Credit unions

New regulatory changes have created the potential to enable smaller institutions to compete more effectively with their larger peers — if they're willing to seize the opportunity.

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.