Ken McCarthy

Langley Federal Credit Union in Newport News and Virginia Beach Schools Federal Credit Union would serve more than 300,000 members after combining.

The National Credit Union Administration closed the New Jersey credit union after determining it engaged in unsafe and unsound practices.

Ron Collier, who has served as the $2.8 billion-asset credit union’s president and CEO for 18 years, will step down on Dec. 31, 2022.

Credit unions have gotten stronger support from their regulators to do business with pot companies, but banking agencies are showing signs of softening just as more states legalize marijuana.

The National Credit Union Administration will distribute the funds to 1,800 credit unions to resolve the failure of three corporate credit unions in the wake of the financial crisis. It is the third such payment the regulator has made within the past year.

With an agreement in hand to buy Bank of Commerce Holdings in Sacramento, the Washington company will prioritize filling in a 200-mile gap between the seller's footprint and its own.

The leaders of the largest credit union trade groups are back on the road visiting members, and the organizations are also planning live conferences this year.

The deal for Bank of Commerce Holdings in Sacramento would be the first bank acquisition in the Golden State for Tacoma, Washington-based Columbia.

The combined company will operate under the Royal name and leadership.

MidUSA Credit Union in Middletown, Ohio, and Heartland Federal Credit Union in Dayton have combined to form MyUSA Credit Union, which will operate nine branches in the Miami Valley and hold roughly $350 million of assets.

The chief financial officer, Doug Fagan, will succeed Sundie Seefried, who is retiring.

Isaac Johnson had been running the organization on an interim basis.

Michigan Legacy Credit Union is increasing its minimum hourly wage by 23% to $16, adding annual costs that equal nearly half of its first-quarter profit. The expense is worth it to compete with banks that have boosted pay, its CEO says.

The Brunswick, Georgia, credit union has hired Mary Jenrette, who was most recently senior vice president of private wealth management at the bank.

Bank lobbyists are once again calling on Congress to reexamine credit unions’ tax-exempt status, this time citing the proliferation of bank acquisitions by credit unions. So far, their pleas have gone largely ignored.

Car sales are booming, but credit unions are financing fewer purchases of new vehicles as borrowers migrate to digital channels.

The retiring head of the National Association of State Credit Union Supervisors spent years working to rein in a contentious funding mechanism used by the National Credit Union Administration that drew money from the Share Insurance Fund.

The National Credit Union Administration issued no prohibition orders in May, making it the first month in nearly four years that the regulator has barred no one from working in the financial services sector.

The move brings state-chartered banks and credit unions in sync with their federal counterparts by enabling them to open checking accounts for consumers who have had accounts closed for writing bad checks.

The Curql Fund, an investor in upstart technology companies, is trying to help credit unions build relationships with cutting-edge firms.