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.

Leigh Brady recently took over as chief executive of SECU, the second-largest credit union in the U.S. Don't look for any mergers under her leadership, Brady said, but she will focus on branch expansion and improving SECU's use of technology.

The category shifted into high gear during the first quarter, but experts predict a severe slowdown based on a growing number of economic concerns.

Groups interested in organizing new credit unions are faced with the challenge of raising the required capital without having a charter in hand. The NCUA's new provisional charter could help.

At the Milwaukie, Oregon, institution, total loans increased 16% in the first quarter from a year earlier. But President and CEO Aaron Goff predicted this would level off significantly for his credit union and the industry overall.

Greater Nevada Credit Union in Carson City promoted Danny DeLaRosa to be its next president and CEO. He replaces Wally Murray, who retired in March.

The state where the first U.S. credit union opened in 1909 reported fewer members in the first quarter compared to a year earlier, due in part to the competitive threat from banks.

Total loans from credit unions increased by nearly 18%, driven in part by car dealerships rebuilding their inventory. Headwinds in the mortgage market also fueled interest in home equity loans.

State Employees Credit Union in Raleigh, North Carolina, named Leigh Brady as its new chief executive. Outgoing CEO Jim Hayes will run State Department Federal Credit Union in Alexandria, Virginia.

Local Government Federal Credit Union is postponing its separation from State Employees Credit Union, which has shared its technology and footprint for decades, to establish its own physical presence.

Robert Trunzo, who has led TruState since 2014, will retire in October. The company, previously called CUNA Mutual Group, hired Terrance Williams to replace him.