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The Navy Federal scandal is just the tip of the iceberg. After looking away for 20 years, Congress needs to focus on providing real oversight of the credit union industry.
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An advocate for the credit union industry pushes back against "tired" and "recycled" criticism from bankers.
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The nation's largest credit union allegedly engaged in racial discrimination resulting in calls for further investigations and regulations. Had Navy Federal been subject to the Community Reinvestment Act it may have avoided this problem.
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The country's largest credit union is learning the hard way that failure to assure inclusivity in lending practices is a recipe for both financial and reputational damage.
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Small towns, in which community banks are disappearing, have increasingly little to offer nascent businesses in the way of reliable credit.
The Ann Arbor, Michigan-based fintech is working with two Michigan credit unions to pilot a service that allows consumers to jointly save for purchases.
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The $12.1 billion-asset DCU launched the loan platform in 2022, and has seen volume jump by close to $600 million from when talks began in 2019 to last year.
April 5
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The $171 billion-asset Navy Federal Credit Union began operating roughly 60 locations and more than 270 ATMs as part of the Overseas Military Banking Program this month. The contract was awarded in September of last year, but faced federal deposit insurance challenges and industry pushback from credit unions and banks alike.
April 3 -
The $4.2 billion-asset MCU in New York is working with Ameriprise Financial Institutions Group to connect members with the firm's network of digital advisors and offer investment planning options alongside its traditional products.
March 25 -
Lack of understanding remains a key hurdle for adopting traditional and generative artificial intelligence-powered tools, but banks and credit unions are still eager to use AI, according to data from Arizent.
March 19
The institution took the lead spot in American Banker's annual ranking of Best Credit Unions to Work For in part by giving employees freedom and flexibility in how they do their jobs.
New policies, aided by partnerships with local organizations, are helping credit unions make significant progress on DEI.
The 70 institutions on this year's list create a great work environment by offering robust benefits, recognizing a job well done and providing clear communication from the C-suite.