Around the States

Q2 2022 State-Chartered CUs Federally-Chartered CUs Total CUs % of State-Chartered CUs
Assets $1.081 T $1.077 T $2.158 T 50%
Credit Unions 1,915 3,042 4,957 39%
Members 64 M 69.9 M 133.9 M 48%

*Q2 Data is currently being updated in each state.

Recent Multi-State News

America’s Credit Union Museum Names ‘Herstory’ Inductees

Twenty visionary women will be honored during the September premiere of the new interactive exhibit. 

Ahead of the premiere of its new exhibit honoring the contributions of women who advanced the credit union movement, America’s Credit Union Museum named 20 “Herstory” inductees on Tuesday.

The exhibit, “Credit Union Women Making History: Herstory,” will premiere at ACUM’s 20th Anniversary celebration on Sept. 29 in Manchester, N.H. During this event, 20 women will be formally inducted. In addition to its physical display at the museum, the interactive Herstory exhibit also will be available online.

Click here to read the list of inductees.

Three Credit Unions in Three States Seeking Merger into One

Three credit unions in three different states have announced plans to merge with each other.

Aug. 30, 2022 — The $95-million Pinnacle Credit Union in Atlantathe $51-million MUNA FCU in Meridian, Miss., and the $80-million RVA Financial Credit Union in Richmond, Va. said they are seeking to combine pending regulatory approval and membership votes.

According to the three credit unions, if approved each would maintain its individual brand for a “short time” as they work to determine a unified brand. The organization’s combined assets would be approximately $216 million and the CU would more than 23,000 members with five branches across Virginia, Mississippi, and Georgia.

All three credit unions are running the same core system, which they noted will make merging easier. NCUA call report data show all three credit unions are profitable.

Click here to read more.

Mergers, mergers, and more mergers:

Second Largest CU Membership Formed in N.Y. After Merger Approval

July 2022 – Members of Capital Communications Federal Credit Union (CAP COM) approved a merger into the State Employees Federal Credit Union (SEFCU) that creates New York’s fourth largest financial cooperative with $8.3 billion in assets and 523,712 members, forming the second largest membership in the Empire State.

“The overwhelmingly positive CAP COM member vote confirms our historic merger. It also affirms what we’ve learned after more than a year’s worth of discussions and planning – bringing together our two like-minded and high performing credit unions presents tremendous opportunities for our members, employees and community partners,” the credit unions said in a prepared statement on Tuesday.

Click here to read more.

And the Top Credit Unions in the Country & Every State Are…

June 22, 2022 — Forbes has released its list of Best In-State Banks and Credit Unions, with the publication reporting that just 3.4% of credit unions across the country made the cut for its best-in-state rankings.

It should be noted that many credit unions are excluded due to their smaller membership numbers, meaning they are less likely to be contacted as part of the research for the rankings.The rankings exclude most of the big money center banks, along with Navy FCU, due to its “disproportionate” size ($160.4 billion), according to Forbes.

Between one and five banks and credit unions in each state were awarded the Best-In-State designation, based on the number of consumer responses to a Forbes survey in each state. According to Forbes, each bank and credit union on average received completed survey responses from 50 surveys/interviews, which queried consumers on topics ranging from mobile banking ease-of-use to transparency of fees and interest rates, plus the hours and accessibility of bank branches.

 Click here to see full coverage of America’s Best Credit Unions In Each State.

Across the States Marijuana/Cannabis Banking Updates

May 2022 – Bipartisan support in the Senate grows for passage of the SAFE Banking Act, which would facilitate banking access for cannabis companies. Access to banking is a well-known issue for the cannabis industry and the repeated efforts to obtain the bill’s congressional passage over the past few years remains a hot topic for industry insiders and participants. Senator Patty Murray (D-WA) is currently leading a push to include it in a sweeping package intended to help resolve the country’s ongoing supply chain issues.

Attorney General Merrick Garland told Congress last week that the US Department of Justice still considers enforcement of federal cannabis policy to be a low priority, maintaining in place the hands-off approach prosecutors have taken toward the industry for more than seven years. Garland made the comments at a House Appropriations subcommittee hearing.

Click here to read the entire article, including international developments.

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