Page 20 - Cuj Feature News Today

The Credit Union National Association kicked off its first in-person governmental affairs conference in two years with members sharing concerns about data-privacy rules, cryptocurrency, prospects for industry growth and the potential economic fallout of war in Europe.

Community lenders may choose to stop serving small businesses rather than absorb the expense of collecting information on race and ethnicity under a proposal by the Consumer Financial Protection Bureau.

In the year's first instance of a credit union buying a bank, Georgia’s Own Credit Union in Atlanta has agreed to acquire nearby Vinings Bank. The Peach State is home to more than 300 banks, making it ripe for such deals.

The joining of Align Credit Union and Alltrust Credit Union is among the first of several deals in the pipeline where both institutions have more than $250 million of assets, as the ongoing pressures of the COVID-19 pandemic prompt more firms to pair up, experts say. Carmen Sylvester, Alltrust's CEO, will lead the combined organization.

Employees at Genesee Co-Op Federal Credit Union in New York and Beneficial State Bank in California formed unions in the past year to bargain for better wages and reform their corporate cultures. Will workers at other community institutions follow their lead?

Unify Financial Credit Union is using a 30-second spot featuring safety Terrell Burgess to highlight the Texas organization's expansion within California.

Village Financial Credit Union expects to begin operations this year after it receives additional capital and a charter. It plans to serve a part of Minneapolis that has no traditional banks or credit unions but is overrun with payday lenders.

CUSO Payment Systems for Credit Unions is working with EnaComm to build web and mobile applications for prepaid cards.

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.

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.