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The National Credit Union Administration has invited feedback from executives after exams, given them a freer hand to partner with cryptocurrency firms and made it easier to start new credit unions, Kyle Hauptman says in touting the agency’s efforts to modernize itself.
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The use of artificial intelligence and machine learning in financial services, while promising, is not without risk. It's on federal regulators to ensure that algorithms relied on by banks and credit unions aren't harming businesses and consumers.
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Bankers say the federal tax exemption for credit unions costs U.S. taxpayers $2 billion each year. But eliminating it would prevent the not-for-profit financial institutions from channeling their savings into higher rates and lower fees that stimulate commerce — and generate additional tax income.
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Properly implemented, RPA is capable of improving productivity and reducing costs, but institutions must have a clear understanding about what it takes to improve their odds of success.
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Heritage Southeast Bank in Georgia will become the latest community bank to stop paying federal taxes when it merges into VyStar Credit Union later this year. It's time for Congress to investigate this consolidation trend and its impact on taxpayers.
F.N.B. Corp, the holding company for First National Bank, is making its second investment in the $13 million-asset Hill District Federal Credit Union.
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Generations United Federal Credit Union's first president and CEO, John Linzey, expects to attract the very customers that banks might turn away if the economy sours.
May 12
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Jay Champion had been chief executive of the $2.2 billion-asset company since late 2018.
May 12 -
Michigan State University Federal Credit Union is partnering with Debbie, a Miami-based fintech that helps consumers break free of delinquency and correct bad spending habits, to strengthen its financial education tools and build its deposit base.
May 11 -
Sens. Mark R. Warner, D-Va., and Mike Crapo, R-Idaho have reintroduced a bill that would deploy roughly $100 million in aid through the Community Development Financial Institution Fund to back pilot programs that would foster secondary markets for loan sales.
May 9
Some are taking extra measures, such as forming panels with minority representation to interview job candidates, to ensure that their recruitment practices don't exclude underrepresented groups.
Massages, a "bring your dog to work" policy, telemedicine and Zoom happy hours help these credit unions strike the right balance between work and personal needs.
These credit unions range offer perks such as higher starting wages, on-site training and annual bonuses. They also foster a sense of community with game nights, holiday parties and birthday celebrations.