Credit unions

Texas Dow Employees Credit Union has agreed to acquire Sabine State Bank and Trust in Louisiana to raise its profile in the oil-and-gas industry. The deal coincides with record levels of U.S. drilling this year.

In this month's roundup of top banking news: Navy Federal Credit Union officially launches its overseas banking program, Republic First Bank in Philadelphia falls to capital troubles and investor outrage, deeper looks at talks between Discover and Capital One and more.

Michigan State University Federal Credit Union is working with the relationship-based lending app Zirtue to offer members a tool for outlining lending agreements and repayment plans.

Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.

Bellwether Community Credit Union's partnership with the New York ad tech firm Prizeout is working to build out gift card programs and generate added sources of non-interest income.

Launched last July, FedNow had enrolled more than 600 participants by mid-March, according to government officials. That marked a 100% increase from the start of the year, with more banks and credit unions viewing fast payments capabilities as essential. Fraud concerns linger, however.

Kinecta Wealth Management, the wealth arm of Kinecta Federal Credit Union, will switch firms by the end of the year.

The Ann Arbor, Michigan-based fintech is working with two Michigan credit unions to pilot a service that allows consumers to jointly save for purchases.

The $12.1 billion-asset DCU launched the loan platform in 2022, and has seen volume jump by close to $600 million from when talks began in 2019 to last year.

The $171 billion-asset Navy Federal Credit Union began operating roughly 60 locations and more than 270 ATMs as part of the Overseas Military Banking Program this month. The contract was awarded in September of last year, but faced federal deposit insurance challenges and industry pushback from credit unions and banks alike.

The $4.2 billion-asset MCU in New York is working with Ameriprise Financial Institutions Group to connect members with the firm's network of digital advisors and offer investment planning options alongside its traditional products.

Harborstone Credit Union in suburban Lakewood, Washington, plans to buy Savi Financial. That's seven deals in less than three months this year; the highest full-year total was 16 in 2022.

Lack of understanding remains a key hurdle for adopting traditional and generative artificial intelligence-powered tools, but banks and credit unions are still eager to use AI, according to data from Arizent.

The Navy Federal scandal is just the tip of the iceberg. After looking away for 20 years, Congress needs to focus on providing real oversight of the credit union industry.

Through its integration with the auto manufacturer, Origence and its indirect lending subsidiary FI Connect aim to match buyers in need of auto loans to eligible credit unions.

Sound Credit Union said it would acquire Washington Business Bank in a cash deal slated to close in the fourth quarter.

Bank of America, Citi and Navy Federal are among banks and credit unions to recently manage through unforeseen challenges.

An advocate for the credit union industry pushes back against "tired" and "recycled" criticism from bankers.

The $6.8 billion-asset institution partnered with FusionIQ to launch digitally advised and self-directed investment platforms as part of a push to attract and retain younger generations of consumers.

Surprise overdraft fees and charges incurred by consumers who cash bad checks likely violate the law, state Attorney General Rob Bonta said. His message was especially notable because it was aimed at smaller institutions that have gotten less scrutiny from Washington.