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Wall Street Journal: Credit Unions Go On Bank Buying Spree

Lalita Clozel of the Wall Street Journal reports: WASHINGTON—Credit unions are buying small banks in record numbers, a trend that is prompting pushback from the banking industry. Credit unions have a...

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Credit Union Times: Taxi Fallout Tests CUs’ Reputation

David Baumann reports for the Credit Union Times: Credit unions like to paint bankers as greedy – working for their shareholders rather than their customers. Credit union leaders, they have said, are...

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‘Nonprofit’ Maine Credit Union Selling $2 Million Luxury Condo

One credit union here has an unusual item for sale: a $2-million condominium. cPort Credit Union has listed a luxury condo on the top two floors of its newest branch in Portland’s East End. The 2,570-...

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PenFed Acquires Progressive

From Jim DuPlessis at Credit Union Times: PenFed announced Wednesday that it has acquired Progressive Credit Union, a New York City-based credit union that has suffered heavy losses because of its tax...

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While Other Nonprofits Struggle with Reporting Responsibilities…Credit Unions Get Off Scot-Free

The Treasury Department is trying to blunt the impact of an unpopular new tax on churches and other nonprofits. The agency released interim regulations today spelling out exactly how the tax...

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Kam Wong Municipal credit union embezzelment

Kam Wong Pleads Guilty to $9.8 Million Embezzlement: Prosecutors also say the former CEO obtained drugs from supervisory committee member.

In June 2018, Municipal Credit Union CEO Kam Wong was charged with embezzlement and accused of using members’ money to maintain a lavish lifestyle, despite already earning a $2 million salary. F...

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After Failure of Six Large Credit Unions, NCUA’s Share Insurance Fund Drops by Nearly $750 Million

Fueled by the failures of six credit unions this year, the NCUA’s Share Insurance Fund reserves had dropped $744.9 million by the end of the year’s 3rd Quarter, agency officials said Thursday. Despite...

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Advia To Become First CU To Acquire Three Banks

Did A Massive Multistate Credit Union Just Close Another Small Community Bank? From CUtoday.info: $1.7-billion Advia CU here announced it intends to buy $155-million Golden Eagle Community Bank in Woo...

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IRS Revokes Credit Union Tax Exemption After “Unsafe and Unsound” Practices

Despite enjoying the same tax exemption state-chartered credit unions do, federally-chartered credit unions are not required to file Form 990 with the IRS. From CUInsight, authored by Peter Strozniak ...

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NTU Urges Taxpayers: Support Chairman Hatch’s Efforts to Increase Credit Union Transparency

From the National Taxpayers Union blog: Last year’s passage of comprehensive tax reform has undoubtedly made the federal tax code fairer and more conducive to economic growth and individual prosperity...

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