SEATTLE - (05/24/05) -- The financially troubled FederalHome Loan Bank of Seattle announced Monday it has named JamesGilleran, former director of the U.S. Office of Thrift Supervisionand ex-head of the Bank of San Francisco, as its new president andCEO. Gilleran will begin work June 1 at an FHLB that has beenplagued by an insider trading scandal and declining financials inrecent weeks. He will succeed Norman Rice, the former mayor ofSeattle, who resigned as CEO of the Seattle bank in February. Thebank, facing $260 million in losses on its investment portfolio,said last week it has signed a supervisory agreement with itsfederal regulator, the Federal Housing Finance Board, barring itfrom paying any dividends for three years or approving any stockredemptions before the mandatory five-year redemption. Last monthtwo directors of the bank resigned after it was revealed theirbanks redeemed $74 million in stock while news of the FHLB'sdeclining financials was pending, but not yet public. The Seattlebank has 374 members, including 79 credit unions.
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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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