Credit unions

Executives have ramped up initiatives for educating members, staffers and directors on how to gain support from legislators.

SeaComm Federal Credit Union of Massena, New York, and St. Lawrence Federal Credit Union of Ogdensburg, New York, are planning to merge by the end of the year.

The National Credit Union Administration would give tentative OKs to organizers of startups so they can secure enough capital for a final approval, Vice Chairman Kyle Hauptman says. Some industry observers describe the plan as a step in the right direction, while others complain more has to be done to foster new credit unions.

Credit unions have individually made progress in making their ranks more diverse and inclusive, but their efforts are starting to bump up against the political discourse over "woke" corporate cultures.

The collapse of the Sam Bankman-Fried's controversial crypto exchange changed consumers' view of digital assets. Credit unions, in turn, pivoted to focus on lower-risk services.

Like banks, credit unions seek growth in deposits, loans and other products. The starting point for many is to get more members in the door, executives say.

AlumniFi, built by Michigan State University Federal Credit Union and Nymbus, has partnered with fintechs to help its college-grad users improve their finances and pay down debt.

TD Bank gets approval to buy a U.S. brokerage, Western Union adds installment payments, and American Express is awarding $1 million in grants to restaurant operators. These stories and more in banking news this week.

Employees at LMCU's Bonita Beach Road location in Florida announced their intent to organize to address claims of being overworked.

The Fort Wayne-based credit union hired David Shadburne to replace Greg Mohr, who is retiring.