Ken McCarthy

Anthony Taylor was recently honored for his hard work in helping build Ascend into one of the largest credit unions in Tennessee. Taylor says he jumped at the opportunity to give back to the credit union that decades earlier welcomed him and other Black consumers when they struggled to find affordable credit elsewhere.

Josh Wooley succeeds Glenna Jarvis, who retired in June as president and CEO. Wooley had worked at a larger credit union across the Kansas state line.

Mike Warrell most recently headed Solano First Federal Credit Union in California.

Pentagon Federal Credit Union bought its own Cessna, citing safety considerations and the cost of commercial air travel during the pandemic. But the purchase has fueled bankers' criticism of how credit unions use their tax exemption.

The Alexandria, Virginia, organization will change its name next month.

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.

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.