WASHINGTON - (11/23/04) -- The massive spending bill passed byCongress last weekend included a provision that will finally allowthe Federal Trade Commission to set rules for advertisements andpublic disclosures on private deposit insurance for creditunions--15 years after legislation requiring those rules. Therulemaking has been delayed since the 1989 FDIC Improvement Act,which included the provision, because unidentified lawmakers haveprevented the FTC from spending money on the process. NCUA, whichhas developed rules for advertisements and disclosures of federaldeposit insurance, will be consulting with the FTC on the process.The spending bill also included provisions that will provide anadditional $1 million for NCUA community development revolving loanfund, and renewing the borrowing limit for the Central LiquidityFacility at $1.5 billion.
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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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