Ken McCarthy

The gap is widening between the $144 billion-asset Navy Federal Credit Union and the rest of the industry. That’s putting pressure on smaller credit unions to bulk up through acquisitions in hopes of remaining relevant.

The organizations that received charters this year emphasize digital access and remote work, and aim to address the economic disparities highlighted by the pandemic and the nationwide wave of racial justice protests.

The Treasury Department is awarding $1.25 billion to 863 community development financial institutions through the Rapid Response Program, which allows banks and credit unions to earmark funds for mortgages and business loans in underserved markets.

The Purchase, New York, credit union named Jeffrey Pachter as its next CEO. He succeeds Bruno Sementilli, who is retiring next year.

The National Credit Union Administration issued three prohibition orders in June, barring those people working for any federally insured financial institution.

Langley Federal Credit Union in Newport News and Virginia Beach Schools Federal Credit Union would serve more than 300,000 members after combining.

The National Credit Union Administration closed the New Jersey credit union after determining it engaged in unsafe and unsound practices.

Ron Collier, who has served as the $2.8 billion-asset credit union’s president and CEO for 18 years, will step down on Dec. 31, 2022.

Credit unions have gotten stronger support from their regulators to do business with pot companies, but banking agencies are showing signs of softening just as more states legalize marijuana.

The National Credit Union Administration will distribute the funds to 1,800 credit unions to resolve the failure of three corporate credit unions in the wake of the financial crisis. It is the third such payment the regulator has made within the past year.