Corporate governance

The board of directors of the Wisconsin Credit Union League on Tuesday said it has signed a “Resolution of Interdependence” that affirms its commitment to dual membership in the league and CUNA.

Though lending is still where much of a CU’s income comes from, and CUs have seen 18 straight quarters of loan growth, CUs are seeing weaker profits, according to SNL Financial.

Even before several leagues had come out in support of eliminating the dual membership requirement, CUNA was already contemplating significant changes to its structure, a memo obtained by Credit Union Journal reveals, despite the board having previously voted down such changes in September.

The Carolinas CU League joins Michigan, New York and Ohio in support of allowing CUs to choose whether to belong to both CUNA and their respective state associations as the fissure between the national trade group and its affiliated state and regional leagues widens.

Directors vote unanimously to offer credit unions in North and South Carolina the option of joining the state league without joining CUNA.

CHEYENNE, Wyo.—The boards of directors of Warren Federal Credit Union (WFCU) and Community Financial Credit Union (CFCU) announced that they plan to merge the two institutions.

Pentagon Federal Credit Union received some high-profile praise on a White House blog on the eve of Veterans Day.

It's hard enough competing with other credit unions and banks, but the traditional financial services marketplace is increasingly populated by untraditional competitors.

As more state leagues take a stand on whether to support CUNA/League interdependence or CUs being able to choose to belong to just one or the other, credit union leaders at the California and Nevada CU League's annual meeting add their voices to the debate.

Credit union leaders react as state leagues begin to line up on either side of the current requirement that credit unions must belong to both CUNA and their respective state leagues—a rule that many CU executives have long bemoaned.

COLORADO SPRINGS, Colo. — In a special member vote, Ent Federal Credit Union members approved a proposal to convert from a federal charter to a state charter.

The heads of CUNA and the California and Nevada Credit Union Leagues argued now is not the time for CUs to break up the CUNA/state league system that works well together.

Two more state leagues have come out on whether credit unions should be required to belong to both CUNA and their respective state leagues.

Jersey Shore Federal Credit Union and Atlantic City Firemen's Federal Credit Union, both located in Northfield, agreed last month to merge. They expect the merger to be completed on Jan. 31, including all systems conversions.

EL SEGUNDO, Calif. — Xceed Financial Credit Union is preparing to launch a new CUSO offering an array of interrelated products and services primarily aimed at bolstering loan growth.

Commonwealth Credit Union on Friday said it signed an agreement to become the “preferred credit union” for the University of Louisville and will serve the school’s faculty, staff, students and alumni.

Filene Research Institute is soliciting existing, in-market products and programs in consideration for a new project.

A new study sponsored by CUNA Councils suggests that credit unions would be better served if human resources departments worked directly with C-suite executives.

GLENDALE, Calif. -- California Credit Union has formed a title insurance company to handle both residential and commercial title needs.

Lafayette Federal Credit Union, a $391-million institution based in Kensington, Md., said it plans to merge CSC Employees Federal Credit Union, a $77-million institution based in Falls Church, Va. into Lafayette FCU.