Aaron Passman

A new jobs report was better than expected, but recent NCUA data on credit union performance for the first half of 2020 shows how hard the industry has been hit by COVID-19.

A new report from the National Credit Union Administration shows how hard the industry was hit during the second quarter as businesses closed and consumer spending dropped.

Wallace Watanabe spent more than 40 years at the Honolulu-based credit union, including serving as CEO from 1992 until his retirement in 2013.

A plan to merge the $5.5 million-asset credit union into Cal-Com FCU will provide additional services for members while also easing the process of replacing several employees who plan to retire this year.

The purchase-and-assumption transaction, if approved, would become the first credit union-bank merger in Alabama.

Victories in Massachusetts earlier this week bring the Credit Union Legislative Action Council to a 96% success rate backing races in this election cycle.

With on-site supervision off the table indefinitely, various credit union trade associations have suggested how NCUA could improve remote exams, including issues related to exam timelines and cybersecurity.

The Vermont-based credit union received the OK from federal regulators to add 650,000 potential members to its FOM, an increase of 15%.

Richard Pillow will step down after more than four decades in the industry.

The two institutions have assets of more than $215 million and serve over 12,000 members.

A report from CUES shows total compensation growing for members of the C-Suite, but institutions on the smaller end of the asset spectrum — representing two-thirds of the total industry — face stark differences in median CEO pay.

Pathways Financial's acquisition of Standard Register FCU increases its foothold in the Dayton market.

The deal continues Sound's push into markets north of its Tacoma headquarters.

Industry groups are also pushing the federal regulator to improve how off-site examinations are conducted.

Data from the National Credit Union Administration shows that despite a dip during the second quarter, the rate of industry consolidation has not changed dramatically from last year, despite the pandemic.

Members of Sperry Associates FCU will vote on a deal to merge into the nation's third-largest credit union. Both institutions have roots in serving the defense sector.

New analysis from S&P found that only two of the of the top 20 credit unions that participated in the Paycheck Protection Program loans had assets of less than $1 billion.

Institutions serving colleges and universities traditionally see membership surge in the fall, but are now planning for a decline as classes move online.

New data from the state regulator showed that assets at credit unions in the Badger State grew by 28% during the first half of this year, versus growth of 14% in the first six months of 2019.

The former chairman of the National Credit Union Administration served at the agency during a crucial time for regulatory reform and credit union growth, though his tenure also had its share of scandals.