Credit unions

The average credit union member had saved $286 less in March compared to a year earlier. That was the largest per-member drop in credit union history, fueled by rising costs of living and more aggressive competition.

The $4 billion-asset United Federal Credit Union partnered with the Nevada Housing Division to offer first-time homebuyers access to down-payment assistance.

Twenty lenders from across the country are participating in Underwriting for Racial Justice, a collaborative effort to develop new criteria that will enable marginalized borrowers to gain access to credit.

Under guidelines proposed this month, credit unions would see changes in the quality standards for computer-generated appraisal systems, along with when and how financial institutions and consumers can request reconsiderations of value.

Companies like U.S. Bancorp have found ways to apply the information they use to serve thin-file applicants to small-business owners and other borrowers.

Community Financial Credit Union is partnering with the hosts of "Bargain Block" to renovate low-cost homes and help prospective buyers qualify for their first mortgage.

Collins Community Credit Union in Cedar Rapids, Iowa, said Monday that it laid off 38 employees, primarily in its mortgage lending division. In September, GreenState Credit Union in North Liberty, Iowa, cut 42 employees, or about 5% of its workforce.

AI, ML, predictive analytics and complex algorithms can help lenders expand credit to more consumers, but some critics feel the technology can feed into existing discrimination and bias that applicants face.

By offering financial education through local crisis centers and community groups — and following through with access to credit — many credit unions are building trust with people who had been wary of working with mainstream institutions.

Ryan Donovan, a longtime credit union advocate and executive vice president of the Credit Union National Association, will officially succeed John von Seggern on Sept. 6.