Credit unions

The benefits Alabama One Credit Union is seeing from a migration from MPLS to SD-WAN networking help explain why other financial institutions are making the same change or have it on their road maps.

In global news this week, HSBC goes deeper into the metaverse; Visa has a new innovation hub in Kenya; Google may run afoul of South Korean payments law; and more.

Two years since the coronavirus began its spread, members are still hoarding savings and are hesitant to borrow due to the economic uncertainty. This has led to the industry's lowest-ever yield-on-assets ratio — a key metric for measuring financial health.

Ryan Goldberg succeeded Mark Shobe, who had led the institution since 2000.

Rick Patel succeeds John Faust, who led Diamond for nearly 30 years.

VyStar Credit Union and Heritage Southeast Bank postponed to June 30 the deadline to close their merger. The $196 million deal, announced a year ago, was originally slated to close by December 2021.

The National Credit Union Administration issued only one prohibition order in March, barring Ashley Davis, a former employee of an institution in New Jersey.

The National Credit Union Administration’s effort to require succession planning has raised questions about whether the agency is micromanaging smaller institutions that may not be able to absorb the added cost of compliance.

Thomas Kevin Miller will succeed Barry Nelson, who is retiring in mid-April.

In global news this week, Apple blocks Russia's Mir network; N26 gets hit with anti-money-laundering penalties in Italy; Santander brings new B2B payments tech to Brazil; and more.