Credit unions

The unprecedented number of deals came in a year when banks struggled to find merger partners in their markets.

The trend of credit unions buying banks is a lightning rod for controversy in the banking industry. Despite this, such mergers are increasingly common.

A record 22 credit unions announced plans to acquire banks in 2024, though the year ended on a discordant note as regulatory concerns appear to have derailed a planned CU-bank deal in Georgia.

Hanscom Federal Credit Union in Massachusetts said it would acquire Peoples Bancorp and its insurance agency. It marked the 21st deal of the year involving a credit union buying a bank.

While the Consumer Financial Protection Bureau seeks to cap overdraft fees, banks and credit unions are fighting the effort. Nuances that don't fit either side's narrative can get lost in the rhetoric.

The first Asian American to join the National Credit Union Administration board, Otsuka has had a career highlighted by consumer advocacy, a focus on financial stability and support for underserved communities.

While it's true that the National Credit Union Administration needs the authority to regulate third-party vendors, credit unions themselves have considerable power to force vendors to observe best practices.

The Sandy, Utah-based credit union opted to part with its two New Mexico branches to focus on other geographies. At least one expert expects an uptick in branch sales as more credit unions seek to "right-size" their networks.

The National Credit Union Administration lacks the authority to regulate third-party vendors that supply vital services to the industry. This creates a major risk to credit union customers and the broader U.S. economy.

This year's honorees demonstrate the courage and experience necessary to address the rise of digital commerce, AI, bank and fintech rivals.

Enforcement actions from the Consumer Financial Protection Bureau still fresh in the mind of financial leaders have renewed hopes that a second Trump administration will favorably alter the agency's future.

Elevations Credit Union is paying athletes at the University of Colorado Boulder by way of a new credit card. The annual fee, plus two cents per transaction, will go to a collective that provides financial support to Buffaloes players.

The number of banks announcing plans to sell this year reached 108 by the end of Oct.; Truist Financial promoted Brad Bender to chief risk officer; Old Point Financial made Cathy W. Liles its chief financial officer; and more in this week's banking news roundup.

Credit Union Service Organizations such as Prizeout, have seen increased interest as credit unions get on board with automation.

Credit unions don't enjoy an unfair advantage. What they do is reinvest in their members and their communities in a way banks often do not.

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.