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Leaving credit unions exempt from the Community Reinvestment Act preserves a gaping hole in regulations designed to make sure that financial services firms make loans available in underserved communities across the country.
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Overdraft fees continue to be in the spotlight, with the Consumer Financial Protection Bureau proposing a rule essentially to cap them. Certain credit unions are also now required to disclose additional information on this revenue stream.
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A representative of America's Credit Unions takes issue with a recent article suggesting that credit union commercial lending is excessively risky.
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The dark secret about credit unions is that while rules have changed to allow them to make more commercial loans, their ability to underwrite those loans at scale is lacking. When the credit cycle turns, there's going to be a reckoning.
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When banks realize they are unable to continue their operations, a credit union is often a natural partner to consider.
Credit unions don't enjoy an unfair advantage. What they do is reinvest in their members and their communities in a way banks often do not.
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DFCU Financial reached a deal to acquire Winter Park National Bank in the Orlando metropolitan area. It was a record 20th credit union-bank merger of the year.
November 8
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The credit union has been using Upstart's AI-based loan decision model to help creditworthy consumers consolidate their credit card debt.
October 24
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Y-12 Federal Credit Union in Oak Ridge, Tennessee, said it would acquire First State Bank of the Southeast in Middlesboro, Kentucky. It was the 19th such deal announced this year.
October 23
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Citadel Federal Credit Union's $6.5 million deal with the Justice Department settles allegations of discriminatory lending around Philadelphia. It was the DOJ's first-ever redlining order against a credit union.
October 11
The institution took the lead spot in American Banker's annual ranking of Best Credit Unions to Work For in part by giving employees freedom and flexibility in how they do their jobs.
New policies, aided by partnerships with local organizations, are helping credit unions make significant progress on DEI.
The 70 institutions on this year's list create a great work environment by offering robust benefits, recognizing a job well done and providing clear communication from the C-suite.