The project will deploy $20 million as secondary capital to expand economic relief and financial inclusion, and follows a $1 million project last summer aimed at helping low-income consumers in Rust Belt cities.

The deal is a sign of further consolidation among Twin Cities-area credit unions, following another combination announced in May.

The nation's third-largest credit union saw a huge lending spike in 2020, especially in its mortgage division, while membership grew by 159%, thanks in part to merger activity.

The firm's two founders will now split duties between running the organization and focusing on future growth.

A Democratic majority in Washington may help advance a number of key legislative issues for the industry, such as passage of a national data security standard. However, it could also lead to a renewed focus on consumer protection laws.

Australia Hoover, who started as a call center employee in 1996, succeeds Betsy Mercier, who is retiring after 22 years at the helm.

Industry groups say the coronavirus has highlighted additional risks faced by institutions without a diverse member base.

Brian McVeigh passed away on Dec. 31, following a 14-month battle with brain cancer, according to a release from the Michigan Credit Union League, having spent more than 35 years serving in a variety of roles at CUs across the state.

Consumers will continue to utilize new payments methods in the coming year, but are also likely to shift between credit and debit, the company said.

Members of the House could return to Washington early this week to vote on impeachment, while the National Credit Union Administration will revisit risk-based capital rules.

In a letter to credit unions, NCUA urged federally chartered shops to expand their fields of membership to underserved areas, regardless of geography, in order to boost financial inclusion in the wake of the pandemic.

The agency will once again tackle one of its most controversial subjects when it meets on Jan. 14 for an ambitious agenda on what could be Rodney Hood's final meeting as chairman.

Despite limiting on-site visits and adding more self-service channels, the industry is forging ahead with plans for hundreds of new or expanded brick-and-mortar locations.

Discussions to combine Penobscot County Federal Credit Union and The County FCU began in June 2019 but the deal was not completed until the end of 2020.

While some legislatures have extended provisions temporarily allowing online notaries, other lawmakers are pushing for those rules to be made permanent.

The Papillion, Neb.-based credit union has appointed Chief Operations Officer Robin Larsen to succeed Gail DeBoer.

Police directed the institution to shut down four branches Wednesday as armed Trump supporters forced their way into the Capitol, and two facilities were on lockdown for several hours during the day.

The combined institution will hold roughly $30 million in assets and serve about 4,000 members.

CO Federal Credit Union, which has $4.5 million in assets and serves just 785 members, was conserved due to unsafe and unsound practices, the regulator said.

Several members of Congress challenging the result of the 2020 presidential contest received financial support from trade groups that could find themselves in hot water with some constituents.