The Utah Bankers Association has made an $11,000 grant to help, of all things, a tiny credit union. The UBA donated the funds to the $861,000 UCB CU, which serves the blind and visually impaired in Utah. The credit union has 250 members and says it will use the funds to pay for a new computer system, printer and office supplies. Credit unions in the state have also come to the assistance of UCB CU in the past, including the Utah league and America First CU, which donated all of UCB CU's fireproof cabinets.
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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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