LAS VEGAS - (05/11/05) San Antonio CU, the building ofa several successful CUSOs, is manufacturing a new one. The creditunions new CU Factory Building Lending LP is utilizing afranchise and correspondent model to to bring manufactured home(mobile home) lending to credit unions. The new wholly owned CUSOis making loans in 39 states and plans to eventually securitize theloans, according to Stephen Hennigan, president of the CUSO. The$1.8 billion credit union adopted the national model for its newestCUSO, rather than a regional or statewide one, because they feltthere was not enough business in a single regional to support theoperation, Hennigan told The Credit Union Journal. SA CU has alsodeveloped successful CUSOs for indirect lending, helping it becomethe nations biggest indirect originator of auto loans amongcredit unions, and and of alternative housing mortgages, amongothers.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
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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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