The Utah Bankers Association has made an $11,000 grant to help, of all things, a tiny credit union. The UBA donated the funds to the $861,000 UCB CU, which serves the blind and visually impaired in Utah. The credit union has 250 members and says it will use the funds to pay for a new computer system, printer and office supplies. Credit unions in the state have also come to the assistance of UCB CU in the past, including the Utah league and America First CU, which donated all of UCB CU's fireproof cabinets.
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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.
September 17 -
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.
September 17 -
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.
September 17 -
State regulator says blockchain tools are key to detecting money laundering and sanctions violations.
September 17