Page 11 - Cuj Feature News Today

Overdue loans for U.S. credit unions hit 0.42% in June — the lowest level in the industry's history. But some warn of deteriorating credit quality as the economy sours.

Local Government Federal Credit Union in Raleigh has relied on State Employees' Credit Union's guidance — and branch network — since the smaller institution's inception in 1983. But that relationship was never supposed to be permanent.

Even legal dispensaries can be risky business partners, so Southern Chautauqua Federal Credit Union is working with Green Check Verified to make sure everything is above board. "Just because somebody has a license from the state, they can't show up with a duffel bag full of cash like Scarface and say let's do business together," Green Check CEO Kevin Hart said.

Dennis Halpin will conclude his 18-year tenure with the credit union effective January of next year.

The Hauppauge, New York, institution plans to take advantage of its open charter that allows anyone in the U.S. to join after several years of building out its infrastructure to support a national business. Bankers decried the move as further overreach by the credit union industry.

The America's Credit Union Museum recognized twenty prominent pioneers for their accomplishments and storied careers. It's the first such exhibit in the New Hampshire facility's 20-year history.

U.S. banks closed almost 3,000 more branches than they opened last year, but credit unions' branch count crept up in the second quarter despite consumers' heavier reliance on digital channels for account management.

With the island still feeling the effects of Hurricane Maria five years earlier, organizations like the Inclusiv Network and the National Credit Union Foundation are providing support to institutions and residents starting to rebuild.

Vermont State Employees Credit Union is attracting new cannabis clients so rapidly that it had to press the pause button to add staff. Another New England lender, Needham Bank, is building its own pot banking business through acquisition.

Federal credit union boards would be able to dismiss a problematic customer in a streamlined process under the National Credit Union Administration's tentative plan.