Ken McCarthy

The state's Department of Financial and Professional Regulation will reduce assessments by 61% this year because of overpayments in 2020, helping state-chartered credit unions deal with economic fallout from the pandemic.

Larissa Thurston, who will also become the Massachusetts credit union's president, will succeed James Garvey, who is retiring.

The SAFE Banking Act would protect credit unions and banks that serve legal marijuana businesses from prosecution, but anti-money-laundering compliance will always be arduous, says Sundie Seefried, the head of a new company that helps credit unions work with cannabis firms.

The Las Vegas-based institution has joined a small group of credit unions whose assets top $1 billion, which make up less than 10% of the total industry.

Now known as Alltrust Credit Union, the Fairhaven, Mass.-based institution serves more than 14,000 members across New England.

Cal Poly Federal Credit Union's recent merger into SchoolsFirst highlights the difficult choice many small institutions face: diversify your field of membership or risk going out of business.

The Methuen, Mass.-based institution's newest CEO was born in the same town and has more than a decade of experience in the credit union industry.

A report to Congress from the National Credit Union Administration says the regulator has made "steady strides" toward greater diversity in its workforce and operations, but that progress is "just the beginning."

Some institutions for more than a year have reduced or eliminated overdraft and funds transfer fees to help members hard hit by the economic downturn, but it's unclear how much longer they can keep coasting on other sources of noninterest income.

As the World Council of Credit Unions and its Worldwide Credit Union Foundation work to advance cooperative finance around the globe, one of the industry's biggest players has committed to matching donations up to $1 million.

Banking trade groups have called for congressional hearings following the Jacksonville, Fla.-based credit union's agreement to purchase the $1.6 billion-asset Heritage Southeast Bank, the largest deal of its kind to date.

Ann Dubie stepped down from the Joliet, Ill.-based credit union in March after 20 years at the helm.

Over half of all credit unions with less than $250 million of assets are run by women, but those institutions continue to be merged out of existence. A group of 13 women who lead such organizations have banded together in an effort to ensure their survival.

The deal will see the $16 million-asset Georgetown FCU join the $258 million-asset PAHO/WHO. The combined institution will serve more than 7,500 members.

John Servos spent the last dozen years as CEO of the St. Louis-based Neighbors Credit Union.

Rex Johnson, who helped found the New Jersey credit union in 1980, was 77.

The new name is meant to position the credit union as a leader in technology and service.

Truity Credit Union in Oklahoma is selling its only branch in the state.

Proposed legislation would amend language in the Federal Credit Union Act to make it easier for credit unions to expel disruptive or abusive members.

The National Credit Union Administration issued only one prohibition order in March, barring a former branch manager of Greater Iowa Credit Union in Ames from working in the financial services industry.