Arrha Credit Union, Pittsfield Cooperative Bank to Merge
Springfield-based Arrha Credit Union and Pittsfield Cooperative Bank are seeking to merge, the first example of this controversial deal type in Massachusetts in recent years.
Regulators Allow for Short-Term Troubled CRE Loan Mods
A top real estate industry trade group got to take a victory lap last week as federal banking regulators announced some rule changes around how banks will be required to deal with a wave of office loans that are maturing just as future demand for office space looks shaky.
Mass. Credit Unions Saw Double-Digit Loan Growth Last Year
A majority of Massachusetts credit unions had double-digit loan growth last year, but the state’s credit unions continued to see one of the lowest returns on average assets in the U.S., according to data released this month by the National Credit Union Administration.
Credit Unions Continue to Lose Members This Year
While most Massachusetts credit unions had positive net income in the first quarter, the state’s credit unions continued to lose members at a higher rate than most other states, according to data released this week by the National Credit Union Administration.
Net Income Down at Some Massachusetts Credit Unions
Massachusetts had fewer credit unions with positive net income in 2021 compared to the previous year, according to data released last week by the National Credit Union Administration.
Most MA Credit Unions Saw Positive First Quarter Growth
Most Massachusetts credit unions had positive net income during the first quarter despite the start of the coronavirus pandemic, according to data released by the National Credit Union Administration.
The Benefits (and Risks) of Using Alternative Data in Credit Underwriting
When compared to traditional credit scores and attributes, cashflow-based metrics appear to predict creditworthiness within the subpopulations at least as well as the traditional metrics.
Regulation, Competition Drive Credit Unions to Merge
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.
NCUA Raises Appraisal Threshold on Real Estate Loans to $1M
The federal regulator governing credit unions is dramatically increasing the threshold for when an appraisal is required in commercial real estate loans.
Three MA Credit Unions Receive Federal Grants
Three credit unions in Massachusetts recently received grants from the NCUA.
Vega Turns Down Top Post at CCUA
In a surprising turn of events, Sarah Vega has decided to forego the top job at the Cooperative Credit Union Association and return to her position as chief of staff to NCUA Board Chairman J. Mark McWatters.
NCUA to Consider Contentious CU Field of Membership Rule
The National Credit Union Administration on June 21 will consider a final rule regarding field of membership, a move that bankers are fiercely opposed to.
Federally-Insured Credit Unions Off to Solid Start in 2018
Federally-insured credit unions continued to see solid growth in the first quarter of 2018.
NCUA Makes New Business Loan Rule Official
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.
NCUA Offers Funding Opportunities for Low-Income Designated CUs
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.
Federal Judge Strikes Down Two Provisions in NCUA Field of Membership Rule
A federal judge has struck down two provisions in a National Credit Union Administration that makes it easier for credit unions to further expand their membership. The ruling will be seen as a partial victory for the banking industry, which strongly opposed the rule.
MA CUs Show Solid Performance in Q4, but Flat Membership Growth
Credit unions in Massachusetts continued to perform well in the fourth quarter of 2017, but showed zero growth and potentially even losses in membership.
Credit Unions to Get Back $736M with Close of Temporary Stabilization Fund
The National Credit Union Administration on Thursday approved the distribution of of $736 million to eligible, federally insured credit unions in the third quarter of 2018, funds that are available because of the NCUA’s decision in October to close the Temporary Corporate Credit Union Stabilization Fund.
Peabody Municipal FCU Sole CU In MA To Miss Q2 Call Report Deadline
Peabody Municipal Federal Credit Union was the only credit union in Massachusetts to pay a civil penalty for turning in a late call report and missing the March deadline for the second quarter of 2017, according to the National Credit Union Administration.
ICBA Takes CU Tax Exemption Fight To Local Level
Frustrated by the unwillingness of House or Senate Republicans to eliminate the credit union tax exemption in either of their tax reform bills, the Independent Community Bankers Association is trying to drum up local support while the issue is hot.
