The $979 million IBM Southeast Employees Credit Union said it finalized the acquisition of the $109 million Mackinac Savings Bank in Boynton Beach, Fla. on Wednesday. The CU Times initially reported in December that the Delray Beach-based credit union filed...
Credit Union Industry News & Updates
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Despite Claims, CFPB Remains Inflexible in Rulemaking, Enforcement: CUNA
Disputing recent assertions made by CFPB Director Richard Cordray, CUNA says the agency has done an abysmal job of tailoring its rules to the size and type of financial institutions it regulates. “Regrettably…credit unions continue to tell us that the...
Card Breach at Kmart Stores Again Creates CU Problems
The second credit-card breach in three years at Kmart has once again forced credit unions, and other financial institutions, to deal with the repercussions of potential fraud involving their accountholders. In the first of two-articles, security experts provide their...
CU Officers to Testify at Senate Banking Committee Hearing
With the House likely to consider its Dodd-Frank overhaul bill when it returns next week, the Senate Banking Committee will take the next step in its evaluation of the financial regulatory regime, with a hearing scheduled for June 8. Three credit union officials are...
People
WEST The $2.2 billion Technology Credit Union in San Jose, Calif., hired Mike Floyd as chief credit officer and EVP. An industry veteran, Floyd is responsible for overseeing Tech CU's lending activities and mitigating risk to its loan portfolio. Floyd joins Tech CU...
Embattled Cordray Defends CFPB as House Prepares to Neuter It
As the House prepares to consider legislation to drastically cut his power, CFPB Director Richard Cordray said Wednesday that his agency has succeeded in protecting consumers and disputed assertions it has hampered financial institutions in serving consumers....