The Minnesota Credit Union Network has named as its Outstanding Credit Union Volunteer of the Year Ron Nevala of Anoka Hennepin CU, six-year chairman and board member since 1996. Nevala was recognized for playing "an instrumental leadership role in the dramatic and continued growth of his credit union, and is dedicated to supporting credit unions on the local, state and national levels." The Outstanding Credit Union Professional of the Year Award went to Steve Ahlness of Greater Minnesota Credit Union. "Under 27 years of his leadership, GMCU now has five branch offices and assets have grown to exceed $138 million dollars," said the MCUN, also pointing to Ahlness' ongoing participation in governmental affairs at the state and federal levels.
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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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State regulator says blockchain tools are key to detecting money laundering and sanctions violations.
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