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Posted: Jan 17, 2017
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Author: Paul Castner

Focus will be on the future of payments. Featured presenters announced.

CSCU announced the theme and featured presenters for the CSCU 2017 Annual Conference.  This year’s conference will focus on the future of payments and will provide the insights and direction that credit unions need to be ready for the many technological advancements coming soon that will impact their institutions and their relationships with members.

“CSCU has held an annual meeting for over 25 years and for the first 20 of those, the payments industry did not change that much,” says CSCU president, Bob Hackney.  “During the past five years the industry has been inundated by countless new technological innovations changing the way members pay for their products and services and connect with their financial institution.  The payments landscape is rapidly evolving and can be interesting to look at, but it also has created a lot of confusion so we designed our 2017 conference to address how the changes today and in the future will impact credit unions.”

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Posted: Oct 18, 2016
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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
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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
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Author: Paul Castner

A Thought Provoking Article in the Payments Journal by CSCU's Lou Grilli

You will want to take a few minutes to read a new posting in Payments Journal by CSCU’s Director of Payments Strategy, Lou Grilli, titled “What if Credit Card Interchange Gets Cut in Half?” Lou points out that credit cards are the second most important revenue source behind auto loans with interchange making up a significant portion of that revenue. Your credit union may be offering reward programs to influence your members to use their credit cards rather than lower interchange debit cards. However, as Lou points out, there are global and local factors starting to take shape that are putting pressure to lower credit interchange rates.  Lou offers some ideas and recommendations on what actions credit unions should be doing to focus new cardholder programs on revenue producing strategies that are not solely reliant on interchange.

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Posted: Jun 7, 2016
Categories: Rates, Regulations
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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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