Credit unions

The National Credit Union Administration's certification for WeDevelopment Federal Credit Union in Missouri took effect in July.

Membership at the Virginia credit union has grown rapidly in recent years, including an 11% spurt in the first half of this year, thanks to a charter switch, heavy marketing spending and generous deposit rates.

Previously, many credit union CEOs were hired because they worked for the institution’s sponsor. Today the industry has become far more complex, and boards find they have to pay up to recruit candidates who can meet these demands.

Data as of Mar. 31, 2022. Dollars in thousands.

Data as of Mar. 31, 2022. Dollars in thousands.

Data as of Mar. 31, 2022. Dollars in thousands.

In the prohibition order, the National Credit Union Administration said the employee allowed a member to overdraft an account by more than $74,000.

Devon Lyon will succeed longtime president and chief executive David L’Ecuyer in August.

The Texas-based institution named Robert Hernandez as its next president and CEO. He replaces James Poplin, who announced his retirement earlier this year.

Efforts to recruit millennials and Generation Z include letting cardholders select preferred names and pronouns, offering rewards for gas purchases and providing financial guidance.