THE news

ALBANY, N.Y. – In what this state’s credit unions are calling a “major victory,” the New York State Assembly has passed a bill allowing credit unions access to the state Banking Development Districts Program for the first time, allowing CUs to receive up to $10 million in subsidized public deposits and other benefits.

OSHKOSH, Wis.—Verve, a Credit Union said it plans to acquire South Central Bank NA, a $300-million community bank based in the Chicago area.

MADISON, Wis.–Credit union loan balances and membership growth both slowed during April, with the number of new members joining CUs down significantly. Adjustable-rate mortgages showed surprising growth however, while net charge-offs showed a small decrease.

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.