ANN ARBOR, Mich. - (06/08/06) As many as 5,000 members ofUniversity of Michigan CU were notified that their accounts mayhave been compromised during the process of document destruction.More than a dozen members have notified police that they have beenvictims of identity theft over the past few months. One member saidhe learned of seven new accounts opened in his name, one with a$5,182 balance, that he didnt know about. Another rememberreported the address on her credit card had been changed withouther authorization. The troubles were discovered after nine originalloan applications from the credit union and as many as 70 financialspread sheets from the Detroit Medical Center were found in aDetroit home during a police search. The employee responsible forthe document destruction has been fired, the credit union said. Thecredit union serves about 44,000 members.
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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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