TORONTO - (07/14/06) The National Federation ofCDCUs is expected to announce an initiative in the next few days incooperation with the National CU Foundation to place DevelopmentEducators in CDCUs on a short-term basis. Cliff Rosenthal,executive director of the Federation, told The Credit Union Journalthe project will provide much-needed help for CDCUs in areas ofexpertise for the Educators group, such as finance, accounting andoperations. There are more than 600 active Development Educators, aprogram conducted by CUNA that gives participants a comprehensiveinitiation in credit union history, philosophy andoperations.
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Acting CFPB Director Russ Vought has managed to neuter the Consumer Financial Protection Bureau through a series of actions. Senate Banking Committee Chairman Tim Scott, R-S.C., played a major role by cutting funding in half.
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Federal Reserve Chair Jerome Powell said there was a "high degree of unity" among committee members during this week's Federal Open Market Committee vote. Out of 12 FOMC members, 11 voted for a 25 basis point cut.
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The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
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Community Financial in Syracuse has made its biggest investment ever in an outside company, taking a $37.4 million equity stake in an insurance provider that focuses on the rental housing market.
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St. Cloud Financial Credit Union will be issuing its own stablecoin at the end of this year, becoming one of the first U.S. credit unions to do so.
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The two BNPL giants' pay-over-time loans will now be available for in-store purchases on Apple Pay in a move to capture more sales at brick and mortar stores.
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