Field of membership

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.