SCOTTSDALE, Ariz. - (02/24/05) -- Funds processor eFunds Corp. saidnet income for its fourth quarter rose 12% to $11.3 million, or 22cents a share, despite a drop-off in revenues. Fourth quarterrevenues fell 4% to $130.5 million, mainly due to the sale of thecompany's ATM portfolio, one of the largest in the country. For thefull year, net income surged 41% to $40.8 million, or 83 cents ashare, while revenues rose 4% to $52.1 million. eFunds processedand switches transactions for the credit union-owned CO-OPNetwork.
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Gary Farro's testimony focused on both the banking activity of Michael Cohen, a former Trump attorney who paid $130,000 to an adult film actress in 2016, and First Republic Bank's due diligence work.
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The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.
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A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
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The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
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The efforts, which respond to President Biden's October executive order on AI, aim to improve synthetic content detection and improve the trustworthiness of AI models.
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Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.
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