Corporate governance

HAUPPAUGE, N.Y. — Hudson Valley FCU here has launched a new brand to better reflect the credit union's connection to consumers and businesses it serves throughout upstate New York.

CO-OP Shared Branch has overtaken Bank of America in number of branches, and now is the third-largest network of financial institution branches in the United States, according to data drawn from the FDIC.

The latest CEO Confidence Survey by Catalyst Corporate Federal Credit Union found credit union CEOs are feeling "less certain" about their institutions' current financial condition than they have since 2008.

WyHy Federal Credit Union and Western Vista Federal Credit Union have formed a managing CUSO known as UProsper Services Group, LLC, which they said will allow the CUs to collaborate as equal partners on a number of joint ventures.

SEATTLE — If you don't know the meaning of the word "verity," that may change soon, thanks to a campaign from Verity CU here that uses local bands and artists to boost brand awareness at the $454 million credit union.

Serving a single sponsor that is, itself, legendary for its customer service — and scattered all across the U.S. — means Nordstrom FCU has to be at the top of its game.

One year after hitting the 100-million member mark, savings at credit unions have surpassed $1 trillion for the first time in history.

Southland Savings Federal Credit Union, Buena Park, Calif., will merge into $935 million Financial Partners CU effective Monday, the two CUs said.

The members of $196 million Lake State Credit Union, Moose Lake, Minn., gave a green light to merge their CU into $429 million Members Cooperative Credit Union, here.

Boston-based Industrial Credit Union is merging with Webster First FCU, here, with plans calling for the $171 million Industrial to operate as a division of the $665 million Webster.

May 16 was not only "Indian Day," a New York state holiday that celebrated the various Native American tribes across the Empire State, it was also the first day in existence for the Seneca Nation of Indians FCU.

MEMBERS Development Company said seven new credit unions have joined its roster.

WAYNESBORO, Va. — Two Virginia credit unions announced Wednesday that their merger was official.

Credit unions had the highest satisfaction score (91) of any type of institution, followed by community banks (86), large and midsize banks (79) and the four universal banks (72), according to the Consumer Banking Expectations Index.

As CU Direct's annual "Drive" conference gets underway Wednesday in Glitter Gulch, the company is looking to expand awareness of its new Advisory Services.

NCUA announced Friday it approved a federal charter for another credit union — the Seneca Nation of Indians FCU — which will serve members of the Seneca Nation Indian tribe in western New York state.

The Federal Accounting Standards Board (FASB) has indicated it plans to make changes to how financial institutions calculate allowances for loan loss reserves, moving from an incurred loss model to an expected loss model.

Just two days after Rick Menton became CEO of Cherokee Strip, all but one member of the loan department resigned. Yet just 18 months later, the $88 million CU boasts 100% loan growth, 10% membership growth and a positive ROA for the first time in five years at .88%.

Unemployment and gas prices are both down, and interest rates may soon be heading up — all of which spells good news for credit unions' bottom lines. That's the verdict from a number of CFOs and economists who spoke with Credit Union Journal and predicted that while sunnier times may be on the way, CUs can do more now to bolster the bottom line later.

WASHINGTON — The first quarter of 2015 might have been a weak one for overall GDP growth, but credit unions exhibited strength in a number of areas.