Given the services they provide and their structure, credit unions should presumably adhere to stringent regulatory requirements — like banks do — and public disclosure requirements — like nonprofits do — but neither is the case. These substantial regulatory and disclosure gaps shield the credit union industry from proper scrutiny, which is a disservice to all Americans. This is especially problematic for those who support traditional, mission-driven credit unions facing competitive pressures from modern ones pursuing profits.
2019 wrapped up in record fashion for the nation’s largest credit unions. And unfortunately for American consumers and taxpayers, what’s good for these so-called “not-for-profits” isn’t good for the people that pay the bills.
United States District Court Judge Joseph H. McKinley, Jr. has sentenced Josephine M. Crowe to 132 months’ imprisonment followed by 3 years supervised release. He also ordered restitution in the amount of $3,049,025 for fraud and aggravated identity theft, announced United States Attorney Russell Coleman. – U.S. Department of Justice, November 2019
Credit unions were created in the 1930s with a noble purpose in mind: Pool the resources of people who shared a common bond to help relieve the financial struggles of people of modest means within their community of shared interests.
Shop Therapy: A Bank Buying Bonanza. Large credit unions have been gobbling up smaller credit unions by the dozen, with 187 acquisitions last year, according to the Wall Street Journal. With fewer targets remaining, acquisitive not-for-profit credit unions have turned their attention elsewhere, buying a record number of banks.
We all know the sacrifices made each and every day by our men and women in uniform to defend our freedom. Shouldn’t we, in turn, ensure their freedom to select the best financial services to fit their needs? That can only happen if we allow our service members greater access to regulated on-base banking services than they currently receive.
San José State University and Provident Credit Union (Redwood City, CA) entered into an $8.1 million, 20-year partnership agreement to rename The Event Center at San José State University to Provident Credit Union Event Center.
Corporate America Family Credit Union has purchased Ben Franklin Financial, the holding company for Ben Franklin Bank of Illinois, in an all-cash transaction.
Verve, an Oshkosk, Wis., credit union said it planned to acquire South Central Bank NA, a $300-million community bank based in the Chicago area. – CU Today, June 2019
MIDFLORIDA Credit Union has biggest bank buy to date by merging with Community Bank & Trust of Florida.
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