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Posted: Sep 21, 2017
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As “banking at the fringes” chips away at traditional banking services, credit unions need to shore up their offerings.

[Editor's Note: This article was previously published on CU Today and has been modified.]

The Office of the Superintendent of Financial Institutions (the OSFI is the Canadian equivalent of the US Office of the Comptroller of Currency) has issued a restriction – that any non-banks must remove the terms “bank”, “banker” and “banking” from any references provided by that financial institution. Any financial institutions that continue to use these terms can face criminal charges. “The restriction applies to all non-bank financial service providers, including both federal regulated trust and loan companies and provincially regulated institutions (i.e. credit unions). So processing checks, granting loans, and managing individuals’ wealth is not considered banking in Canada.

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Posted: Aug 2, 2017
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Author: Lou Grilli

It could happen.

There’s been lots of hype claiming that Zelle, the recently launched P2P service by several major banks and credit unions, is the “Venmo killer”, alluding to the fact that financial institutions are staving off the onslaught of tech companies looking to make inroads into the banking industry.

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Posted: May 30, 2017
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Declining authorizations may have unintended negative consequences on your members.

Some credit unions are declining authorization for Facebook payments due to the relatively high number of fraud cases being reported for that merchant category code. But declining these authorizations may have unintended negative consequences on your members. Here’s why.

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