LIVONIA, Mich. - (12/06/05) -- From new homes to first cars tocollege educations; credit unions have long been in the business offinancing a dream come true. But Co-op Services CU is toutinganother kind of a dream it helped fulfill: the development andproduction of a professional-quality Country music CD one of theirmember's daughter needed to gain an audition at a productionstudio. So longtime Co-op Services member James Dodd tapped intohis Gold Line of credit to finance the 'thousands of dollars' heneeded to make his daughter's dream come true. The credit unionloan enabled Gayle Dodd, who goes by the stage name 'Roxy,' to geta professional CD produced. The CD called 'Walking Disaster,'features 10 songs written by Gayle and is now on sale at localmusic stores. The credit union is so impressed they have invited'Roxy' to sing at their annual meeting next March.
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The Federal Reserve authorized a bid by Morgan Stanley to incorporate its German investment bank under its U.S. bank subsidiary. Three Biden nominees on the Fed board dissented, citing concerns that the move could heighten risks for the U.S.-based investment banking giant.
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In three separate appearances Thursday, Fed Gov. Lisa Cook, Gov. Michael Barr and Vice Chair Philip Jefferson said they are worried that U.S. involvement in the war with Iran could drive up inflation, leading them to conclude that interest rates should remain steady in the near term.
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Federal Reserve Gov. Stephen Miran on Thursday detailed a plan to reduce the central bank's balance sheet, saying a smaller footprint would reinforce policy boundaries but could also bring more market volatility.
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The Canadian bank laid out its rationale Thursday for opening new branches in California. The objective is to increase density in the Golden State, and subsequently achieve greater market share and higher returns.
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The legislation would grant the Consumer Financial Protection Bureau, among other agencies, more oversight of airline-branded credit cards and rewards schemes.
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PayPal, Stripe, Visa and Mastercard must be vigilant against offboarding clients for political or religious reasons, the Federal Trade Commission warned Thursday.
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