Credit unions

Jenkins succeeds retiring CEO Gary Regoli at the Florida-based credit union, which has acquired several community banks and launched a bitcoin service that it later shut down.

Edward Arthur Nurse was in charge of the vault at Park Side Credit Union. Then $389,000 went missing, replaced by piles of fake cash.

A study sponsored by America's Credit Unions finds that removing credit unions' tax-exempt status could raise consumer costs by $234.6 billion over 10 years, hurt GDP and result in job losses.

FNB Corp marked the grand opening of its new downtown Pittsburgh headquarters this week. The bank owns and occupies the majority of the 26-story tower in the city's Hill District, a new addition to the city's skyline and one of the few new towers built in the city's business district in recent years. And long-time bank executive Robert Goldstein has died at 84.

Republicans' emerging tax bill could include a measure to subject some credit unions to federal taxes, reigniting a long-simmering conflict between bankers and credit unions.

The credit union suffered a ransomware attack in June 2024 that affected nearly all of its banking systems.

Jon Weiss, Wells Fargo's co-CEO of corporate and investment banking resigned from his position with plans to retire; A new CFPB report says military service members paid more for auto loans and add-on products; City National Bank's Kelly Coffee is leaving the bank after her 2023 demotion; and more in this week's banking news roundup.

John Asbury, who is CEO of Atlantic Union Bankshares, said credit unions that compete head-to-head with for-profit banks should lose their tax-exempt status. He also called for bank regulation based on complexity rather than size.

The Michigan-based institution lowered overdraft and nonsufficient fund fees to 99 cents amid a torrent of regulatory rulemaking and action related to overdraft.

Christopher Mufarrige is named acting director of the FTC's Bureau of Consumer Protection; TD Bank promotes Andrew Stewart, Nadir Johnes and Jo Jagadish; PayPal's John Kim is leaving the company; and more in this week's banking news roundup.

Frontwave Credit Union said it would acquire Community Valley Bank in a deal that would expand its footprint in San Diego and nearby counties. It comes on the heels of a record year for CU-bank combinations.

New regulatory changes have created the potential to enable smaller institutions to compete more effectively with their larger peers — if they're willing to seize the opportunity.

The unprecedented number of deals came in a year when banks struggled to find merger partners in their markets.

The trend of credit unions buying banks is a lightning rod for controversy in the banking industry. Despite this, such mergers are increasingly common.

A record 22 credit unions announced plans to acquire banks in 2024, though the year ended on a discordant note as regulatory concerns appear to have derailed a planned CU-bank deal in Georgia.

Hanscom Federal Credit Union in Massachusetts said it would acquire Peoples Bancorp and its insurance agency. It marked the 21st deal of the year involving a credit union buying a bank.

While the Consumer Financial Protection Bureau seeks to cap overdraft fees, banks and credit unions are fighting the effort. Nuances that don't fit either side's narrative can get lost in the rhetoric.

The first Asian American to join the National Credit Union Administration board, Otsuka has had a career highlighted by consumer advocacy, a focus on financial stability and support for underserved communities.

While it's true that the National Credit Union Administration needs the authority to regulate third-party vendors, credit unions themselves have considerable power to force vendors to observe best practices.

The Sandy, Utah-based credit union opted to part with its two New Mexico branches to focus on other geographies. At least one expert expects an uptick in branch sales as more credit unions seek to "right-size" their networks.