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Posted: May 2, 2018
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Act Small to Gain Trust

[Editor's Note: This article was previously published in Credit Union Times, and has been modified.]

There is no doubt that the credit union industry has been and still is going through quite a bit of change.  From mergers and acquisitions, to regulatory changes, to incorporating technology and attracting younger demographics. Overall, despite the shrinking number of credit unions; membership, loans and share numbers are up. According to Callahan’s Trendwatch Year-End 2017, The Annual Report for the Industry data, total credit union membership reached 112.9 million, up from 108.2 million at the end of 2016. While new auto loans (13.2%), used auto loans (10.3%), first mortgages (10.2%) and credit cards (9.2%) lead the way in annual growth among loans outstanding, and year-over-year growth in share drafts (10.0%), regular shares (7.1%) and share certificates (6.3%) outpace the rest of the portfolio. However, after being somewhat of the “anti-bank”, many argue that credit unions today are beginning to minimize the fact that they are credit unions and changing their profiles to look and feel more like retail banks in order to compete with their financial counterparts. Many have also been incorporating as many banking lingos in their messaging as they can. However, this may not be a good strategy.

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Posted: Apr 2, 2018
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Author: Lou Grilli

Card-cracking, also called card-popping, is one of the fastest growing forms of card fraud that no one’s heard of, and its hitting credit unions. Card cracking takes on many forms, but the most common is college students allowing a fraudster to have their debit card number and login information in exchange for some payment, and then deposit bad checks or run up charges, and have the student claim the card was lost or stolen. It’s a form of friendly fraud that’s not very friendly, and the temptation cost 9 Florida Gators their football careers.

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Posted: Jan 29, 2018
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In keeping with the tradition started last year, where we scored how well we did on the previous year’s predictions, here is a look at what we thought was going to happen in 2017, versus what really did.

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Posted: Nov 9, 2017
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A recent CNN Money article, Millennials Aren’t Opening Credit Cards. That’s a Mistake, caught my eye.   While the article does talk about the benefits for Millennials to open a credit card such as building a credit score, earning rewards, and fraud protection, it also mentions that the Card Act made it harder for Millennials to open credit cards.  The Card Act didn’t make it harder for Millennials (or other generations) to open credit cards, issuers did by their interpretation of the Card Act requirement of “proof of ability to pay”. 

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Posted: Aug 31, 2017
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Author: Alexis Nab

A perspective from someone in your target market

Editor's Note: This article was previously published on CUInsight.com and has been modified.

I have a confession to make - I am a millennial. But I’ll let you in on a secret, I’m not that millennial. The one you read about in online articles. See, despite the fact that I love my ridiculously priced Starbucks drinks or know the whereabouts of my phone 99% of the time, who you are reading about in these articles, isn’t my identity - I’m more than just a buzzword.

 

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