MADISON, Wis. - (07/05/05) Research has confirmed what many mighthave suspected: credit unions and banks differ in their response tochanges affecting the price of their products and services. In thenew research from the Filene Research Institute, entitled "PricingMovements and For-Profit Behavior: A Comparison of Banks and CreditUnions," author William E. Jackson III of the University of NorthCarolina-Chapel Hill, found that credit unions change savings ratesduring economic cycles at different speeds than banks do, withbanks moving faster. Jackson noted that banks adjust savings ratesdownward significantly more rapidly than they adjust them upward,he said. "However, credit unions do not show this type of profitenhancing pricing behavior. Credit unions adjust savings ratesdownward at the same speed as they adjust them upward," he said."At the same time, rates on loans examined in the study did notexhibit different pricing patterns in upward and downward rateenvironments for either banks or credit unions."
-
Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
9h ago -
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.
10h ago -
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.
10h ago -
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.
11h ago -
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.
11h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28