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The Boulder, Colo.-based institution will now serve a dozen counties in its home state.

The institution was formerly known as SF Police CU but can now serve law enforcement officers statewide.

The banking trade group sent a letter to the National Credit Union Administration board and Inspector General, arguing that a report released earlier this week was a a "wake-up call."

The American Bankers Association also argued that the definition of a low-income credit union was too broad.

The Montana-based institution will open its doors as Clearwater later this year, a move leadership hopes will better connect it with consumers in other parts of the state.

The Orange County-based CU had served a few cities around Los Angeles but state officials have now approved its application to serve all of Los Angeles County.

Speaking during an event on Wednesday, Hood touched upon charter expansions, regulatory relief and the industry's tax-exempt status.

The Tampa-based institution says it is poised for growth, but the new asset class also opens it up to additional scrutiny from the CFPB.

The Michigan-based institution is one of a handful of credit unions that have bought or announced deals to acquire banks over the last two years.

The McLean, Va.-based institution said that its capital hit a record $2.5 billion last year.