Page 43 - Cuj Content News Today

TruMark has begun the search for its next chief executive after Rick Stipa, who led the credit union for more than 20 years, announced he'll step down.

The combination of the Bay Area credit unions creates an institution with nearly 50,000 members.

Scott Ward succeeds longtime chief executive Gary Williams, who retired at the end of January.

The combined organization would have more than $3.6 billion of assets and a few dozen branches in Georgia.

The coronavirus and economic impediments have made it hard for credit unions to add members in recent years. Yet efforts to adapt to less face-time with customers, rev up auto lending and refine other aspects of their businesses are starting to pay off.

Rohit Chopra, the director of the Consumer Financial Protection Bureau, has cautioned banks, credit unions and fintechs about fair-lending violations that may stem from reliance on artificial intelligence. His comments threaten to discourage financial firms from using the technology to crunch nontraditional data about borrowers, experts say.

The National Credit Union Administration's first prohibition order of the year addresses a former vice president of lending at a Virginia credit union who was accused of improperly approving business loans.

Using its new designation as a community development financial institution, Kitsap plans to offer loans and low-cost mortgages to underserved consumers in its communities, including Native Americans and the elderly.

There's a lot of pent-up consumer demand for new cars, but credit unions face stiff competition from large banks and online dealerships. Some are stepping up marketing while others are eyeing new loan categories.

The National Credit Union Administration would require federally chartered institutions to have a plan in place to replace key positions amid concerns over consolidation and the aging of credit union leadership.