LANSING, Mich. - (12/22/04) -- Flags flying over the state capitolwere lowered to half-staff last week to mark the passing of formerState Rep. Frank Fitzgerald, who served as the state's chiefbanking and credit union regulator from 1999 to 2003. Fitzgerald,one of the architects of last year's credit union reform bill, diedDecember 10 of a ruptured aorta, at 49 years old. A Republicanappointee, Fitzgerald was forced out as director of the state'sOffice of Financial and Insurance Services in April 2003 andsucceeded by Linda Watters soon after Democrat Jennifer Granholmtook office.
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Chair Travis Hill said SVB showed banks can't always sell securities fast enough to cover deposit outflows, but acknowledged the "stigma problem" with discount window borrowing remains unsolved.
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At a conference in New York, Joseph Otting reflected on the difficult hiring decisions he made early in his tenure heading Flagstar Bank, which just two years ago was on the verge of collapse.
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Back-office automation fintech BILL Holdings is using JPMorgan Payments white-label digital wallet to subledger its own clients' accounts. Reconciling client payments for BILL's corporate card, the BILL Divvy Card is the company's first use case.
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Like the Olympics, the event is used to push and measure engagement and appetite for emerging checkout options.
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The Treasury's Financial Crimes Enforcement Network and federal banking and credit union agencies limited issuers' know-your-customer obligations to direct-to-consumer services, preliminarily rejecting a "global" customer due diligence requirement they say is unfeasible.
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The bank is following in the footsteps of Goldman Sachs, which made a similar move in April.
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