Ken McCarthy

The feature has become popular during the coronavirus pandemic, providing a quick and simple way for credit unions to confirm users' identities as well as promote products and services.

The National Credit Union Administration issued only one prohibition order in April.

Most executives are comfortable crossing over $1 billion of assets, where more frequent exams are the biggest supervisory change. But few are eager to take on the compliance burdens that accompany the jump above $10 billion.

The National Credit Union Administration approved the creation of Maun Federal Credit Union, which will serve members of the state's Islamic community.

The National Association of State Credit Union Supervisors has started a national search to replace President and CEO Lucy Ito.

The state's Department of Financial and Professional Regulation will reduce assessments by 61% this year because of overpayments in 2020, helping state-chartered credit unions deal with economic fallout from the pandemic.

Larissa Thurston, who will also become the Massachusetts credit union's president, will succeed James Garvey, who is retiring.

The SAFE Banking Act would protect credit unions and banks that serve legal marijuana businesses from prosecution, but anti-money-laundering compliance will always be arduous, says Sundie Seefried, the head of a new company that helps credit unions work with cannabis firms.

The Las Vegas-based institution has joined a small group of credit unions whose assets top $1 billion, which make up less than 10% of the total industry.

Now known as Alltrust Credit Union, the Fairhaven, Mass.-based institution serves more than 14,000 members across New England.