The $852 million Honor Credit Union of Berrien Springs, Mich. will not buy the $53.3 million Citizens State Bank of Ontonagon, Mich. “Citizens State Bank of Ontonagon and Honor Credit Union have mutually decided to continue serving their respective customers and...
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 Liquidates Chicago Credit Union
The $116,449 St. Elizabeth’s Credit Union in Chicago became the first credit union liquidation of 2018, the NCUA said Tuesday. Following a 60-day suspension last fall, the Illinois Department of Financial and Professional Regulation determined that the credit...
Fate of ADA Lawsuits Hazy for CUs Despite Virginia Decision
Recent news of Northwest Federal Credit Union’s successful challenge to an ADA lawsuit may seem like an omen for the industry, but it doesn’t mean similar cases against other credit unions will necessarily end the same way — or that new suits...
Savings Rate Dips to Pre-Recession Low
Consumers ended 2017 by accelerating spending faster than their incomes, squeezing their savings rate to its lowest levels since the eve of the Great Recession. The U.S. Commerce Department reported Monday that personal savings were an annualized $351.6 billion in...
India & Mexico Get an Early Taste of the ‘Bank of Amazon’
As Wall Street worries about someday going up against the “Bank of Amazon,” recent moves by the online shopping Goliath indicate it’s already going in that direction overseas. In places like India and Mexico, Amazon.com Inc. is offering unique...
No Mobile Banking Features? You’re Becoming a ‘Dinosaur’
Data from a new survey by the Federal Reserve Bank of Boston suggests that credit unions that don’t offer mobile banking, blow off mobile payments and ignore the mobile needs of business customers could head the way of the dinosaur. The report surveyed 706...