ALLENPORT, Penn.-Russell Bergstedt, President of Mon Valley Community FCU here, has died. Mr. Bergstedt had been president of the credit union for more than 25 years and was one of the founders of the annual Mon Valley Chapter ARC golf tournament. "Russ was a strong leader for credit unions in the state and Mon Valley and also for the United Steel Workers Union. His voice will be missed," said Pennsylvania CU Association CEO Jim McCormack.
A consortium of international FIs are planning to issue a U.S. stablecoin in early 2027; London-based OpenPayd has entered the U.S. through its acquisition of MSB USA; the U.K. fined Citi £4.7 million ($6.3 million) for hundreds of transactions in breach of sanctions against Russia; and more in this week's banking news roundup.
The controlling owner of Santa Fe-based Century Financial Services Corp. wound up in bankruptcy court. Now his 71% stake is on the verge of being sold to an Oklahoma bank.
Swift's network of 11,500 banks can exchange deposit tokens in a standardized way.
The big three's trade group has said they operate legally and protect the industry with a trio of reports. FHFA also is opening up VantageScore for all lenders.
OnePay's My Garage combines payments and financial information as it continues to build out a financial app.
While donating stock is a clear win for clients to avoid capital gains taxes, gifts of property require a qualified appraisal to get a deduction.
