Credit Unions
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Michael M. Santiago / Staff via Getty Images
Underbanked US population grows to 14.2%, FDIC finds
Separately, the unbanked proportion of U.S. households dropped to 4.2% last year, the regulator said in its biennial survey. But racial disparity persists: 32.3% of unbanked households are Black and 33.4% are Hispanic, the FDIC found.
By Caitlin Mullen • Nov. 13, 2024 -
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Michigan credit union expands Florida footprint with second bank acquisition
The latest transaction by DFCU Financial marks the 20th whole bank-credit union deal announced this year.
By Rajashree Chakravarty • Nov. 11, 2024 -
Permission granted by Navy Federal Credit Union
Navy Federal to pay $95M in CFPB overdraft case
The nation’s largest credit union charged overdraft fees on purchases made with sufficient funds from 2017 to 2021, generating about $44 million per year from “surprise” fees, the CFPB said.
By Rajashree Chakravarty • Nov. 8, 2024 -
CFPB fines VyStar $1.5M over 2022 outage
The order requires the Jacksonville, Florida-based credit union to reimburse fees and costs to members from the botched rollout of an online banking system.
By Rajashree Chakravarty • Nov. 1, 2024 -
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Tennessee credit union crosses state line in bank purchase
Y-12 Federal Credit Union will expand into Kentucky by acquiring First State Bank of the Southeast — the 19th whole bank-credit union deal announced this year.
By Rajashree Chakravarty • Oct. 24, 2024 -
(2024). [Photo]. Retrieved from Federal Reserve.
Credit unions, fintechs should face same regulations as banks: Fed’s Bowman
“[Community banks] are also subject to a broader range of restrictions imposed by regulatory requirements…the disparity in the legal framework can have a distortive effect on competition,” Bowman said.
By Rajashree Chakravarty • Oct. 15, 2024 -
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Philly-area credit union to pay $6.5M in DOJ redlining settlement
Citadel Federal Credit Union failed to provide mortgage lending services to residents of predominantly nonwhite neighborhoods between 2017 and 2021, the agency said.
By Rajashree Chakravarty • Oct. 11, 2024 -
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Credit union deal record extends
Community First Bank is the 18th proposed whole-bank acquisition by a credit union this year, and the sixth with ties to Washington state.
By Gabrielle Saulsbery • Oct. 9, 2024 -
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Arizona credit union-bank deal pushes 2024 to new record
Phoenix-based OneAZ Credit Union's proposed acquisition of 1st Bank Yuma marks the 17th whole-bank purchase by a credit union this year, surpassing a 2022 record.
By Rajashree Chakravarty • Oct. 4, 2024 -
Permission granted by TDECU
Texas credit union discovers year-old data breach
TDECU fell victim to last year’s MoveIt data breach, but only found out in July. The credit union said the incident is not expected to impact its acquisition of a Louisiana bank.
By Gabrielle Saulsbery • Aug. 29, 2024 -
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Credit union to buy New Mexico bank
Albuquerque-based U.S. Eagle’s proposed acquisition of Southwest Capital Bank marks the 14th whole-bank purchase of 2024 by a credit union and the second in the past week.
By Gabrielle Saulsbery • Aug. 19, 2024 -
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Washington state credit union to buy Oregon bank
Of the 16 credit union-bank deals announced this year, five have involved financial institutions based in the Evergreen State.
By Gabrielle Saulsbery • Aug. 14, 2024 -
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Thrivent receives ILC charter
Following its approval for deposit insurance, the financial services company plans to convert Thrivent Federal Credit Union into online-only Thrivent Bank.
By Gabrielle Saulsbery • June 24, 2024 -
Permission granted by Pima Federal Credit Union
TrackerCredit unions have been buying up banks. Here’s a running list from 2024.
Not only are the acquisitions coming at a record pace. The institutions being bought are bigger than ever before. M&A attorneys give clues as to why.
June 24, 2024 -
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Michigan’s ELGA Credit Union to acquire Florida bank
With the move, ELGA isn't even the only credit union in Grand Blanc (population 7,800) to buy a bank based in the Sunshine State.
By Dan Ennis • June 4, 2024 -
Permission granted by Atlanta Postal Credit Union
Georgia credit union to buy Affinity Bank
The acquisition is the 11th whole-bank purchase by a credit union this year, tying 2023's level of activity — with seven months remaining in 2024.
By Rajashree Chakravarty • May 31, 2024 -
Maks_Lab via Getty Images
Gesa Credit Union to buy Washington bank
The transaction, expected to close next year, marks the fourth time a credit union has moved on an Evergreen State bank this year. The purchase price was not disclosed.
By Banking Dive staff • May 24, 2024 -
Permission granted by Pima Federal Credit Union
Arizona credit union to acquire bank
Pima's acquisition of Republic Bank of Arizona, expected to close in the second half of the year, would give the Tucson-based credit union a foothold in the Phoenix area.
By Rajashree Chakravarty • May 17, 2024 -
Maks_Lab via Getty Images
LinkBank sells 3 NJ branches to credit union
The branches more than double Philadelphia-based American Heritage's Garden State footprint. The transaction aims to help LinkBank achieve efficiencies tied to its recent purchase of Partners Bank.
By Dan Ennis • May 10, 2024 -
Permission granted by TDECU
Houston area-based TDECU to buy Louisiana bank
At more than $1.2 billion in assets, Sabine is one of the largest banks to be part of an acquisition by a credit union. It's the eighth such deal this year.
By Banking Dive staff • May 1, 2024 -
Permission granted by Navy Federal Credit Union
Navy Federal’s ‘community bank’ label draws ICBA rebuke
The trade group wants the FDIC and NCUA to issue cease-and-desist orders against the credit union's characterization of a co-branded program with the Defense Department.
By Gabrielle Saulsbery • April 4, 2024 -
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Harborstone Credit Union to buy SaviBank
The acquisition will end Savi's effort to create Orca Bank, a Washington state-chartered de novo that received FDIC approval last August.
By Ken McCarthy • March 22, 2024 -
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How Golden 1 used AI to find ‘good risk’
The credit union partnered with Zest AI to build its own customized credit scorecard and has seen a 28% increase in approvals to protected classes of borrowers, Golden 1's CEO said.
By Ken McCarthy • March 12, 2024 -
David Ryder/Getty Images via Getty Images
Sound Credit Union to buy Washington Business Bank
The Sound deal, set to close in the fourth quarter, marks the sixth acquisition of a whole bank by a credit union this year and the second in the Pacific Northwest.
By Ken McCarthy • March 11, 2024 -
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Compliance, overdraft fees may get greater focus in left-leaning NCUA
Liquidity and interest rate risk remain “very high priorities” for regulatory agencies, credit union executives said at a conference last week.
By Ken McCarthy • March 11, 2024
