Low angle shot of modern glass city buildings with sunset background.

VyStar Shoots for Meteoric Growth at Taxpayer Expense with Small Bank Purchase

Never-ending acquisitions for large, federal income tax-exempt credit unions! In yet another attempt to grow at “no speed limits,” a massive credit union has used its taxpayer-backed dollars to purcha...

Read More
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...

Read More
Valentines Day background with patterned textile hearts on old wooden

Valentine’s Day Shot/Chaser: A Trade Association and Its Regulator’s Love Story

Shot: “One of the National Association of Federally-Insured Credit Unions’ key regulatory priorities is to promote a strong, independent National Credit Union Administration.” [https://www.cujournal.c...

Read More
modern office building in the city

Everything’s Bigger in Texas…Now Including PenFed

After an 18-month search over 100 cities in all 50 states, PenFed has finally decided where it will establish its $48 million, 300,000 square feet regional financial center: San Antonio! Never mind th...

Read More
Stacks of money. Twenty dollars. 3D illustration.

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...

Read More
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...

Read More
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...

Read More
American Capitol Hill Building with tree and blue sky, Washington DC, USA

Congressional Crackdown on NCUA Looming?

The recent WSJ piece regarding PenFed’s unsatisfactory anti-money laundering program and NCUA’s inability as a regulator to keep one of the biggest credit unions in check should be a massive reminder ...

Read More
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...

Read More
Kam Wong Municipal credit union embezzelment

Kam Wong Pleads Guilty to $9.8 Million Embezzlement After Admitting to Receiving Drugs from Supervisory Member

In June 2018, Municipal Credit Union CEO Kam Wong was charged with embezzlement and accused of using members’ money to maintain a lavish lifestyle, despite already earning a $2 million salary.&n...

Read More
Top