LAS VEGAS - (10/12/05) -- Credit unions must invest money inmortgage technology to combat recent efforts by banks and othercompetitors, according to Craig Focardi, research director for theconsumer lending advisory service of the Tower Group, a Needham,Mass.-based financial services industry consultancy. Focardicautioned attendees of the American Credit Union MortgageAssociation (ACUMA) conference here banks not only are spending tokeep mortgage loans from credit unions, they are using theestablished relationship to take away the auto and home equityloans that have been mainstays of credit unions. "A proactiveinvestment in technology is not just another expense ? it couldimprove internal processes, save money and give faster service tomembers. IT [information technology] adds a lot of value for creditunions and their members," Focardi declared. "Having a strongonline presence will help a credit union hold on to more members.There is an opportunity cost of lost sales and cost savings from anunderinvestment in IT."
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Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
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Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
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A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.
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