RESTON, Va. - (07/21/06) -- Student loan giant Sallie Maeannounced Thursday that second quarter earnings more than doubled,as students rushed to refinance their loans before the July 1 riseof 2% on rates. Net income for the quarter soared by 144% to $724million, or $1.61 a share. For the first six months of the yea ,net income surged 67% to $858 million, or $2.08 a share. Throughthe first half of 2006, Sallie Mae has originated $10.8 billion innew student loans, up 13% from the first six months of 2005. At theend of the second quarter the company's loan portfolio, most of itstudent loans, grew to $130 billion, and its customer base to 10million borrowers. The company, chartered in 1972 to facilitate asecondary market for student loans originated by credit unions andbanks, has expanded since its privatization two years ago to afull-service lender, in direct competition with many of theinstitutions it was created to serve. It is now the biggestoriginator of student loans in the country.
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The president and his allies have stepped up their verbal attacks on the Federal Reserve and its chairman in recent weeks, and while the tough talk has not changed policy, it has sent a clear message to the financial sector.
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Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
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The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
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The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
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Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
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Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
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