Back to school on a budget
A June 2022 survey reports that 25 percent of students and their parents are already on the hunt for books, backpacks and other items.1 The average amount each household plans to spend on these [...]
News Archives
3 ways to avoid the credit union strategic planning slump
A few federal holidays here and there. Team member vacations need to be covered in the branch. Your own vacation if you’re lucky. Not to mention you’re stuck in that weird limbo between [...]
Outsourcing as a solution for labor shortage amidst rising delinquencies
The “Great Resignation” is one of the pandemic’s unforeseen outcomes. Demand for workers remains high, despite the best attempts of many employers to attract and retain talent. Financial institutions are not immune and are [...]
CFPB and DOJ lead a multi-prong attack on Trident Mortgage’s alleged redlining
On July 27, 2022, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced the filing of a complaint and consent order against Trident Mortgage Company LP (Trident) in the U.S. [...]
Banks: Make credit unions subject to Community Reinvestment Act
As federal regulators rewrite rules governing the Community Reinvestment Act (CRA), the banking industry is renewing its call for the agencies to seek legislation that would subject credit unions to the CRA. “Some credit unions [...]
The modern needs of modern members
The transition to the digital world has inevitably accelerated in recent decades, yet we’re all still working to stay up-to-date on the latest technological offerings and integrate them into our personal and professional lives. [...]
What the update to the NCUA’s LID Workbook could mean for your credit union
In April, the NCUA updated its Low-Income Designation (LID) Area Workbook, an overview of all geographic areas in the United States and Puerto Rico classified as “low-income,” a criteria met when a majority of an [...]
What the cryptocurrency trend means for credit unions
How prepared is your credit union for cryptocurrency? Starting as an inventive experiment in 2009, cryptocurrency has evolved into a worldwide phenomenon that is simply too big for credit unions to ignore. The father of [...]
NCUA is closer to unlimited third-party exam authority
The U.S. House of Representatives added hundreds of unrelated amendments to the National Defense Authorization Act (NDAA) in late July, including Section 5403 that would grant NCUA oversight and examination authority over any and [...]
Credit union collaboration, giving make social media blitz a success
The Illinois Credit Union System (ICUS), in collaboration with over 850 organizations, took social media by storm for the 2nd annual #ILoveMyCreditUnion social media blitz on July 29. The goal of the grassroots campaign was [...]
Ginnie Mae excludes CUs from additional capital requirements, a NAFCU-sought request
Ginnie Mae Thursday announced that it will exclude federally insured credit unions and state housing finance agencies (HFAs) from its capital requirements and recognize them as insured depositories regulated by a prudential regulator, providing them [...]
If my credit union could start over: A board member perspective
Recently, I was contemplating the idea of what our credit union might look if we as an industry could start over. As a credit union board member, I have seen that board working on becoming [...]
4 actionable insights for strategic planning
When it’s time for your next strategic planning session, what topics will be top of mind when preparing for your credit union’s future? The 2022-2023 CUNA Environmental Scan (E-Scan) explores trends shaping the [...]
Sustainability isn’t solely about the environment
Incorporating sustainability into business culture and operations is nothing new. Organizations have been weaving in small-scale solutions for decades. “Think before you print” taglines popped up in the early 2000s. I can remember washing solar [...]
What the heck is an escrow account?
Some financial terms are easy to understand, like “money” or “savings account.” Other terms, though, can be a bit harder to understand, like “escrow.” You might have seen this term, especially if you’ve bought [...]