Page 7 - Cuj Content News Today

The West Palm Beach credit union named Steve Bosack as its new chief executive. He has worked for the National Credit Union Administration and Pentagon Federal Credit Union among other stops.

Co-Op Solutions, which represents more than 1,800 credit unions, used its scale to negotiate a favorable deal with the STAR Network.

In February's roundup of American Banker's favorite stories: An international African American sorority enters the credit union market; a deep dive into the ideology behind banks giving out free pens; and a rising number of financial institutions are facing a tightening of liquidity and more.

Car loans are among the bread-and-butter products for credit unions, but slowing demand and growing delinquencies are putting some pressure on the category.

Executives have ramped up initiatives for educating members, staffers and directors on how to gain support from legislators.

SeaComm Federal Credit Union of Massena, New York, and St. Lawrence Federal Credit Union of Ogdensburg, New York, are planning to merge by the end of the year.

The National Credit Union Administration would give tentative OKs to organizers of startups so they can secure enough capital for a final approval, Vice Chairman Kyle Hauptman says. Some industry observers describe the plan as a step in the right direction, while others complain more has to be done to foster new credit unions.

Credit unions have individually made progress in making their ranks more diverse and inclusive, but their efforts are starting to bump up against the political discourse over "woke" corporate cultures.

The collapse of the Sam Bankman-Fried's controversial crypto exchange changed consumers' view of digital assets. Credit unions, in turn, pivoted to focus on lower-risk services.

Like banks, credit unions seek growth in deposits, loans and other products. The starting point for many is to get more members in the door, executives say.