WASHINGTON - (06/22/05) -- NCUA said it won't certify theconversion vote at credit union giant Community CU, regardless ofthe outcome of the balloting to be counted at Tuesday's night'sspecial meeting. "They've already been notified because they didn'thonor the disclosure requirements that this vote will not becertified," NCUA Chairman JoAnn Johnson, told The Credit UnionJournal Tuesday. Johnson noted that the federal regulator, which isrequired by law to certify the vote before a credit union mayconvert to mutual savings bank, has ruled that mail ballots sent tomembers of the $1.4 billion credit union were flawed and inviolation of NCUA rules, requiring that the balloting be conductedover. Unless the balloting is redone, NCUA will not certify theconversion vote, she said.
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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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