Credit unions

Mark Drinnon succeeds Beverly Boling, who retired from the CEO role in September.

On Jun. 30, 2021. Dollars in thousands.

On Jun. 30, 2021. Dollars in thousands.

On Jun. 30, 2021. Dollars in thousands.

The National Credit Union Administration's board made a quick adjustment to its subordinated debt rule after critics warned it could harm lenders that serve minority communities.

The National Credit Union Administration adopted a rule that allows credit union service organizations to offer a wider range of loans over the objections of agency Chairman Todd Harper, who said it risks deposit insurance losses.

The industry generally likes a National Credit Union Administration plan that would count Treasury funds as secondary capital. But it opposes the exclusion of 30-year investments under the the Emergency Capital Investment Program, which credit unions say are essential to revitalizing Black and Hispanic communities.

Finastra, a technology vendor to credit unions and small banks, is adding the Bakkt digital asset app to its platform. This will allow clients' customers to buy, sell and hold digital assets like Bitcoin.

Consumers are saving more and borrowing less, making it harder for credit unions to meet a key ratio that the National Credit Union Administration uses to gauge their financial health.

Shane Berger, who has been at the helm of Beehive for nearly 37 years, will hand over his responsibilities to Craig Gummow on Jan. 4.