Credit unions

REV Federal Credit Union in suburban Charleston, South Carolina, plans to acquire First Neighborhood Bank in West Virginia. It marks the 15th deal this year involving a credit union buying a bank, closing in on 2022's record of 16 deals.

A Northwest credit union announced plans this week to buy a community bank, lifting the 2024 total of such deals to 13 and putting the year on track to set a record. The all-time annual high of 16 was set in 2022.

Atlanta Postal Credit Union's bid to acquire Affinity Bank marked the 11th deal overall this year involving a credit union buying a bank, matching the total for all of 2023. Separately, members voted against the merger of two credit unions in Indiana.

Shared services organizations PSCU and Co-op Solutions are offering post-purchase buy now/pay later loans, with the goal of reaching consumers who are concerned about managing their credit.

The lawsuit accuses Navy Federal of violating the Fair Housing Act and the Equal Credit Opportunity Act after a CNN report that the lender approved a lower percentage of Black and Latino mortgage applicants.

Credit unions and banks are lending more to merchants based in the Western U.S., reflecting trends reported in the Umpqua Bank 2023 Business Barometer and running against broader economic pessimism.

While credit unions are being cautious with this lending line, some see opportunities to grow their commercial books amid setbacks at big-name banks such as Wells Fargo.

Subordinated debt issuances and asset-backed securities have helped institutions of all asset sizes weather recent market uncertainties and fuel campaigns for growth, according to executives and investment experts.

Car loans are among the bread-and-butter products for credit unions, but slowing demand and growing delinquencies are putting some pressure on the category.

Credit unions like to boast that they offer lower rates than banks, but many are bucking that trend to boost liquidity and offset other costs.