As the credit union industry booms, who’s watching?
A dramatic boardroom purge at the NCUA has unleashed a fierce debate over the future of credit unions, and whether they're still serving their original mission.
Credit unions
Philadelphia-area credit union seizes on SBA for relevance
Citadel Credit Union is joining the small cadre of credit unions active in the Small Business Administration's biggest loan program as it seeks to expand in its small-business-rich footprint.
Why credit union-bank mergers have hit a lull
Following a record-setting 2024, only one transaction involving a credit union buying a bank has been announced so far this year. Seller concerns about regulatory approval and pushback from bank industry groups have contributed to the slowdown.
Georgia CU-bank deal unravels; another pops up in Michigan
A record 22 credit unions announced plans to acquire banks in 2024, though the year ended on a discordant note as regulatory concerns appear to have derailed a planned CU-bank deal in Georgia.
Credit union-bank mergers approach all-time high
REV Federal Credit Union in suburban Charleston, South Carolina, plans to acquire First Neighborhood Bank in West Virginia. It marks the 15th deal this year involving a credit union buying a bank, closing in on 2022's record of 16 deals.
Credit unions extend bank-buying spree
A Northwest credit union announced plans this week to buy a community bank, lifting the 2024 total of such deals to 13 and putting the year on track to set a record. The all-time annual high of 16 was set in 2022.
Streak of bank sales to credit unions heats to record pace
Atlanta Postal Credit Union's bid to acquire Affinity Bank marked the 11th deal overall this year involving a credit union buying a bank, matching the total for all of 2023. Separately, members voted against the merger of two credit unions in Indiana.
Credit unions put a twist on BNPL to lure debt-conscious borrowers
Shared services organizations PSCU and Co-op Solutions are offering post-purchase buy now/pay later loans, with the goal of reaching consumers who are concerned about managing their credit.
Navy Federal faces lawsuit, allegations of racial bias in mortgage lending
The lawsuit accuses Navy Federal of violating the Fair Housing Act and the Equal Credit Opportunity Act after a CNN report that the lender approved a lower percentage of Black and Latino mortgage applicants.
Out West, businesses are taking out more loans despite recession fears
Credit unions and banks are lending more to merchants based in the Western U.S., reflecting trends reported in the Umpqua Bank 2023 Business Barometer and running against broader economic pessimism.
Credit unions pick up small-office loans as banks retreat
While credit unions are being cautious with this lending line, some see opportunities to grow their commercial books amid setbacks at big-name banks such as Wells Fargo.
Secondary capital said to be crucial for credit union balance sheets
Subordinated debt issuances and asset-backed securities have helped institutions of all asset sizes weather recent market uncertainties and fuel campaigns for growth, according to executives and investment experts.
A bumpy road ahead for credit union auto lending
Car loans are among the bread-and-butter products for credit unions, but slowing demand and growing delinquencies are putting some pressure on the category.
Why credit unions are charging more than banks for auto loans
Credit unions like to boast that they offer lower rates than banks, but many are bucking that trend to boost liquidity and offset other costs.
Amid fears of recession, credit unions predict strong lending in 2023
This year likely won't match 2022's heights, but executives expect loan growth to remain solid.
Banks, credit unions respond to attack on power grid in North Carolina
Roughly 40,000 residents of Moore County have been left without power since Saturday, when gunfire damaged two substations. Financial institutions are urging residents to use online banking and call centers if they do not have access to a branch.
USAlliance, Marriott Employees’ federal credit unions to join forces
USAlliance Federal Credit Union in Rye, New York, has agreed to merge with Marriott Employees' Federal Credit Union in Bethesda, Maryland, to create a nearly $3 billion-asset organization.
A second Iowa credit union cuts staff, citing weak mortgage market
Collins Community Credit Union in Cedar Rapids, Iowa, said Monday that it laid off 38 employees, primarily in its mortgage lending division. In September, GreenState Credit Union in North Liberty, Iowa, cut 42 employees, or about 5% of its workforce.
CFPB gets earful on limiting credit card late fees
The Consumer Financial Protection Bureau's review of credit card late fees has ignited pushback from industry that supports an expected 9% jump in fees next year pegged to inflation.
Higher interest, rising prices, fewer listings: A bad mix for mortgages
Multiple factors have slowed residential sales, tightening the market for home loans for banks and credit unions.
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