LANSING, Mich. - (07/10/06) -- Michigan State University FCU ismaking inroads on a market in its infancy--the newborns. The $1.2billion credit union launched a new youth savings program, calledthe Lil Sweet Pea Club, for newborns and children throughage 4. So far, almost 700 accounts have been opened. MSUrepresentatives said clubs like theirs for young people establishloyalty with the kids in their infancy and help them form alifetime bond with the credit union. As a bonus, Lil Sweet Pea Clubaccounts opened with an initial deposit of $50 or more receive afree casting kit so parents can cherish their newborns handor footprint.
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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.
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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.
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