THE news

WASHINGTON—The latest jobs report – with 75,000 jobs gained in May – reveals inflation-related pressures are minimal, which, combined with other concerns, could force the Fed to cut interest rates, asserts one analyst.

WASHINGTON – The Federal Communications Commission has voted to pass a declaratory ruling that allows phone service providers to automatically block suspected robocalls unless a consumer opts out.

NEW YORK–The former CEO of Municipal Credit Union has been sentenced to more than five years in prison for embezzling more than $10 million from the credit union.

PHOENIX—$1.7-billion Arizona FCU plans to acquire $236-million Pinnacle Bank of Arizona, based in Scottsdale, the CU reported.

WASHINGTON—Passing into law the SAFE Banking Act (H.R. 1595), which would institute a safe harbor for financial institutions serving legal marijuana businesses, would increase insured deposits at credit unions by about $200 million by 2022 and $350 million by 2029, according to the Congressional Budget Office (CBO).

DAYTON, Ohio—With tornadoes ripping through several Midwestern states over the Memorial Day weekend, killing at least three people, most of the effects of the violent weather are being felt by credit unions in Ohio, according to league reports.