Credit unions

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.

The world's largest credit union said that Dietrich Kuhlmann, a retired rear admiral and currently the institution's chief operating officer, would succeed retiring CEO Mary McDuffie on March 1.

Auto-enrolling its membership for a credit-scoring tool offered by SavvyMoney helped Knoxville TVA Employees Credit Union nearly double approvals across its credit card, personal and auto loan portfolios in early 2023.

The $4.4 billion-asset institution's 30-second commercial on Sunday sought to promote the idea of financial wellness as integral to "not-for-profit" banking and boost new member growth.

Shared services organizations PSCU and Co-op Solutions are offering post-purchase buy now/pay later loans, with the goal of reaching consumers who are concerned about managing their credit.

In the largest deal based on the bank's assets announced since January 1, 2023, the credit union has nearly $12 billion in total assets and the target bank more than $1.5 billion in total assets.

The nation's largest credit union allegedly engaged in racial discrimination resulting in calls for further investigations and regulations. Had Navy Federal been subject to the Community Reinvestment Act it may have avoided this problem.

In a bid for scale and diversification, Illinois-based Empeople Credit Union said it would expand in Wisconsin with the planned acquisition of TSB Bank.

The $18.5 billion-asset institution saw member growth increase by 22% year-over-year and fund levels surge in the first six months of last year after deploying a new deposit origination platform.

National Credit Union Administration Chair Todd Harper Tuesday revealed plans to mandate separate reporting of overdraft and nonsufficient funds fees for credit unions with over $1 billion in assets, which he said would enhance equity and transparency in fee structures.

The Treasury Department's Financial Crimes Enforcement Network fined a New York credit union employee $100,000 Wednesday in connection with a scheme to launder $1 billion using armored trucks and the credit union's Fed master account.

National Bankshares in Virginia agrees to acquire in-state peer, Advia Credit Union in Kalamazoo strikes deal with Illinois bank, EBANX's annual Beyond Borders study launches and more in the weekly banking news roundup.

Hood, who was first appointed to the National Credit Union Administration in 2005, explained what drove his focus on financial inclusion and the technology that promises to make it possible.