SAN DIEGO - (12/12/05) -- Marry Ann Patty, a single momworking at San Diego State University, was completely overcomefirst thing Friday morning when the president of her credit unionshowed up at her door brandishing a huge paper check for$25,000--representing the winnings in the credit union's secondannual Xtreme Financial Makeover contest. Patty knew she was one ofthe contest winners, but though it was for the lesser $2,500, andnot the grand prize. When Linda Baughman, president and CEO of the$750 million credit union, flipped up the check and told her shehad won $25 grand, she let out a delightful shriek that wascaptured by the local TV stations. The Xtreme Makeover contest,based on the hit TV show Extreme Makeover, is a creative way toteach members financial education and how to manage their finances.For every member who entered the Xtreme Makeover contest, there wassome financial gain, whether it was the $25,000 grand prize, a$2,500 prize awarded six runners-up, or a personalized financial'makeover' or review in which the credit union promised to improveany member's financial picture by $2,500 or more in 25 minutes, orthe member would receive $25. The financial "makeover" reviewincluded a free financial workbook to help members shop and comparecredit union services to banks, credit card companies and otherfinancial institutions.
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Treasury Secretary Bessent said FSOC is readjusting its approach to avoid stifling growth in moves with implications for capital, technology and mortgages.
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The Federal Reserve Board of Governors voted Wednesday to reappoint 11 sitting regional Fed presidents, without any dissents. The move precludes any effort the White House might have made to pressure the board to deny reappointments.
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Enova International, a nonbank lender in Chicago, plans to gain scale by taking over Grasshopper Bank's national bank charter. The deal already faces skepticism from critics of Enova's high-cost lending model.
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The payments fintech reported an $8 billion valuation as it aims to establish a second global headquarters in Silicon Valley and expand into Europe and the U.K.
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A Consumer Financial Protection Bureau report on Pay in 4 buy now/pay later loans offered validation for an industry that has faced criticism for expanding into everyday spending, such as food delivery.
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The firm's consumer account, which offers a 3.5% yield on savings, could appeal to the founders of startups that it already serves.
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