HARRISBURG, Pa. - (01/06/06) Governor Edward Rendell signedinto law tough new requirements on identity theft notification. TheBreach of Personal Information Notification Act saysa state agency, political subdivision, individual or business thatoperates in Pennsylvania and maintains, stores or manages personalconsumer information on computer, must notify people if theirsecurity systems are breached. Personal information is defined asan individual's name; social security number; driver's license, orstate-issued I.D., number; or a financial account number.Notification of the breach may be made in writing, by telephone,via email, or by a combination of email, posting on the entity'swebsite, or notification to statewide media where the cost ofproviding notice is in excess of $100,000 and would affect at least175,000 people. Notification may be delayed if a law enforcementagency decides it will impede their investigation. Also, when anentity provides notification to more than 1,000 people at once, thebill provides that national consumer credit reporting agencies willalso be notified.
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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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