Credit unions remain on track for record growth this year, despite the weak start for the U.S. economy in the first quarter, CUNA economist Mike Schenk said Monday. While President Trump’s one-pager budget released April 26 contains ideas for tax cuts that might...
Credit Union Industry News & Updates
The Credit Union & Banking worlds are changing faster today than they ever have. Keep informed about what’s going on in the industry.
WHAT’S GOING ON AT CREDIT UNIONS?
Courts Will Not View DOL Fiduciary Rule Repeal Favorably
The chief architect of the Labor Department’s fiduciary rule, Phyllis Borzi, sees a tough road ahead for the Trump administration in repealing the rule. “If the administration decides to flip it [the fiduciary rule] or make changes, they will be sued and...
Former CU CEO Gets Two Years for Embezzlement
A former CEO of a Pennsylvania credit union was sentenced to two years in prison Friday for embezzling more than $740,000. U.S. District Court Judge Davie S. Cerione also ordered Karen Schenck, 50, of Bear Lake, Pa., to pay $696,273 in restitution and served five...
CHOICE Act Could Boost Fees Paid by Credit Unions: CBO
The House Financial Services Committee’s plan to overhaul the Dodd-Frank Act could result in increased fees to financial institutions, including credit unions, the Congressional Budget Act said in a newly released report. The CBO reported that the House...
SAFE FCU, Honor CU, Others Hire and Promote
This past week, six credit unions revealed hires, promotions and appointments, while one credit union mourned the sudden loss of its CEO. Read on for the latest People news. WEST $1.7 billion Vantage West Credit Union in Tucson, Ariz., appointed Jeff Post to serve as...
Bethpage FCU Merges With CU Hit by Taxi Medallion Losses
New York’s largest credit union by assets, the $6.8 billion Bethpage Federal Credit Union, said Friday it will merge with the $118 million Northwell Health Federal Credit Union, which serves the Empire State’s largest health care system and the...