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SIOUX CITY, Iowa—A former Consumer Credit Union head teller was sentenced to three years in federal prison for participating in an embezzlement scheme that stole nearly $1.5 million and forced the Denison, Iowa-based credit union into insolvency, The Gazette reported.

TAMPA--Trellance Cooperative Holdings, Inc., a leading provider of technology and solutions for credit unions, Thursday announced the development of a new collaborative investment capability designed specifically for credit unions. 

SAN JOSE, Calif.—A federal judge has rejected a $1.71-billion claim against the FDIC by the successor to Silicon Valley Bank’s former parent, finding that negligent decisions by the holding company’s officers caused at least $5.4 billion in damage to the failed bank—more than offsetting the disputed deposit, The Wall Street Journal reported.

KENNEWICK, Wash.—The Endangered Small Credit Union Defense (ESCUD) is urging the House Financial Services Committee not to advance legislation that would restore permanent NCUA examination authority over third-party vendors and many credit union service organizations.

WASHINGTON—The Government Accountability Office is urging Congress to reconsider who reviews investor disclosures from publicly traded banks without holding companies, finding those institutions are not subject to the same investor-focused SEC scrutiny as most public companies. 

WASHINGTON—U.S. employers added 162,000 jobs in August, nearly tripling economists’ expectations, while the unemployment rate remained at 4.1%, according to the Bureau of Labor Statistics. Economists surveyed by Reuters had projected a gain of 56,000.