ALEXANDRIA, Va. -- The NCUA Board approved a pilot investment program Thursday that will allow Bank Fund Staff FCU to sell Treasury securities. The program, approved in closed meeting, will allow the $2 billion credit union to bet on rising interest rates. With short selling, an investor sells securities he or she doesn't own, with an agreement to deliver the securities at a pre-arranged price. If interest rates go up, short-sellers in the Treasury market, will make money. Short-selling is a permitted activity under the Federal CU Act, but not under NCUA's rules and regulations. NCUA will be posting standards for the short-selling program on its website.
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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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