Ken McCarthy

First City Credit Union in Altadena, California, named Nav Khanna president and chief executive. He was most recently executive vice president and chief operating officer at Travis Credit Union in Vacaville, California.

The National Credit Union Administration barred three former credit union employees from participating in the affairs of any federally insured depository institution.

Denise Floyd is retiring as the head of Fort Sill Federal Credit Union in Lawton, Oklahoma. The $365 million-asset credit union hired Cornerstone Resources to find its next leader.

The $384 million-asset OUR Credit Union in Royal Oak, Michigan, hired Darren Cameron to replace the retiring Tina Dix as its new president and CEO.

Bankers are not pleased with a new bill introduced by Maxine Waters, D-Calif. — aiming to help underserved markets — that would expand credit unions' membership and remove restrictions on their business lending.

Some U.S. credit unions are hopeful that rising employment and auto lending activity will bring consumers back, countering the effects of inflation and rate hikes that have weighed on growth.

Patrick Totten plans to step down from his leadership position at the Florida institution after a successor is chosen.

Pete Gates, president and CEO of Michigan Schools and Government Credit Union in Clinton Township, Michigan, will retire at the end of 2022. The search has begun for his successor.

DFCU Financial in Dearborn is acquiring the $689 million-asset First Citrus Bank, a subsidiary of First Citrus Bancorp. in Tampa.

The quartet have formed United Financials Capital, a credit union service organization that will allow its founders to fund larger loans than they would be able to individually.

Rick Schmidt, who has been the credit union's chief executive since 2010, plans to step down in January.

After combining with Brazosport Teachers Federal Credit Union in Clute, Texas, Space City will become a $160 million-asset institution.

Delana Bolen, the new chief executive of Baylor Health Care System Credit Union, was most recently vice president of sales and support for Cornerstone Resources.

Multiple factors have slowed residential sales, tightening the market for home loans for banks and credit unions.

Even "lifers" are considering new jobs as financial institutions bulk up to expand into new markets.

LincolnWay Community Bank in Illinois has agreed to be sold to CoVantage in Wisconsin, adding to a trend of bank-credit union deals that has drawn backlash from many small-bank executives.

Although small banks and credit unions are enjoying healthier loan portfolios, they are also bracing for potential setbacks due to higher interest rates and inflation.

Regulators in a half dozen states have now thrown at least temporary roadblocks in front of credit unions’ effort to buy community banks.

The state's Treasurer's office is urging lenders to make loans to cover the steep costs of adoption. Participating credit unions get an extra incentive by being permitted to accept deposits from public institutions — a perk typically enjoyed only by banks.

Two years since the coronavirus began its spread, members are still hoarding savings and are hesitant to borrow due to the economic uncertainty. This has led to the industry's lowest-ever yield-on-assets ratio — a key metric for measuring financial health.