New York

The credit union said that it has hired a firm to find a replacement for longtime President and CEO Joseph Garay.

Nestled among the waves of tourists and commuters near Grand Central Terminal is a spot were a “no cash” store is working, free from political pressures. But its success still suggests that paperless payments are a niche play.

Selling $1.6 billion in mortgages, and paying off a similar amount of wholesale borrowings, will allow the company to expand its net interest margin in 2019.

The Albany, N.Y., institution has made millions of dollars in mortgages through a program launched in July meant for those who do good in the world.

New York legislators are pledging to change laws that have allowed predatory lenders to use the state court system to seize the assets of thousands of small businesses across the country.

James Reynolds will become the president and CEO of the New York institution after James Doig retires.

Attorney General Barbara Underwood’s office is looking into whether merchant cash-advance companies engaged in fraud or abused the state court system.

The New York-based credit union has returned more than $7.6 million to members since 2003.

In a plea agreement, Kam Wong consented to forfeit and repay more than $9.8 million embezzled from the New York credit union. He is scheduled to be sentenced in April 2019.

Challenges will likely increase as interest rates rise and investors grow more concerned about a downward turn in the economic cycle.