WASHINGTON - (09/08/05) -- Credit unions continued to opentheir pocketbooks and hearts for victims of Hurricane Katrina, nowprojected as the biggest natural disaster to hit the U.S., in termsof damages and lives lost. The credit union movement has pledged asmuch a $3 million in the few days since the immensity of the damagehas emerged. PSCU Financial Services, the funds processor owned bymore than 500 credit unions, announced a $250,000 contributionWednesday, $150,000 of it directed to the American Red Cross,$75,000 for member credit unions in affected areas, and $25,000 forthe National CU Foundation. PSCU plans to dedicate tens ofthousands more to disaster relief by dedicating 1% of interchangeincome to relief efforts. Southwest Corporate FCU also saidWednesday it is donating $100,000 to the Louisiana CU League'sDisaster Relief Fund. Six Texas credit unions, including EECU,GECU, Firstmark CU, United Heritage FCU, Texas Dow ECU andUniversity FCU, have agreed to donate $25,000 each to the HurricaneKatrina Disaster Relief Fund. North Island CU, in San Diego,pledged $17,000 Wednesday, $12,000 to the Red Cross and $5,000 tothe NCUF. The NCUF said it has raised more than $1.3 million, whichit will use to help credit union employees and members recover fromthe devastation.
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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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