Credit unions

Northern Hills Federal Credit Union in South Dakota is one of several institutions testing tools that can deliver faster loan decisions, an edge they need against digital upstarts.

Pomona Postal Federal Credit Union is the fifth institution for which the agency has taken this action this year.

The $457 million-asset Heritage Credit Union in Deforest has agreed to merge with the $3.7 billion-asset Connexus Credit Union in Wausau, forming a company with more than 420,000 members.

Financial institutions say it would require them to overhaul their payments technology, deprive them of revenue and force them to pass added costs on to merchants and consumers.

The Burlington-based institution has extended its charter to provide services to all counties in Vermont.

The White House's latest budget proposal slashes funding for a program that would allow the Small Business Administration to make direct 7(a) loans. Lenders say the idea is still misguided.

The $8.7 billion-asset credit union has cut its charge for overdrafts from $25 to $5, following similar reductions by other financial institutions.

Since the pandemic began, many members of small credit unions have defected to banks that offer better digital products and services. The credit unions are focusing on in-person banking or catering to small businesses and other niches to rebuild their customer base.

On Jun. 30, 2021. Dollars in thousands.