Credit unions

DFCU Financial reached a deal to acquire Winter Park National Bank in the Orlando metropolitan area. It was a record 20th credit union-bank merger of the year.

The Vienna, Virginia-based credit union will pay tens of millions of dollars in penalties over what the agency said was "junk fees" charged to Navy Federal's customers.

Consumer groups and banks are pushing for increased regulation on credit unions, aligning on concerns over tax exemptions, consumer protection standards, and the rising trend of credit union acquisitions of community banks.

Leaving credit unions exempt from the Community Reinvestment Act preserves a gaping hole in regulations designed to make sure that financial services firms make loans available in underserved communities across the country.

At an American Bankers Association convention Monday, Rep. Claudia Tenney highlighted the need for transparency in the regulatory disparities between banks and credit unions.

The credit union has been using Upstart's AI-based loan decision model to help creditworthy consumers consolidate their credit card debt.

Y-12 Federal Credit Union in Oak Ridge, Tennessee, said it would acquire First State Bank of the Southeast in Middlesboro, Kentucky. It was the 19th such deal announced this year.

Citadel Federal Credit Union's $6.5 million deal with the Justice Department settles allegations of discriminatory lending around Philadelphia. It was the DOJ's first-ever redlining order against a credit union.

The top five credit unions have combined real estate loans and lines of credit of more than $217 million as of June 30.

The $3.4 billion-asset organization based in Phoenix said it would acquire 1st Bank Yuma in the record-setting 17th deal of 2024 involving a credit union buying a bank.