NEW ORLEANS - (09/12/05) -- The American Red Cross sought tostep in Sunday with financial relief for victims of HurricaneKatrina in the place of a major failure by the Federal EmergencyManagement Agency to get much-needed cash-like assistance tohurricane survivors. The Red Cross launched a toll-free number toget cash to hundreds of thousands of hurricane victims who havelost their homes or suffered other major losses. Under the newsystem, the Red Cross is issuing cash vouchers, checks and storedvalue cards to the neediest victims who can take them to a creditunion or bank and obtain cash. The financial assistance is beingprovided to the hardest hit ZIP codes, with a family of foureligible for up to $1,300 right away. Victims must provide theirname, pre-storm address, ZIP code and home telephone number.Assistance is being provided based on the costs of necessities,like food, toiletries and other essentials.
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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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