The bank trade group called for lawmakers to revoke the industry’s tax exemption and suggested that credit union acquisitions of banks create a “brain drain” of local lending expertise that could slow any economic recovery.
The Flint-based credit union is the state's third in just over one year to get the OK for an expansion allowing anyone who lives or works in the state to join.
Any business loan growth the industry sees this year will be closely tied to mass vaccination efforts and a broader economic recovery, meaning it may take until at least the third quarter for pent-up demand to translate into new opportunities.
The Maryland-based credit union has promoted Chief Operating Officer Tonia Niedzialkowski to president of the organization with an eye toward eventually naming her CEO.
California Polytechnic State University is said to be seeking a new banking partner, a move which could leave the university-based credit union without a home.
T.J. Tijerina, a 16-year employee at the Houston-based credit union, has taken over as president and CEO in advance of Ron Downing’s retirement later this year.
Catherine Galicia formerly led the Consumer Financial Protection Bureau's legislative affairs division, and has extensive experience in banking and on Capitol Hill.