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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.
The $1.1 billion-asset credit union — now known as Skyla Credit Union — changed its name to reflect an August 2021 merger with the neighboring Premier Federal Credit Union.
The National Credit Union Administration took charge of O.F. Toalston Federal Credit Union and Mingo County Education Federal Credit Union regarding concerns of unsafe and unsound business practices.
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.