WASHINGTON - (01/26/05) -- The underdog Philadelphia Eagleswill defeat the New England Patriots in the Super Bowl Feb. 6because credit unions in the City of Brotherly Love are strongerthan their Boston counterparts, according to a prediction fromCallahan & Associates. The company examined seven ratios todetermine the financial strength of the credit unions in eachteam's respective city and found that Philadelphia credit unionsare experiencing stronger growth and higher return-on-assets, "andwe feel that these will be their keys to success." Callahan's usedsimilar data to correctly predict that both Philadelphia and NewEngland would win their respective conference championship games.One caveat: last year, using state data (rather than city data)Callahan's predicted that the Carolina Panthers would defeat thePatriots in the Super Bowl. The Patriots won that game32-29.
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The volume of home equity lines of credit expanded for the 14th consecutive quarter, driven largely by fintechs and other nonbanks that are accounting for more and more of the business.
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The payment and commerce company's stock fell as much as 12% in afterhours trading on Thursday after the fintech missed Wall Street's earnings estimates, despite posting growth in all lines of business and increasing its full year guidance.
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Federal Reserve Gov. Christopher Waller said there was a popular "misunderstanding" Thursday regarding who can qualify for a "skinny" master account, noting that only firms with a bank charter would qualify for approval.
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The digital neobank is expecting spending to stay strong through current economic conditions, and a new credit card is projected to bring in increased revenue.
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Analysts say the fintech must "grow like a fintech, but be profitable like a bank" as its capital base shrinks to its lowest level to date.
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Comptroller of the Currency Jonathan Gould said Thursday that a proposal to reimagine bank supervisory practices is meant to empower rather than handcuff supervisors by limiting the scope of their examinations.
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