Around the States
Dec. 8, 2023 Stories
Idaho Central Issues $80 Million in Subordinated Debt, ‘One of the Largest’ Ever
The private placement increases its net worth ratio, which has lagged peers. Idaho Central Credit Union is bolstering its net worth through $80 million in subordinated debt issued Nov. 7. The Luse Gorman law firm of Washington, D.C., which served as legal counsel to Idaho Central in the offering, said the private placement of $80.0 million of subordinated notes was “one of the largest single issuances of subordinated debt by a credit union.” It follows a $100 million issue announced in February by GreenState Credit Union of North Liberty, Iowa ($11.2 billion in assets, 447,703 members as of Sept. 30) to support minority homeownership.
13 Michigan Credit Unions Named as Top Workplaces
For the 16th annual Michigan’s Top Workplaces, the Detroit Free Press partnered with Energage to recognize 225 as Top Workplaces, 13 of which were credit unions. “It’s great to see the Detroit Free Press recognize so many credit unions for this year’s Top Workplaces survey,” said MCUL President/CEO Patty Corkery. “Every year, I see Michigan credit union leaders prioritizing culture, learning how they can foster a workplace that creates a healthy environment for collaboration and trusted member service.”
House Passes Resolution of Disapproval for CFPB’s Section 1071 Rule
On Friday, December 1st, the House passed a resolution of disapproval regarding the Consumer Financial Protection Bureau’s (CFPB) rule for Section 1071 of the Dodd-Frank Act, which would require credit unions to collect and report data on specific applications for credit. Namely, applications from female-owned, minority-owned, or small businesses.
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