WASHINGTON - (07/05/06) With just three monthsremaining on the legislative calendar, Alabama Congressman SpencerBachus, a one-time credit union opponent turned supporter, hasemerged as one of two favorites to chair the House FinancialServices Committee in the next Congress. Bachus, one of just sixHouse members to vote against HR 1151, the 1998 landmark CUMembership Access Act, has been keenly courted by the credit unionlobby since then, and has turned out to be a strong defender ofcredit unions during the last four years while he has chaired theFinancial Services Subcommittee on Financial Institutions. But justas importantly in the race to chair the full committee is the factthat Bachus leadership PAC, known as Growth and ProsperityPAC, has contributed more than $600,000 to fellow candidates,building key support among the Republican caucus. Thatstwice the amount contributed to fellow candidates by Bachusmain rival, Louisiana Congressman Richard Baker, whose BackAmericas Conservatives PAC, of BacPac, has contributed about$300,000 to fellow Republicans. CUNA has contributed $10,000 toeach of the leadership PACs. One of the two lawmakers are widelyexpected to succeed Ohios Michael Oxley, who is retiringfrom Congress, as the next committee chair. The support of theFinancial Services Committee Chairman will be critical for creditunions legislative priorities, including the CU RegulatoryImprovements Act, known as CURIA.
-
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.
1h ago -
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.
1h ago -
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.
1h ago -
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.
1h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
2h ago -
The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
6h ago