Just what to make of these latest volleys from the nation's banking industry against credit unions? In a twist on the old axiom "If you can't beat 'em, join 'em," the banking trade groups have adopted the motto, "If you can't beat 'em, join together." As reported in The Credit Union Journal last week, the American Bankers Association, the Independent Community Bankers of America and America's Community Bankers, have formed the Inter-Trade Credit Union Coordinating Council (ITCUC for those of you tracking acronyms at home) to work together to repeal the credit union tax exemption. The fact three influential groups in Washington are working together against credit unions is serious. Yet the fact they have joined together at the same time the banking industry just reported a record quarter for profits makes it awfully hard to take the bankers' stated motivations seriously. In fact, were they working anywhere other than Washington-where anything with a PAC can get attention-it would be downright laughable. So which is it? Serious threat? Seriously funny? You get to choose.
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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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