundations have to be legitimate charitable organizations with purposes beyond facilitating eligibility. Two others, Denton Area Teachers and Texans CU, have already been granted approval to extend membership to donors. Community CU, Denton Area Teachers CU and Texans CU, have also been granted similar approval.
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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.
March 28