CHICAGO - (12/21/05) -- The Federal Home Loan Bank ofChicago announced Tuesday it has awarded a $52,500 affordablehousing grant to CEFCU, the only one of 69 projects and $14.2million in grants awarded to a credit union by the Chicago bank.The Peoria, Ill., credit union will use the funds to financeno-cost repairs to low-income homeowners at the 15-unit CommonPlace residential development in Peoria. Earlier this year, theChicago bank awarded $14.6 million to 66 affordable housingprojects, but none of it to credit unions.
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After employees at a handful of Wells Fargo branches voted to unionize, CEO Charlie Scharf said the bank is "committed to bargaining in good faith" but also believes employees are "best served by working directly" with managers.
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Resolutions calling for more details about how the two banks protect Indigenous people's rights failed to win majority approval on Tuesday. JPMorgan Chase shareholders are scheduled to vote on a similar proposal next month.
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Consolidation has slowed since the pandemic, but UMB's agreement to buy Heartland Financial — the largest deal in three years — is one of several merger announcements in the past two weeks. Talks among other potential buyers and sellers are said to be picking up.
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Touting strong first-quarter sales and revenue growth, CEO Alex Chriss committed to rebuilding the firm's languishing Xoom cross-border unit and driving more Pay with Venmo options.
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In this month's roundup of top banking news: Navy Federal Credit Union officially launches its overseas banking program, Republic First Bank in Philadelphia falls to capital troubles and investor outrage, deeper looks at talks between Discover and Capital One and more.
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Rep. French Hill, the No. 2 Republican on the House Financial Services Committee, promised bankers Tuesday that he will continue to push back against Biden administration regulators, especially on bank-fintech partnerships and digital assets.
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