CUNA hosted a reception last week for its chairman, Dick Ensweiler, in the U.S. Capitol. The reception, which was themed "meet the chairman" and which members of a Texas credit union delegation who were in town could attend, was also open to members of Congress and other VIPs. Among those who stopped by was House Financial Services Chairman Mike Oxley (R-OH) with Ensweiler, who is also president of the Texas Credit Union League. Also stopping by the reception were Spencer Bachus (R-AL), chairman of the House Financial Institutions Subcommittee, and U.S. Reps. Nick Lampson (D-TX), Charlie Stenholm, (D-TX), Silvestre Reyes (D-TX), Ralph Hall (R-TX), Eddie Berneice Johnson (D-TX), and Ciro Rodriguez (D-TX). Prior to the reception, Ensweiler also met with Sen. Kay Bailey Hutchinson (R-Texas).
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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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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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