HARRISBURG, Pa. - (02/16/05) -- A top executive of Sallie Mae saidMonday that the student-loan giant might lift its $1 billion offerto take over the student-loan administration of the PennsylvaniaHigher Education Assistance Agency. The board of the state'sstudent-aid agency, known for its low-interest loans and grants,rejected Sallie Mae's unsolicited offer in late December, butSallie Mae continues to lobby state legislators, who have the finalsay, on the offer. The state House Appropriations Committee plansto hold hearings on the offer on Thursday. June McCormack, SallieMae's executive vice president of servicing and sales marketing,said the corporation is "absolutely not" opposed to raising theoffer, if PHEAA found it to be too low. Sallie Mae proposed to takeover servicing of PHEAA's $45 billion portfolio of loans and grantsby paying the state $500 million up front, followed by $100 millionannually over five years.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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The Federal Reserve has banned a Wyoming bank employee from the banking industry for embezzling more than $30,000 from a charity.
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