Field of membership

A site run by Keith Leggett, a former American Bankers Association senior economist, was frequently critical of credit unions and called for parity among federal regulators.

The regulator approved a proposal that mirrors a rule banking regulators implemented in February 2019 to cushion the Current Expected Credit Losses standard's impact on capital levels.

The National Credit Union Administration will also discuss the current expected credit losses standard, which trade groups have argued that the industry should be exempt from.

Cadmus Credit Union agreed to merge into Chartway Federal Credit Union after one of its select employer groups said it would shutter the facility where its only branch was located due to business issues that arose from the coronavirus.

A letter from the National Taxpayers Union requested changes, such as requiring federal credit unions to fill out a certain IRS form for non-profits, before lawmakers considered easing member business lending limits.

United Methodist Federal Credit Union is set to become Interfaith Credit Union. It is also planning to absorb a small South Dakota-based institution with a similar field of membership.

The streak of strong gains for new members was flagging by the end of 2019 and has only worsened since then.

The two institutions are part of the continuing trend of federally chartered credit unions converting to state charters in a push for greater flexibility and membership growth.

The Boulder-based institution can now serve consumers across 16 different counties, or more than 88% of the state's population.

Jim Nussle, CEO of the Credit Union National Association, recently argued that Congress should do away entirely with FOM requirements. Such a move would further favor credit unions over banks.

Jim Nussle, CEO of the Credit Union National Association, recently argued that Congress should do away entirely with FOM requirements. Such a move would further favor credit unions over banks.

The $338 million-asset institution already serves more than 3,000 members in the county who were able to join through affiliations with Harford County.

The credit union regulator has not yet announced an agenda, but the meeting could potentially include mattes related to field of membership and risk-based net worth.

Credit unions won the day as the Supreme Court rejected an appeal that would have limited consumers' access to financial services. Now Congress must act to remove those field-of-membership restrictions entirely.

The industry claimed victory over banks as the Supreme Court elected not to hear a challenge to a controversial 2016 rule, but the landscape has shifted dramatically since NCUA approved the measure.

The court's decision not to consider an appeal from the American Bankers Association is likely to be the last step in a legal saga dating back to 2016.

The Philadelphia-based credit union crossed the $3 billion-asset threshold despite a drop in first-quarter earnings.

NSWC Federal Credit Union is rolling out a new name in the hopes of boosting membership and dispelling misconceptions about who can join.

Butte Community Federal Credit Union, which previously served just one county, added five more after getting regulatory approval.

The agency has responded to the American Bankers Association's legal request to strike down expanded membership rules for credit unions.