Previously, many credit union CEOs were hired because they worked for the institution’s sponsor. Today the industry has become far more complex, and boards find they have to pay up to recruit candidates who can meet these demands.

The effort, spearheaded by Democratic Sen. Mark Warner and Republican Sen. Mike Crapo, is the latest sign of the community development industry’s rising political prominence in Washington.

The allegations by Rep. Patrick McHenry and others were a response to a CFPB interpretive rule, even though states use their own laws prohibiting unfair and deceptive acts and practices.

The digital commercial bank has been fleshing out its business lines and technology over the past year. Its new capital raise will help further those efforts.

Union Savings Bank's new technology is helping the bank compete with larger competitors and attract younger customers, its leaders say.

Dee Hock, who recently passed away, was CEO of the card brand from 1970 to 1984. He championed a mix of competition and collaboration among financial institutions to foster innovation, an idea that is still used in technology development.