Credit unions

LincolnWay Community Bank in Illinois has agreed to be sold to CoVantage in Wisconsin, adding to a trend of bank-credit union deals that has drawn backlash from many small-bank executives.

In global news this week, scammers target Revolut's program for Ukrainian refugees; Commerzbank applies for a crypto license in Germany; Nium merging with Socash; MyPinPad merging with SmartPesa; and more.

Although small banks and credit unions are enjoying healthier loan portfolios, they are also bracing for potential setbacks due to higher interest rates and inflation.

On Dec. 31, 2021. Dollars in thousands.

On Dec. 31, 2021. Dollars in thousands.

On Dec. 31, 2021. Dollars in thousands.

The National Credit Union Administration took steps to increase hires of women, minorities and people with disabilities in 2021, making its staff more representative of the general population.

The Expanding Financial Access for Underserved Communities Act will help in the fight to eliminate financial disparities in underserved communities across our country.

A recent survey suggests the public thinks banks outperform credit unions on digital offerings. One industry expert says the opposite is true.

Viktoria Earle, who has been with the credit union since 2013, will take over for Craig Weber in May.

To appeal to a younger audience, credit unions are teaming up with third parties that can help them offer Bitcoin accounts, real-time payments and other cutting-edge services.

The Consumer Financial Protection Bureau is examining whether artificial intelligence discriminates against minorities and other applicants. But GreenState Credit Union in Iowa says the technology can be harnessed to make lending fairer in underserved communities.

Regulators in a half dozen states have now thrown at least temporary roadblocks in front of credit unions’ effort to buy community banks.

Matt Rookard, who has worked on economic development initiatives in the state, will succeed Bob Gallman, the former president and chief executive, on May 2.

Stephen Owen has worked for Bank of America and OnPoint Community Credit Union in Oregon, and will succeed Charles Bruen at the Hollywood-based credit union.

To ensure authenticity, Community First Credit Union had its AI-powered voice system learn by communicating with Spanish-speaking employees who could teach it local terms and mannerisms.

John Newett, who joined the credit union in 2011 and was most recently its senior vice president of operations, has become its president and will succeed Ron Collier as chief executive.

Theresa Mason will succeed longtime president and chief executive Dennis R. Adams, who announced his plans to retire from the credit union-owned share insurance fund earlier this year.

The state's Treasurer's office is urging lenders to make loans to cover the steep costs of adoption. Participating credit unions get an extra incentive by being permitted to accept deposits from public institutions — a perk typically enjoyed only by banks.

Both credit unions are based in Jacksonville. VyStar is also in the process of buying Heritage Southeast Bank in Jonesboro, Georgia.