Credit Union Latest News

In the face of widespread power outages and supply shortages, credit unions are doing everything from offering low-interest emergency loans to providing bottled water and hot meals.

The Edwardsville, Illinois, credit union has agreed to merge with South Division Credit Union in Illinois. The deal comes shortly after Scott agreed to buy Tempo Bank.

The creators hope CU Offers, which lists discounts at local and national businesses, will attract new members and strengthen ties with existing ones. But observers are skeptical that it will drive real growth or inspire frequent use.

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.

Employees of these credit unions, the largest of this year's Best Credit Unions to Work For, get perks such as one-on-one meetings with the CEO, time off to volunteer, and better loan rates.

Hoping to slow the pace of deals, the Independent Community Bankers of America is urging lawmakers to impose a tax on credit unions that acquire small banks. One credit union CEO called the proposal a "gimmick."

As more banks and fintechs offer installment loans at the point of sale, CO-OP Financial Services and PSCU are designing products to allow credit unions to compete in this market as well.

Regulators are calling for creative alternatives to the arduous de novo process. Pairing groups that want to open credit unions with lagging institutions would be quicker and could help preserve the sector, one credit union service organization says.

Increased access to telehealth visits. Cash incentives to get vaccinated. Bring your dog to work — every day. These credit unions, though still providing traditional team-building fun and games, have taken extra steps this year to cater to the needs of employees.