HONOLULU, Hawaii - (07/28/04) -- Pacific Processing Partners, LLC, ajoint venture between Hawaii USA FCU and WesCorp FCU, has beenlaunched here. The new CUSO will provide image-enabled checkprocessing services for credit unions located throughout theislands. The processing center is located inside HawaiiUSA FCU'smain office in downtown Honolulu and had been clearing share draftsfor members of the CU. WesCorp plans to migrate all items from itsexisting 54 credit union member clients to Pacific ProcessingPartners over the course of the next five months. The CUSOanticipates total volumes will exceed 1,000,000 items per month atthat time and has the capacity to accommodate more items andclients.
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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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