PRYOR, Okla. - (03/27/06) Western FCU filed suit lastweek against a local car dealer claiming it suffered damages ofmore than $500,000 in a used car power bookingscheme. In power booking, a dealership send an inflated invoice ofa used card deal to the lender, who unknowingly provides thefinancing at the inflated price. The credit union claims thatHawkes Motor Co. power booked at least 31 vehicles purchased fromthe car dealer that it would not have financed if it knew theactual value of the vehicles. Once the customers found out somestopped payments on the vehicle, while the credit union repossessedothers. Western FCU claims it lost $521,000 on the 31loans.
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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