RESTON, Va. - (09/20/04) -- Student loan giant SLM Corp., betterknown as Sallie Mae, said Friday it has agreed to acquire amajority stake in Arrow Financial Services LLC. The Niles,Ill.-based company purchases charged-off debt, conduct collectionsand offers third-party receivables services to consumer creditcompanies. The company employs 1,400 people at five facilitiesnationwide and will retain its current management. Terms of thedeal were not disclosed. Under the agreement, SLM has an option toacquire the rest of Arrow Financial over the next threeyears.
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The Federal Deposit Insurance Corp. is arguing that Colorado has the right to establish an interest rate cap that all state-chartered banks must follow. Three industry groups are suing the state in an effort to stop its attempted crackdown.
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The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
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The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
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The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
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The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
April 26 -
Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
April 26