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Congress needs to take immediate action to reform policies that foster this trend and ultimately subsidize banking consolidation on Main Street, writes Rebeca Romero Rainey, president and CEO of the Independent Community Bankers of America.
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Branch office deposit data is among the most confidential information at a bank, especially those with many branches. Why have regulators made this sensitive competitive data public for banks and thrifts annually for over 50 years but not for credit unions?
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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.
The trend of credit unions buying banks is a lightning rod for controversy in the banking industry. Despite this, such mergers are increasingly common.
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Following Sunday's news of President Biden's decision not to seek reelection, see how the past two administrations handled banking reforms and what the future might hold.
July 22
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Leaders that have created virtual "branches" weighed in at American Banker's Digital Banking conference on how to approach implementation and what results have been like.
June 27
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The Minneapolis-based Thrivent Financial for Lutherans received approval from the Federal Deposit Insurance Corp. on Friday for its industrial loan company application and planned merger between the institution and subsidiary Thrivent Federal Credit Union.
June 21
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Statewide Federal Credit Union in Flowood used its partnerships with Bankjoy and Strum Platforms to identify untapped communities in its field of membership and aggressively market its inaugural high-yield savings account.
June 14
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.