ALEXANDRIA, Va. - (10/21/05) -- NCUA said Thursday that a CUSO ownedby Maine credit unions may buy non-performing loans from creditunions, then provide debt collection services on the loans. In anew legal opinion letter, NCUA said the debt collection plan ispermissible as long as the CUSO does not engage in any debtrestructuring, which would be akin to consumer loan originations, aproscribed activity for CUSOs. Under the plan, the CUSO willprovide debt collection services to its credit union owners, usinga salaried attorney from one of the owner credit unions. The CUSOwill reimburse the credit union for the attorney's work and willseek reimbursement from the credit unions using the debtcollection.
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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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