READING, Penn. – Berks Community FCU, which is planning to celebrate is 55th anniversary this March, paid its members a 17% bonus dividend at year-end.
The special payout, which also included a 4% interest refund, totaled $90,000.
The $42 million credit union was chartered in 1955 as Dana Reading FCU and changed its name to Berks Community FCU in 2000.
The lender, which uses existing credit balances to fund installment loans, has linked to Samsung Pay and plans other partnerships in the future to build a global merchant network.
New data from American Banker finds that use cases for intelligent automation are growing across banks and credit unions alike, such as fraud and lending.
Affirm and FICO earlier this year took the first steps to incorporate buy now/pay later loans into consumer's credit reports. But it will be some time before lenders start making credit decisions based on the short-term installments, even if holdouts like Afterpay and Klarna decide to report to the credit bureaus.
The stablecoin issuer said revenue and reserve income increased due to more stablecoins in circulation after its IPO and the passing of the GENIUS Act.
The Toronto-based bank has promoted Kevin Li to take over as head of its American operations. He will succeed Shawn Beber, who is retiring.
Core CPI, which excludes food and energy, rose to 3.1%, up from 2.9% in June.
