PODCAST: A service-oriented leader
While Michelle Dwyer says she “fell into her job” at $63 million asset Franklin First Federal Credit Union in Greenfield, Mass., there’s more to it than that. Dwyer started as…
Syndicated
NCUA board decreases normal operating level
The NCUA board Thursday approved decreasing the agency’s Normal Operating Level from 1.39% to 1.38%–far less than credit union trade groups have been pushing for during the past year. Board…
Farm bill legalizes hemp farming: Why it matters to CU’s
It’s not often I get to talk about the Farm Bill in this blog but contained within its 1400 pages is an important provision legalizing hemp in states that choose…
2019 credit union technology trends to watch
Wow. What a year!The credit union and FinTech worlds are frothy and lots of change is underway. This year, some of the walls came down and credit unions saw more…
“We need a chip for the internet”
How can online transactions become as safe as chip card transactions? Visa Chief Risk Officer Ellen Richey spoke at the Bloomberg Government Next.2018 conference in Washington, D.C. last month about…
Customer experience has major financial impact for banking industry
Today’s consumer follows a multi-directional path to purchase, with their combined experiences determining what they buy, how much they engage and how loyal they become. Now, for the first time,…
Roughly half of CUs had fewer members year-over-year
While overall membership at credit unions grew in the third quarter, roughly half of the country's credit union reported fewer members at the end of the third quarter of 2018…
Deadline for CUNA Board Nominations is Thursday
Nominations are being accepted for eight open director positions on CUNA’s board of directors. The following positions are open for nomination: District 2--Delaware, District of Columbia, Indiana, Kentucky, Maryland, Ohio,…
Bureau Director Kraninger calls Berger, discusses CU priorities
Bureau of Consumer Financial Protection Director Kathy Kraninger called NAFCU President and CEO Dan Berger yesterday further building on the ongoing relationship between bureau leadership and NAFCU staff. During the…
CFO Focus: Feeling our way into the 2019 economy
As we look toward 2019, we can take a cue from Fed Chairman Jerome Powell, who recently compared setting future monetary policy to walking through a room full of furniture…
‘Extraordinary Dividend’ shows the benefits of membership
Patronage dividends are a direct reflection of a credit union’s cooperative structure. Nowhere is that reflection brighter than at $6 billion asset CEFCU in Peoria, Ill., which lives by the…
NCUA files new lawsuit against U.S. Bank & BOA
In a new lawsuit, the NCUA claimed U.S. Bank and Bank of America unlawfully withdrew money from residential mortgage-backed securities trust funds to pay for their legal costs from court…
Can you send us a W-9?
This week, NAFCU heard from many credit unions who received a letter from Progressive Insurance asking the credit union to fill out and return an IRS Form W-9. Many credit…
20% of financial institutions are missing out on this major feature
The Federal Reserve Bank of Boston conductedstudies earlier this year that produced shocking results. After polling 565 financial institutions, it was revealed that 20% do not offer mobile banking. 14%…
Don’t kill business banking relationships with digital
Online business lenders often turn around a loan request fast, and offer business owners the ability to apply at any time on any device. Important considerations, to be sure, but…
Why most millennials don’t go a week without Venmo
Two years ago, I refused to use Venmo. Today, I don’t go a week without it. Most weeks actually involve five to six Venmo transactions. My personal change in thinking…
What’s the best disaster recovery solution for credit unions?
While it’s not an actual law in a legal or scientific sense, we’ve always been a fan of Murphy’s Law. It states that if something can go wrong, it will.…
CUNA: CECL ‘inappropriate’ for CUs, future relief needed
Application of the current expected credit losses (CECL) standard to credit unions continues to be inappropriate, CUNA wrote to the House Financial Services subcommittee on financial institutions and consumer credit…
Kraninger starts as director of bureau; NAFCU delivers priorities
In a hand-delivered letter Tuesday – new Bureau of Consumer Financial Protection Director Kathy Kraninger's first day of the job – NAFCU's Dan Berger outlined credit unions' top tenets and…
Pennsylvania CU showcases industry’s first humanoid robot
The light-speed advancements of technology can give us glimpses of what the future may hold for the credit union industry. What may become part of that future is Pepper, the…
New Year’s resolution: Take more risk
Five years ago, Infinity Federal Credit Union ($349.2M, Portland, ME) was a conservative financial institution, even by the standards of a traditionally conservative industry. The credit union primarily focused on…
Three examples where doing nothing is a bad idea
Social scientists will tell you that when faced between two difficult choices, the natural inclination is to choose to do nothing. That is why, for example, umpires hate to call…
Boost your brand with event ATMs
Branding is about much more than just a company logo; it is about communication with consumers and the surrounding community. Brand reflects how we differentiate from competitors and startups. Consequently,…
BCFP follows CUNA recommendation with ‘no-action’ letter proposal
The Bureau of Consumer Financial Protection will issue a proposal to revise its current “No-Action” letter policy following CUNA efforts to have the bureau amend to provide clarity regarding enforcement…