RALEIGH, N.C. - (02/24/06) State Employees CU said it issavings members at least $70 a month with its new payday loan,called Salary Advance Loan. The credit union giant said 53,000 ofits members have enrolled in the cash advance program. Theshort-term loans carry a 12% annual rate, compared to annual ratesexceeding 200% for many payday loan programs. The creditunions no-interest, no-fee SALO loan allows members toborrow up to $500 and is repaid through automatic deduction fromthe members employerfor most of the its thestate government. In addition, the credit union has introduced aSALO Cash Account that automatically deducts 5% of the borrowedfunds and places it into a rainy day account for themember, to help pay down the loan.
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The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.
May 3 -
A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
May 3 -
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
May 3 -
The efforts, which respond to President Biden's October executive order on AI, aim to improve synthetic content detection and improve the trustworthiness of AI models.
May 3 -
Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.
May 3 -
In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
May 3