Credit unions

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.

The closing date for the Florida credit union’s purchase of Heritage Southeast Bank was pushed into 2022 to allow more time for regulatory approval.

With two new prohibitions, the total now stands at 22 for the year so far.

Fifty-three percent of community bank executives who participated in a recent survey said they’d spurn a takeover offer by a credit union, even if it was the highest bid. The findings underscore the rivalry between the two sectors at a time of rising consolidation.

GreenState Credit Union has announced three bank deals this year. Its CEO says purchasing banks can be easier than merging with rival credit unions, though the state's banking regulator has made it difficult to do so within Iowa.

The National Credit Union Administration has approved Capital Federal Credit Union in Lubbock, Texas, to serve people of color and underserved communities in its state.

The Concord-based credit union has hired Anthony Emerson as its next president and chief executive. He was most recently leader of IC Federal Credit Union in Massachusetts.

Brett Noll was most recently CEO of Securityplus Federal Credit Union in Baltimore.

Both Florida State University Credit Union and Florida Department of Transportation Credit Union are based in Tallahassee.

Through the Excelsior Linked Deposit Program, participating institutions can offer financing to consumers at a recuced interest rate.

The credit union’s agreement to acquire Midwest Community Bank in Illinois follows two other bank deals it announced this year.

Temenos and Mbanq created a platform to offer technology and compliance services to credit unions via application programming interfaces.