Ken McCarthy

The Edwardsville, Illinois, credit union has agreed to merge with South Division Credit Union in Illinois. The deal comes shortly after Scott agreed to buy Tempo Bank.

Hoping to slow the pace of deals, the Independent Community Bankers of America is urging lawmakers to impose a tax on credit unions that acquire small banks. One credit union CEO called the proposal a "gimmick."

Regulators are calling for creative alternatives to the arduous de novo process. Pairing groups that want to open credit unions with lagging institutions would be quicker and could help preserve the sector, one credit union service organization says.

Some banks and credit unions, once hopeful of a swift end to the pandemic, are beginning to toughen credit underwriting and rethink growth strategies as if the coronavirus will influence the economy for years to come.

Scott Credit Union of Edwardsville said it is acquiring Tempo Bank in Trenton, Illinois. It is the fifth such transaction announced since Aug. 5 and the 10th of the year.

After the state’s mask mandate was lifted, Michigan First Credit Union said it would no longer allow masks in its stand-alone branches, citing security concerns. Following an outcry from some members, the credit union updated its rule to allow clear face coverings.

The nation’s second-largest credit union hired Jim Hayes to succeed Mike Lord as president and CEO. Hayes was most recently president and CEO of the $2.2 billion-asset Andrews Federal Credit Union in Suitland, Maryland.

Three credit unions have announced deals to acquire community banks in the past week. The latest is the Wisconsin-based Royal, which is buying the $441 million-asset Lake Area Bank.

Board diversity is one of the reasons that credit unions outperform banks in hiring women for the role of chief executive. “It starts at the top," says Jan Page, president and CEO of Community South Credit Union in Florida.

The credit union has promoted Michael Crowl, the organization’s executive vice president of member experience, to be its first president.