PINE BROOK, N.J. - (06/16/05) -- CU National Mortgage, hoping tobuild its credit union business, is offering credit unions thecapability to change vendors or transition form any type of firstmortgage program to a CU National program within 72 hours. Thecompany calls the rapid conversion program 'Swift Shift.' CUNational Mortgage is a wholly owned unit of CU MortgageCorp.
The $44 billion fintech also appointed a new CTO and head of engineering as it foregrounds artificial intelligence in strategic decision making.
CEOs of payments companies and fintechs such as Block and Bolt have pointed to AI as a driving force behind layoffs at their organizations. But Tania Babina, an associate professor of finance at the University of Maryland's Smith School of Business, says there is no systematic evidence that AI is taking jobs.
Federal Reserve Vice Chair for Supervision Michelle Bowman said Thursday morning that the central bank recently finalized a new organizational structure for its supervision and regulation division.
The largest U.S. bank by assets named two co-presidents as part of its latest executive management changes. Marianne Lake, who was widely viewed as a contender to succeed CEO Jamie Dimon, will retire from the company.
The Bureau of Economic Analysis' personal consumption expenditures inflation report for May showed that inflation had risen 4.1%, meeting elevated expectations and casting further doubt on the prospects of near-term interest rate cuts from the Federal Reserve.
The company, formerly known as LendingClub, moved from NYSE to Nasdaq as it officially launched its new name as a full-fledged digital bank.
