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Total loans from credit unions increased by nearly 18%, driven in part by car dealerships rebuilding their inventory. Headwinds in the mortgage market also fueled interest in home equity loans.
State Employees Credit Union in Raleigh, North Carolina, named Leigh Brady as its new chief executive. Outgoing CEO Jim Hayes will run State Department Federal Credit Union in Alexandria, Virginia.
A processing rail that's always turned on can potentially help a credit union that's multiple time zones away from partners, or a community bank looking to automate payroll.
Since 2011, and in ever-growing volume, credit unions have been buying community banks. Some see it as the free market at work while bankers say this is another example of credit unions' unfair advantage.
Yolo Federal Credit Union has served only Yolo County, which has 221,000 residents, since 1954. It's now able to reach Sacramento County, which has 1.6 million people.