New York

Volunteer Income Tax Assistance is reportedly bringing an influx of consumers to credit unions this tax season, but those institutions are hamstrung on the extent to which they can turn that opportunity into new business.

The Los Angeles bank will take a $1.4 million hit to earnings after the multifamily properties sold for less than their book value.

The pair subject to the regulator's March prohibition orders both pleaded guilty and were ordered to pay more than $320,000 in restitution, among other punishments.

A new outreach effort will target parts of New York City to help boost membership at several African-American credit unions.

Christopher Becker will succeed Michael Vittorio in January.

Municipal IDs help marginalized groups, such as undocumented immigrants, open checking accounts and become credit union members but concerns over regulatory compliance linger.

East Windsor, N.J.-based McGraw Hill Federal Credit Union will merge into PenFed, the latest in a series of growth moves from the nation's third-largest credit union.

Ronald McLean, who is chief engagement officer at the New York Credit Union Association, will take over at CCUA next month.

Credit unions haven't dipped into subprime lending as much as other lenders, which has helped protect the industry – but there could still be major speed bumps ahead.

The bank gained $45 million in PACE financings, which let homeowners pay back the costs of efficiency projects over time.