Credit unions

The Arkansas bank is selling two South Carolina branches to a credit union just two weeks after announcing plans to divest its branches in Alabama.

The two institutions are part of the continuing trend of federally chartered credit unions converting to state charters in a push for greater flexibility and membership growth.

Greater Nevada Credit Union, like a number of community banks, agreed to sell its Paycheck Protection Program loans to avoid having to navigate the complicated forgiveness process.

The Boulder-based institution can now serve consumers across 16 different counties, or more than 88% of the state's population.

For all banks' claims that credit unions pose a threat to their commercial lending market share, they've accounted for just 2% of volume in the Paycheck Protection Program.

Among other changes, the law allows state regulators to accept NCUA examination results in lieu of exams from local regulators.

A report from the trade group shows that state-chartered credit unions saw greater first-quarter membership gains than their federal counterparts and posted lower rates of consolidation.

The coronavirus pandemic has highlighted the issue of millions of Americans lacking access to high-speed internet at their homes. Financial services firms haven't been spared from this challenge.

Heritage Trust Federal Credit Union will buy the bank's deposits and assume its liabilities.

In spite of the pandemic, the Columbus, Ohio-based corporate credit union was able to return the funds to some owners on the strength of strong earnings through the firs two quarters.