DALLAS - (01/10/05) -- NCUA said it has approved a creditunion charter for members and alumni of Kappa Alpha PSI theAfrican-American college fraternity that serves numerous campusesacross the U.S. Organizers of Kappa Alpha PSI FCU do not plan tobuild any brick and mortar but will mainly operate over theInternet, according to Tom Hodges, vice president of memberservices for the Texas CU League, who helped organize the newcredit union. "It will basically be a virtual credit union. There'snot going to be any walk-in traffic," Hodges told The Credit UnionJournal. The fraternity is based in Philadelphia but the creditunion was organized by members in the Dallas area. "It's a nationalfraternity and most college campuses have them, so we have highhopes it can develop an active membership base," said Hodges. Thenew credit union was only the sixth chartered in 2004, believed tobe the fewest number in almost a century.
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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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