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Posted: Dec 1, 2017
Comments: 0
Author: Lou Grilli

[Editor's Note: This article was previously published on “Anthem”, the online News & Info site of the Northwest Credit Union Association, and has been modified.]

When members think about services provided by their credit union, they might first think about their share draft account, a debit card, bill pay, loans, and credit cards - basic services offered by almost all financial institutions. But, something new is happening when it comes to these services. No, not new services, but rather something called “banking on the fringes.”

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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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