Credit unions

Participants in the sale of banks to credit unions may need to do a better job of due diligence and gauging the receptivity of their regulators to such deals, experts say in response to the cancellation of VyStar Credit Union's agreement to buy Heritage Southeast Bank.

Bruce Leighton will step down as president and chief executive in September.

Net income at America's Credit Union in Washington state jumped by about $5 million after it wound down an indirect auto loan program and deployed technology that automates decision-making.

Fumbi Chima, who was previously Adidas' chief information officer, has introduced robotic process automation and other systems to make it easier for the fourth-largest U.S. credit union to work with fintechs and improve member service.

OneAZ Credit Union built a vendor diversity database, based on a program from Arizona State University, to guide its spending at small businesses. It plans to allow other financial institutions to access this system as well.

VyStar's deal for the $1.7 billion-asset Georgia bank, the largest bank to agree to be sold to a credit union, was terminated after numerous delays and difficulties in obtaining regulatory approval.

In global news this week, U.K. regulators examine branch closures, Apple complies with Dutch App Store rules, a pan-Nordic payments system prepares for launch, and more.

Credit unions enjoyed especially strong loan demand from car buyers — helping to push overall loan growth to twice the rate of what banks saw in the first quarter — following a lull stemming from pandemic-era setbacks.

Benson Porter will conclude more than 10 years at the helm of BECU, the fourth-largest credit union in the country.

Consumer Financial Protection Bureau Director Rohit Chopra wants to determine if people are able to get prompt responses from the 175 banks and credit unions with more than $10 billion of assets.