Credit unions

Tina Dix, the chief executive of OUR Credit Union in Royal Oak, will step aside in July. The $365 million-asset credit union has retained a search firm to find her successor.

Mainstream lenders have long been reluctant to make short-term consumer loans because the costs involved make them expensive for borrowers. Upstart says its technology will enable partner banks to offer loans at annual percentage rates below 36%.

Bob Gallman has worked in the credit union industry for more than 45 years and has been at the helm of the league since 2017.

The expectation that people will want social distancing and ever-expanding digital banking options well after the pandemic passes is informing branch architecture at banks and credit unions.

Michigan State University Federal Credit Union would be one of the first credit unions to pay eligible players on the MSU team to use their name, image and likeness in exchange for endorsements.

Kevin Jones, the longtime leader of MidFlorida Credit Union — one of the largest credit unions in Florida — will retire March 1. He will be succeeded by S. Steve Moseley, who was MidFlorida’s president for the past four years.

Wellby, Powered by JSC Federal Credit Union has named Martyn Pell as its president and CEO. He most recently was chief lending officer at Coastal Federal Credit Union in North Carolina.

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.

On Jun. 30, 2021. Dollars in thousands.

On Jun. 30, 2021. Dollars in thousands.

Scott Anderson, president and CEO of Zions Bank, was recently elected chair of the American Bankers Association. In an interview, he encouraged Washington to scrutinize tech giants’ moves into financial services but expressed concern about some potential implications of financial agencies’ spotlight on climate change.