RALEIGH, N.C. - (12/02/04) -- More than 99% of members of StateEmployees CU approved a massive educational endowment program thatwill allow the credit union to award four-year college scholarshipsat every one of the state's 341 public high schools and two charterschools. The 'People Helping People' High School Scholarships, eachat $10,000, will be awarded for study at one of the 16 campuses ofthe University of North Carolina. The $3.5 million annualcommitment, along with a $580,000 to provide 116 two-yearscholarships at the state's 58 community colleges, will be fundedthrough the credit union's newly formed SECU Foundation. The creditunion's members overwhelmingly agreed to let SECU route the $1 amonth they pay for checking to fund the new foundation. Thescholarships will be awarded for the first time to studentsentering a UNC institution in the fall of 2005. Preference will begiven to public sector employees and their families who work instate and local government agencies served by the creditunion.
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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.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27