State-chartered credit unions

State-level groups are pushing measures intended to improve the operating environment for the industry, such as increasing flexibility with field of membership, and providing parity with banks and federally chartered institutions.

New data from the state regulator shows gains across several key metrics even as allowances for loan losses surged and the loan-to-savings ratio fell by more than 10 points.

A bill updating the commonwealth's credit union act, signed into law on Jan. 12, is said to be the most comprehensive update of the state charter in 30 years.

Gov. Laura Kelly has nominated Vickie Hurt to succeed Jerel Wright, who will step down Nov. 28.

To shore up the share insurance fund, the National Credit Union Administration would be wise to give the industry additional temporary investment options.

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

The two institutions have assets of more than $215 million and serve over 12,000 members.

New data from the state regulator showed that assets at credit unions in the Badger State grew by 28% during the first half of this year, versus growth of 14% in the first six months of 2019.

NuMark and NorthStar Credit Unions plan to join forces later this year, with NuMark CEO Ann Dubie retiring once the deal has been completed.

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.

Among other changes, the law allows state regulators to accept NCUA examination results in lieu of exams from local regulators.

A report from the trade group shows that state-chartered credit unions saw greater first-quarter membership gains than their federal counterparts and posted lower rates of consolidation.

The Georgia-based credit union hopes to gain more flexibility to widen its field of membership by switching from a federal charter.

C&NW Proviso, which has no website or online services, will gain a slate of new products and additional locations from the deal.

The push to revive the District charter began in 2001, nearly 40 years after the original rule was repealed and CUs there adopted the federal charter.

The $468 million-asset institution said expansion isn't required now but the move is a proactive attempt to ensure its long-term viability.

Gov. Brad Little recently signed legislation into law clarifying matters related to lending, investments and fixed assets.

Some regulators had started shifting to more remote oversight before the pandemic, though the initiatives haven't been a priority for credit unions and their advocates.

The National Association of State Credit Union Supervisors expects to hold the conference later this year but a specific date has not yet been set.