The nation's third-largest credit union saw a huge lending spike in 2020, especially in its mortgage division, while membership grew by 159%, thanks in part to merger activity. ... Read full article
CEO James Schenck says the institution's military focus means it must provide services for a group of consumers who move every few years. That has helped it focus more on mobile services and less on brick and mortar. ... Read full article
The deal, PenFed's second merger announcement with a significantly smaller credit union, would expand its footprint into the Midwest. ... Read full article
Institutions considering new technologies must ask themselves what they're looking for not just from a product but from a partner. ... Read full article
Members of Sperry Associates FCU will vote on a deal to merge into the nation's third-largest credit union. Both institutions have roots in serving the defense sector. ... Read full article
A decision that expands the low-income definition to all active-duty military personnel will only enable large credit unions to push out smaller competitors, removing choice for people in the military. ... Read full article
The banking industry is unduly worried that recent credit union deals could open the door for anyone to join. ... Read full article
An “emergency merger” with the troubled Progressive Credit Union gives PenFed — already the nation’s third-largest credit union — the ability to welcome any potential member nationwide. ... Read full article
The credit union says employee charges that its AML program is deficient are false; Michelle Moore, who helped launched the Erica digital assistant, wants more time with family. ... Read full article
Credit unions remain committed to their central missions as they grow, says PenFed’s chairman. ... Read full article
As large credit unions look to expand under NCUA’s new field of membership rule, they should be required to comply with additional bank rules. ... Read full article
