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Posted: Mar 22, 2017
Categories: Regulations
Comments: 2
Author: Tom Davis

European Union opening up banking services to fintech providers.

The European Union (EU) is undergoing sweeping changes to open up banking services to fintech providers, by mandating access to account holders’ data and bypassing traditional payments rails. This potential game-changer, PSD2, will allow consumers to use Facebook or Google to pay their bills, and force credit unions and banks to change the way they do business.

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Posted: Feb 6, 2017
Comments: 0
Author: Paul Castner

CSCU payments prognosticators are at it again!

It’s time to put our carefully laid plans for 2017 into action. What will 2017 bring? We asked two CSCU thought leaders to share with us their predictions for the year and implications for the credit union community.

Tom Davis, CSCU’s SVP of Finance & Technology, gave us his top predictions:

Checkout-less shopping will proliferate.  Merchants like Chipotle and Taco Bell have already released their “order ahead” and “checkout-less” shopping apps.  Sam’s Club joined the party when they released their “Scan and Go” app in 2016.  Amazon’s new checkout-less grocery store is taking all of this a step further.  These apps and shopping experiences provide real conveniences that consumers value

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Posted: Dec 14, 2016
Categories: Regulations
Comments: 0
Author: Gillian Huntley

Relaxed restrictions could open up expansion and competition.

Credit unions have always epitomized the spirit of collaboration. Sharing tips and tricks, best practices, aggregating volumes to shared vendors, are all hallmarks of the U.S. credit union industry. But there is a recently made change which has the potential to disrupt this cooperation, and pit credit unions against each other. Or these same changes could be used to grow and strengthen credit unions, to make credit unions an even more compelling alternative to banks. These changes relate to who a credit union can allow to become a member – the field of membership. Federally-chartered credit unions must adhere to restrictions set by the National Credit Union Association (NCUA), and some of these restrictions are being relaxed, opening up expansion possibilities for many credit unions. How credit unions who choose to take advantage of the loosening of restrictions to expand use their gains will either keep and grow the spirit, or break it.

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Posted: Oct 18, 2016
Comments: 0
Author: David Stern

Helpful Insights by Transpay's Manager of Strategy and Partnerships

While consumer confidence in traditional banks have waned, shares and deposits in federally insured credit unions grew past $1 trillion in the fourth quarter of 2015. For more than 100 years credit unions have provided affordable financial services for US consumers, ranging from checking accounts to auto loans.  However, one internalized service that a majority of credit unions still lack is the ability to send payments internationally in a cost-effective manner. The regulatory hassle and limited returns have largely dissuaded credit unions from getting their own SWIFT/BIC code. Instead, credit unions turn to correspondent banks to complete international wire requests.

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Posted: Aug 31, 2016
Categories: Regulations
Comments: 0
Author: Bill Lehman

Proposed CFPB changes could cost FI’s $100 million a year in new legal fees

The Consumer Financial Protection Bureau’s (CFPB) mission is “to make consumer financial markets work for consumers, responsible providers, and the economy as a whole.”  But it now appears the CFPB is expanding its mission to include more lucrative class action lawsuits.
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