THE news

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.

NEW YORK–The New York attorney general’s office said it has opened an inquiry into the lending practices that left thousands of immigrant taxi drivers in crushing debt as they purchased taxi medallions. The announcement follows a 10-month investigation by the New York Times that found fault with numerous parties, including credit unions and NCUA, in contributing to the crash of the taxi medallion market, where values have plummeted even as many were enriched in the process.