Credit unions

Some credit unions are leaning heavily on tech partners to speed payments and loan decisions, offer online financial planning sessions and deploy virtual assistant technology developed at MIT.

Regulators are calling for creative alternatives to the arduous de novo process. Pairing groups that want to open credit unions with lagging institutions would be quicker and could help preserve the sector, one credit union service organization says.

Increased access to telehealth visits. Cash incentives to get vaccinated. Bring your dog to work — every day. These credit unions, though still providing traditional team-building fun and games, have taken extra steps this year to cater to the needs of employees.

Scott Credit Union of Edwardsville said it is acquiring Tempo Bank in Trenton, Illinois. It is the fifth such transaction announced since Aug. 5 and the 10th of the year.

It would be the second bank acquisition for Fairwinds, which bought Friends Bank in Florida in 2019.

After the state’s mask mandate was lifted, Michigan First Credit Union said it would no longer allow masks in its stand-alone branches, citing security concerns. Following an outcry from some members, the credit union updated its rule to allow clear face coverings.

The central bank wants financial institutions to enable additional routing options for online purchases, a change industry advocates say would strain the resources of smaller card issuers.

The choice of Greg Young as the next president and chief executive comes nearly a year after Karl Yoneshige announced his plans to retire from the role.

Many credit unions with less than $100 million of assets struggle with marketing and technology. Larger ones are willing to lend support, and the Credit Union National Association is working to dispel fears that prospective mentors are simply looking for takeover targets.

The nation’s second-largest credit union hired Jim Hayes to succeed Mike Lord as president and CEO. Hayes was most recently president and CEO of the $2.2 billion-asset Andrews Federal Credit Union in Suitland, Maryland.

The Credit Union National Association initiative helps promote eligibility requirements to potential members. It has added six new participants in Georgia.

New research from American Banker and Monigle reveals which banks, credit unions and challenger banks are turning customers into fans — and which ones have work to do.

The credit union tapped Kenneth Orgeron, its chief operating officer, to serve as acting CEO.

Three credit unions have announced deals to acquire community banks in the past week. The latest is the Wisconsin-based Royal, which is buying the $441 million-asset Lake Area Bank.

Board diversity is one of the reasons that credit unions outperform banks in hiring women for the role of chief executive. “It starts at the top," says Jan Page, president and CEO of Community South Credit Union in Florida.

The combination of Orion Federal Credit Union and Financial Federal Bank is the seventh credit union-bank merger announced this year.

The credit union has promoted Michael Crowl, the organization’s executive vice president of member experience, to be its first president.

Despite clear evidence to the contrary, the mortgage insurer continues to insist that credit unions have the same risk profile as nonbank lenders. It’s now threatening to exclude nearly a quarter of credit unions from being qualified issuers of the securities it backs.

Tom Young is stepping down as president and CEO of the Green Bay, Wisconsin, credit union. His successor has not yet been named.

The $1.5 billion-asset SAFE FCU in Sumter, South Carolina, is combining with the $3 million-asset Sumter City Credit Union.