Ken McCarthy

Tom Young is stepping down as president and CEO of the Green Bay, Wisconsin, credit union. His successor has not yet been named.

The $1.5 billion-asset SAFE FCU in Sumter, South Carolina, is combining with the $3 million-asset Sumter City Credit Union.

David Willis, the Oklahoma City credit union’s co-president and chief operations officer, has been selected as Kloiber’s successor and will take the helm on Sept. 1.

Two upstate New York credit unions are combining to create an $8 billion-asset institution, continuing a trend of bigger deals driven by a need to match the scale and technological capability of rival banks.

The industry wants the National Credit Union Administration to shelve its risk-based capital regime. Instead the agency is proposing to let institutions opt out if they meet a net-worth requirement.

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.