Credit Union Times

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Senators Demand Answers From NCUA Over Legality of Solo Board Actions

1 week ago | cutimes.com | Michael Ogden

Lawmakers seek legal justification for NCUA decisions made after Trump’s removal of two board members left agency without a quorum. elizabeth warren U.S. Senators Elizabeth Warren and Maxine Waters are calling on NCUA Chairman Kyle Hauptman to explain the legal basis for recent agency actions carried out since the controversial firings of two NCUA Board members by President Donald Trump.
CU Chief People Officer Mimi Singer Lee Energizes Teams Through Collaboration

1 week ago | cutimes.com | Natasha Chilingerian

Title: Chief People Officer Age: 48 CU Times: How long have you been with EFCU Financial? Mimi Singer LeeSinger Lee: I am approaching my first anniversary with EFCU Financial this summer! It has been such a great year of learning the credit union space and being part of such a close-knit community. CU Times: What is you education background? Singer Lee: I am a proud three-time alumna of Louisiana State University (Geaux Tigers!).
Praised by Credit Unions, GENIUS Act Passes Without Controversial Amendments

1 week ago | cutimes.com | Michael Ogden

Senate excludes interchange and rate-cap amendments, advancing bipartisan stablecoin legislation backed by credit unions and community banks. Credit: iQoncept/Adobe Stock The U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 1582) Tuesday by a 68-30 vote, advancing landmark stablecoin legislation while excluding two controversial amendments opposed by the credit union and community banking industries. The Senate rejected efforts by Sen.
CFPB Announces Rule Changes Affecting Guidance Use, Rulemaking Procedures, Civil Penalty Fund

1 week ago | cutimes.com | Michael Ogden

New rules redefine issuance procedures, expand use of supervisory guidance, and restrict Civil Penalty Fund spending on consumer education. CFPB headquarters The CFPB has issued three regulatory updates that signal notable shifts in how the agency operates, including changes to rulemaking procedures, supervisory guidance policy, and the use of Civil Penalty Fund resources.
Credit Unions See Big Drop in Branch Numbers

1 week ago | cutimes.com | Jim DuPlessis

Credit unions closed a net 32 branches and other locations in the first quarter, the biggest drop in more than four years and putting the movement’s branch count once again below its pre-pandemic level. A CU Times analysis of NCUA data shows there were 21,984 branches, headquarters other locations on March 31, including 50 overseas, representing a loss of 32 U.S. locations during the first quarter.
Senate Finance Committee Preserves Credit Union Tax Exemption in Draft Bill

1 week ago | cutimes.com | Michael Ogden

Senate draft retains key financial provisions while exempting CUs from remittance tax and preserving tax-exempt status. U.S. Capitol aerial view The Senate Finance Committee released its portion of the 2025 reconciliation bill this week, with significant tax provisions impacting financial institutions, but notably, it left the credit union tax-exempt status unchanged.
Leadership Roles Filled at VCCU, Metro CU & Radifi CU

1 week ago | cutimes.com | Natasha Chilingerian

Credit/AdobeStock WESTRichard LipariVentura County Credit Union ($1.4 billion, Ventura, Calif.) announced one new hire and one promotion. Richard Lipari was hired as chief information officer. Lipari brings more than two decades of experience leading technology, operations and innovation within the credit union industry, having most recently served as vice president of operations and business intelligence and automation at Lighthouse Credit Union ($1.9 billion, Dover, N.H.).
New CUSO ScribeUp Brings Subscription Management to Credit Unions

1 week ago | cutimes.com | Natasha Chilingerian

New Hampshire’s Service Credit Union becomes the first strategic investor in ScribeUp CUSO. Credit/AdobeStock ScribeUp Technologies Inc., a Venice, Calif.-based subscription management platform provider serving financial institutions, announced Tuesday that it has formed a CUSO. Supporting the launch of ScribeUp CUSO is Service Credit Union ($6 billion, Portsmouth, N.H.), which became the first strategic advisor in ScribeUp Technologies’ newly-formed standalone entity.
Harper, Otsuka Cite Federal Ruling in Latest Court Filing Defending NCUA Positions

1 week ago | cutimes.com | Michael Ogden |Peter Strozniak

New filing cites recent federal ruling to argue NCUA Board lacks independent enforcement power, reinforcing protections against politically-motivated dismissal. Credit: JaRiRiyawat/Adobe Stock In a new legal filing, former NCUA Board Members Todd Harper and Tanya Otsuka are citing a recent federal court decision to bolster their argument that their removals by President Donald Trump were unconstitutional.
Credit Unions Gain Auto Loan Share

1 week ago | cutimes.com | Jim DuPlessis

Credit unions’ biggest gain was in new car loans. The originated 15.3% of the number of loans originated in the first quarter, the most since the fourth quarter of 2023, when they had a 16.3% share. Credit unions’ share had been in a range of about 17% to 22% in the two years before the pandemic. It then peaked at nearly 30% in 2022’s third quarter before falling to a low of 13.0% in last year’s fourth quarter.