Jackie Stewart is the executive editor of American Banker Magazine. Previously, she covered breaking news, community banks and mergers and acquisitions for American Banker before being named as the managing editor of the Credit Union Journal. After graduating from Northwestern University in 2006, Jackie taught for two years in the Bronx, N.Y., through Teach for America.
The regulator will provide $4 million in loans and $800,000 in grants so institutions can assist their communities during the pandemic.
The St. Paul, Minn.-based institution will provide a 20% bonus to member-facing staff who are at additional risk during the outbreak since they are "essential employees."
While loans continued to increase, growth was slower than one year previously and membership was flat.
Fluke Employees Federal Credit Union has agreed to become part of Sound Credit Union and the transaction should close later this year.
As Americans embrace social distancing, institutions may be forced to rethink board and annual membership meetings. The change could be lasting.
Though Credit Union of Southern California isn't laying off workers, management wanted to help employees who were still financially affected by the coronavirus.
Nebraska bankers sued after MembersOwn Credit Union successfully added eight counties to its field of membership last year.
The National Credit Union Administration also ordered its own employees to work from home until at least the end of March.
The Biloxi, Miss.-based institution has been adding branches and entering markets and now has absorbed Mississippi Farm Bureau Employees Credit Union.
Credit unions intensified their focus on gathering deposits in 2019 but many institutions are still looking for cheaper core funding.
Blair Korschun, who has led CU Direct Connect since 2011, will take the helm at Christian Community Credit Union later this month.
There may only be so much institutions can do if the outbreak affects borrowers' ability to repay credit.
Tammy Heikkinen, who has led the institution since 2008, will stay on until her successor joins the credit union.
Rui Domingos, who was named as the Lexington, Mass.-based institution's president and CEO, has worked in the industry for almost three decades, most recently at Naveo CU in Somerville, Mass.
Membership growth is slowing and expenses are up. But it's not all bad news.
The Exton, Pa.-based credit union grew its commercial real estate and credit card lending in 2019 from a year earlier.
The regulator barred nearly a dozen former credit union employees from working with any financial instiutiotn following charges of theft, embezzlement and more.
San Francisco Bay Area Educators Credit Union became part of San Francisco Federal Credit Union earlier this month.
The proposal is the fourth piece of legislation unveiled this week to tweak the Federal Credit Union Act.
Rep. Gregory Meeks is unhappy with the National Credit Union Administration's recent sale of more than 4,000 taxi medallion loans to a hedge fund.