Credit Union Latest News

Credit unions have gotten stronger support from their regulators to do business with pot companies, but banking agencies are showing signs of softening just as more states legalize marijuana.

Utah Community Credit Union and state officials as part of an experiment are letting consumers use electronic ID to open accounts and conduct other business. It's easier said than done.

Splash recently raised $44 million from investors. It plans to use the funds to aid small institutions that lack the resources to build their own loan platforms but are flush with deposits and looking for new lending opportunities.

Cannabis, though still illegal at the federal level, continues to inch into the financial mainstream. Small credit unions and lenders as large as Valley National and East West have moved beyond just taking deposits from marijuana companies.

Bank lobbyists are once again calling on Congress to reexamine credit unions’ tax-exempt status, this time citing the proliferation of bank acquisitions by credit unions. So far, their pleas have gone largely ignored.

Car sales are booming, but credit unions are financing fewer purchases of new vehicles as borrowers migrate to digital channels.

The retiring head of the National Association of State Credit Union Supervisors spent years working to rein in a contentious funding mechanism used by the National Credit Union Administration that drew money from the Share Insurance Fund.

The move brings state-chartered banks and credit unions in sync with their federal counterparts by enabling them to open checking accounts for consumers who have had accounts closed for writing bad checks.

The Curql Fund, an investor in upstart technology companies, is trying to help credit unions build relationships with cutting-edge firms.

Advocates for depositor-owned banks want regulators to block the combination of a one-branch thrift and Minnesota’s largest credit union, for fear it will lead to similar deals.