LONG ISLAND CITY, N.Y. – United Nations FCU put its own imprint on this city’s skyline this week with the opening of its new 17-story headquarters, the tallest office tower to open in this suburb of Manhattan in 17 years. The $2.5 billion credit union will occupy the first seven floors of the $65 million building, the tallest opened in the neighborhood since Citigroup built its 50-story structure in 1989. UN FCU celebrated the opening with a $15,000 contribution to one of its neighbors, The Floating Hospital, which opened in 1866 to travel the five boroughs by waterway and recently opened its first land-based clinic nearby.
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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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