Empty vintage congress hall with seats and microphones.

10 Questions We Would Have Asked NCUA Board Nominees

Last week two new NCUA board nominees, Todd Harper and Rodney Hood, were questioned on the direction of the credit union industry by the Senate Banking Committee in their confirmation hearing. Banking...

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NCUA’s Failures Drive PenFed’s Greed

PenFed is quickly turning into the poster child for credit union industry problems. The $24.5 billion credit union recently announced its acquisition of Progressive Credit Union, a New York-based cred...

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Two hands of businessmen passing a stack of dollars

By Acquiring Progressive, PenFed Could Be Allowed to Serve Anyone

PenFed announced Wednesday that it has acquired Progressive Credit Union, a New York City-based credit union that has suffered heavy losses because of its taxi medallion loans. The NCUA approved th...

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Stack of files and paperwork

While Other Nonprofits Struggle with Reporting Responsibilities…Credit Unions Get Off Scot-Free

The Treasury Department is trying to blunt the impact of an unpopular new tax on churches and other nonprofits. The agency released interim regulations today spelling out exactly how the tax...

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Money being cut showing cutbacks or wasteful spending

Money Is Power, and NCUA Is About to Have None

Once again credit unions are gaming the system, this time by trying to defund their own regulator. Large credit unions pushed for several provisions in a new financial deregulation bill that would all...

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credit unions not paying taxes

After Failure of Six Large Credit Unions, NCUA’s Share Insurance Fund Drops by Nearly $750 Million

Fueled by the failures of six credit unions this year, the NCUA’s Share Insurance Fund reserves had dropped $744.9 million by the end of the year’s 3rd Quarter, agency officials said Thursday. Despite...

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Is NCUA on Permanent Vacation?

If you’re driving on a freeway and know there won’t be a cop for miles, will you follow speed limits anyway? Maybe not. And if you run America’s second largest credit union and know the cops either ar...

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Black and white chess kings on chess boards

Are Credit Unions Practicing Predatory Lending?

Senator Elizabeth Warren (D-MA), who is no friend of big banks, recently asked a simple question: should credit unions have to adhere to the Community Reinvestment Act (CRA)? According the Office of t...

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Capitol Hill Building closeup shot, Washington DC.

Revisiting the Federal Credit Union Act

We all recognize the jingle: “PenFed’s Got Great Rates for Everyone”. We’ve seen the names of various credit unions plastered across our professional baseball and football stadiums — $120 millio...

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