Corporate governance

CEO Greg Carmichael says the Cincinnati company has cut expenses but will proceed with branch openings in the Southeast and investments in its commercial loan and mortgage origination platforms to lay the groundwork for post-pandemic growth.

Recruiting directors from a variety of backgrounds is a challenge familiar to many credit unions. A member of one of the nation's largest CUs is calling for that institution to address the problem.

A letter from the National Taxpayers Union requested changes, such as requiring federal credit unions to fill out a certain IRS form for non-profits, before lawmakers considered easing member business lending limits.

See this crisis not as a nail in your corporate coffin but as an opportunity to move your team and members forward, said OBI Creative CEO Mary Ann O'Brien.

United Methodist Federal Credit Union is set to become Interfaith Credit Union. It is also planning to absorb a small South Dakota-based institution with a similar field of membership.

The streak of strong gains for new members was flagging by the end of 2019 and has only worsened since then.

The Louisville, Ky.-based credit union has been open to consumers in nine counties across two states since 2004, but the new name is intended to prevent confusion about who is eligible to join.

Some 3,400 additional staffers in the treasury management group will be required to get pre-clearance before making trades. The policy change was driven in part by increased regulatory scrutiny, the bank said.

Combining the two Southern California-based institutions will create the state's eighth-largest credit union. The deal is also a homecoming of sorts of Xceed CEO Teresa Freeborn, who was previously an executive at Kinecta.

The Los Angeles company said Chang Liu, who runs its bank, will succeed Pin Tai, who is retiring.