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 cases following the subprime [...]
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 unions have asked us why [...]
The Federal Reserve Bank of Boston conducted studies earlier this year that produced shocking results. After polling 565 financial institutions, it was revealed that 20% do not offer mobile banking. 14% of respondents also noted [...]
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 not the only ones. What [...]
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 reflects what many credit [...]
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. Unfortunately for [...]
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 Tuesday. The subcommittee conducted a [...]
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 priorities along with a more detailed discussion [...]
Traveling over the holidays can be wonderful, especially if you don’t experience any bad weather or travel delays. Experts say it can even be wonderful for your wallet, if you’re willing to be [...]
With an expected $16 trillion dollars in wealth transferring from one generation to the next, it is important that Credit unions look at each of these generations both as a group and as a subset [...]
In the intense battle of competition between financial institutions, credit unions have long held a winning hand: better service. It’s an advantage most credit unions promote, emphasizing their ability to do a far better [...]
Cybersecurity and fraud are strategic considerations for all credit unions. These strategic conversations range from what I consider the baseline – compliance with FFIEC’s Cybersecurity Assessment Tool – to planning ahead and making timely investments in [...]
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 world’s first humanoid robot, [...]
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 higher credit tier paper, [...]
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 ball four when the count [...]
