Credit unions were created in the 1930s with a noble purpose in mind: Pool the resources of people who shared a common bond to help relieve the financial struggles of people of modest means within their community of shared interests. Given such an important social mission, it made sense for credit unions to get help […]
Read More
Shop Therapy: A Bank Buying Bonanza Large credit unions have been gobbling up smaller credit unions by the dozen, with 187 acquisitions last year, according to the Wall Street Journal. With fewer targets remaining, acquisitive not-for-profit credit unions have turned their attention elsewhere, buying a record number of banks. Credit unions have bought 21 U.S. […]
Read More
We all know the sacrifices made each and every day by our men and women in uniform to defend our freedom. Shouldn’t we, in turn, ensure their freedom to select the best financial services to fit their needs? That can only happen if we allow our service members greater access to regulated on-base banking services […]
Read More
In a recent podcast, American Banker’s John Heltman explored the lax rules governing credit unions that are aggressively growing, increasingly involved in riskier lending, and lacking in transparency expected of all non-profit organizations. Three takeaways from the podcast: 1. The credit union tax subsidy is no longer serving its purpose Credit unions were a 19th […]
Read More
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 acquired 21 U.S. banks since 2018, according to S&P Global Market Intelligence, compared with 12 purchases in the prior five years. Read the Full Story
Read More
Employees at one of the largest and fastest-growing credit unions in the U.S. told executives and regulators that it had a flawed program to prevent money laundering, according to people familiar with the matter and internal credit-union documents. The concerns raised about Pentagon Federal Credit Union in 2016 and 2017 included understaffing, gaps in reporting […]
Read MoreDavid 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 more benevolent – working for their members and not beholden to shareholders. But as the taxi medallion debacle continues to unfold, that positive […]
Read MoreOne 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-square-foot residence, listed this week by Legacy Properties Sotheby’s International Realty, is in one of the city’s hottest development areas, […]
Read MoreFrom 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 taxi medallion loans. The NCUA approved the emergency merger, which became effective Jan. 1. Progressive ($382.8 million in assets, 2,897 members as of Sept. […]
Read MoreThe 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 will work, which officials said were designed to minimize its burden on not-for-profit organizations. Republicans’ tax overhaul requires them to begin paying taxes on the parking […]
Read More