Massachusetts residents working at banks, credit unions and mortgage companies have contributed about $57,000 to presidential campaigns in 2020, according to data through Oct. 14 from the Federal Elections Commission.
City of Boston Credit Union Chairman Timothy Smyth sees the lender’s recent milestones – $500 million in assets and 31,000 members – not as the endgame but as steps to more opportunities
Workers Credit Union may be moving its headquarters staff to a new, expanded facility in Littleton this summer, but its main operations center will remain in the old head office in downtown Fitchburg.
Massachusetts has fewer credit unions compared to last year, with more than a dozen institutions completing or planning mergers in 2019 under pressure from many of the same forces plaguing banks.
Tremont Credit Union received approval from the Massachusetts Division of Banks to add the Massachusetts Biotechnology Council (MassBio) to its field of membership. In addition to employees of MassBio, the expansion includes employees of the not-for-profit organization’s 1,200 member companies throughout Massachusetts.
Align Credit Union has received approval from the Massachusetts Division of Banks to expand its field of membership into Norfolk and Suffolk counties.
A Pittsfield developer will be spending nearly two years in prison after attempting to defraud a local credit union with the help of one of its vice presidents.
The federal regulator governing credit unions is dramatically increasing the threshold for when an appraisal is required in commercial real estate loans.
Marlborough-based DCU is partnering with a leader in higher education finance and planning to offer its members access to planning tools and advisors that will help them make smarter college financial decisions.
The industry has long been a vocal critic of the corporate tax exemption that credit unions enjoy, as well as what some might call an overreach when it comes to credit unions’ field of membership expansions and some of the services they provide.
Ronald McLean was hired earlier this year as president and CEO of the Cooperative Credit Union Association, a trade group that represents credit unions in Massachusetts, Rhode Island, New Hampshire and Delaware.
Small lenders could be looking at some relief from changes to the Home Mortgage Disclosure Act that went into effect at the beginning of the year.
HarborOne Bank is planning to raise $310 million in a new stock offering that will make the former credit union fully public.
Changes to reporting requirements under the Home Mortgage Disclosure Act have given small credit unions a bumpy ride in 2018, leaving them to contemplate changing their internal processes, systems and product offerings.
The regulatory relief party may be over in Congress, but credit union trade groups do not seem terribly upset about the results of midterms.
Credit union membership is up 4.7 percent year over year, the fastest growth rate in the industry’s history, according to CUNA Mutual Group’s latest Credit Union Trends Report. In August alone, credit union memberships rose a record 706,000, or 0.6 percent.
With all of the expenses banks and credit union rack up just to cover the cost of doing business, it’s hard to consider paper as a huge driver.
Following passage of the Dodd-Frank relief package, the board of the National Credit Union Administration has approved a final rule to amend its definition of a member business loan in order to comply with the new law.
The National Credit Union Administration yesterday issued a notice of funding opportunity for low-income designated credit unions through the agency’s Community Development Revolving Loan Fund program.
It may not happen often, but both credit union and community bank advocates cheered yesterday as the U.S. House of Representatives passed a Dodd-Frank regulatory relief package, sending the bill to President Donald Trump, who is expected to sign the legislation into law.
