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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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Posted: Jun 7, 2016
Categories: Rates, Regulations
Comments: 0
Author: Lou Grilli

Payday lending was once looked at by credit unions as both a threat and an opportunity. Multiple non-mainstream lenders, including Amscot, the EzMoney loan stores, and Cash America were attracting potential banking customers and credit unions members with brightly lit stores open 24 hours a day, with very few questions asked.

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Posted: May 2, 2016
Comments: 0
Author: Paul Castner

It was another very successful CSCU Solutions Conference in 2016.  The recently completed conference had record attendance and included very informative and entertaining keynotes, general session and breakout presentations by industry experts.  If you were unable to attend the conference this year, or even if you were able to attend, we wanted to share with you some of the key articles that have appeared in credit union industry publications. 

CU Today          

Mobile Payments Not Addressing ‘Pain Point’ - CSCU President Bob Hackney

What Could Be ‘Unbundling’ CU Services? - CSCU Sr. VP Finance & Technology Tom Davis

What Rising Rates Mean for Card Management - CSCU PCS Director, Barney Moore

Why Card Fees Are Not A ‘Four-Letter Word’ - CSCU Sr. Portfolio Consultant, Dean Knudtson

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