LAS VEGAS - (12/12/05) -- Credit unions were warned by oneanalyst that mortgage rates over the next three years could tipsharply upward should problems develop in the secondary market. TimLerew, who heads up an Elizabeth, Colo.-based financial institutionconsultancy and who is well known to many within credit unions,said that by year-end 2008 all financial institutions may bestruggling to recover from a crisis at Fannie Mae and Freddie Macthat triggers 30-year fixed mortgage rates above 9%. The resultwill be that credit unions must have a strong home equity productin place, Lerew told board members at the CUES Directors Conferencehere. Lerew said he is also worried over one other potentialcrisis, that terrorists will seek to bring down the U.S. financialsystem by hitting "soft target" branches with attacks, even bydoing things as simple as leaving envelopes filled withpowder.
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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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