CHICAGO - (03/23/05) -- The Federal Home Loan Bank ofChicago said last week it has restated its financial statements forthe past three years, under a supervisory agreement with itsfederal regulator. The net effect of the restatement was a 10%increase in net income from 2001 through September 2004, which willrequire the Chicago bank to provide an additional $11.5 million inAffordable Housing Program grants under a requirement that 10% ofits net income be set aside for the AHP program. The restatementwas the result of a review by the federal regulator of FHLBs, theFederal Housing Finance Board, and voluntary accounting changes forcertain transactions.
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Judge Mark T. Pittman sided with the Consumer Financial Protection Bureau in ordering the case be moved from Texas to the District of Columbia due to "forum shopping."
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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.
March 28 -
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.
March 28 -
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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