Ken McCarthy

Higher interest rates and increased competitive pressure from captive finance companies cut into vehicle lending at credit unions in the second quarter.

Critics slam their proposed reach as unfair competition.

Seven of the 11 largest credit unions in the country by assets experienced a year-over-year drop in earnings in the second quarter, with increased deposit costs being a primary culprit.

Critics of the proposed deal between the National Association of Federally-Insured Credit Unions and the Credit Union National Association say their combination could drown out the concerns of the groups' smallest members.

Harborstone Credit Union in Lakewood, Washington, plans to take over the Seattle Bank, which scuttled a deal to sell to BM Technologies last year.

A pending deal between two sizable institutions in Minnesota could mark the end of a dealmaking drought, experts say.

A hefty advertising budget combined with a worldwide pool of potential members has now pushed Navy FCU beyond the 13 million-member mark, substantially larger than its nearest competitors.

Michigan State University Federal Credit Union will open five branches in the Windy City to serve the more than 10,000 members and potential members living there. This marks the first time that the institution has expanded beyond its home state.

While credit unions are being cautious with this lending line, some see opportunities to grow their commercial books amid setbacks at big-name banks such as Wells Fargo.

The average credit union member had saved $286 less in March compared to a year earlier. That was the largest per-member drop in credit union history, fueled by rising costs of living and more aggressive competition.