Field of membership

From dealing with a flood of deposits to working with examiners virtually, credit unions were forced to quickly adapt to a new normal after the pandemic hit. Here's a look at some of the biggest changes and challenges they faced.

Fallout from the coronavirus pandemic consumed the industry this year, but other events, including a scandal at the National Credit Union Administration and a credit union under fire for lack of board diversity, also made waves.

A look back at a year in which little went according to plan for credit unions.

The Gainesville, Fla.-based credit union has converted from a federal to a state charter and will debut its new brand identity early next month.

The Washington, D.C.-based institution could see its membership grow by as much as 72% now that federal regulators have approved the move.

The credit union now has a community charter to serve seven counties in addition to several select employee groups.

Richard Yeager's promotion comes at a time of growth for the New York-based institution, including having recently been granted a field-of-membership expansion.

A group at George Washington University has been working to open a de novo institution to serve students, but the would-be institution faces a variety of hurdles before it can open its doors.

Muhlenberg Community Hospital CU said in a notice to members it needed a merger partner in part because it did not have the resources to keep up with monitoring for "cybersecurity and terrorism activities."

The Pittsburgh-based institution can now serve more than a dozen municipalities in the Keystone State.

The number of religiously affiliated credit unions continues to dwindle and many have changed their name as part of a push to diversify their fields of membership.

The expansion will give the $416 million-asset institution a deeper reach into southern parts of the state.

A new initiative from the Minnesota Credit Union Network to help deepen share of wallet is believed to be the first of its kind and could be a model for credit union leagues in other states.

Regulators have approved the Colorado institution's bid to serve consumers across three different counties.

Having already changed charters for a statewide field of membership, the Jackson, Mich.-based institution will now merge with Washtenaw Federal Credit Union.

It's unlikely that lawmakers will pass new coronavirus-related legislation before Congress leaves for its October recess.

Federal credit unions still account for more than 60% of active institutions, but their share of total assets continues to shrink.

The Vermont-based credit union received the OK from federal regulators to add 650,000 potential members to its FOM, an increase of 15%.

Institutions serving colleges and universities traditionally see membership surge in the fall, but are now planning for a decline as classes move online.

Keith Leggett, a former economist at the American Bankers Association, has overseen Credit Union Watch since 2009.