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?

NCUA Draft 2027-2028 Budget

AGENCY: National Credit Union Administration (NCUA) SUMMARY: NCUA's draft “detailed business-type budget” is being made available for public review as required by federal statute. The proposed resources will finance the agency's annual operations and capital projects,...

Conversion to State-Chartered Credit Union

AGENCY: National Credit Union Administration (NCUA). SUMMARY: The NCUA Board (Board) solicits public comment on a proposal to remove a regulatory provision regarding the process for maintaining federal share insurance following the conversion of a federal credit union...

Nonconforming Investment Special Reserve

( printed page 66532) AGENCY: National Credit Union Administration (NCUA). SUMMARY: The NCUA Board (Board) is proposing to amend its regulations governing the requirements for federal share insurance. This action would remove the requirement for federally insured,...

Former Michigan CEO Admits Embezzlement

Stanley Hayes, former president/CEO of the liquidated Valley State Credit Union, is scheduled to be sentenced in April after he admitted to embezzling $710,000 from the Saginaw, Mich. cooperative. Michigan Attorney General Bill Schuette said Hayes pleaded guilty in a...

Florida CUs Rally for High School Shooting Victims & Families

While the mood throughout south Florida remains somber following the shooting deaths of 17 people at Marjory Stoneman Douglas High School in Parkland, Fla. on Valentine’s Day, credit unions throughout Broward County are rallying behind the school community and...

Professionals Make Moves at Credit Unions, CU Direct

This past week, employees at five credit unions began new positions. Plus, auto lending CUSO CU Direct promoted an executive. WEST The $1 billion Credit Union 1 in Anchorage, Alaska promoted James Wileman from COO to president/CEO. Wileman joined Credit Union 1 as...

Cyber Hacks Cost Up to $109 Billion in 2016, U.S. Estimates

Malicious cyber activity cost the U.S. economy between $57 billion and $109 billion in 2016, the White House said Friday. The estimate comes in a Council of Economic Advisers (CEA) report on the impact of cyber attacks on U.S. government and industry. The...

Sen. Hatch, the Banker & the Credit Union Tax Exemption

Sen. Orrin Hatch’s (R-Utah) recent broadside against the credit union tax exemption left a lot of people saying, “Huh?” Hatch had already announced he would not seek another term in the Senate this year, and Congress had just completed tax overhaul...