FACT: Financial Institutions are losing customers and revenue because they don’t have an ongoing strategy to manage attrition that is based on data.¹ Research shows that by employing predictive analytics…
The U.S. Small Business Administration (SBA) and Treasury Department announced the Paycheck Protection Program (PPP) will re-open the week of Jan. 11 for new borrowers and certain existing PPP borrowers.…
The NCUA Friday encouraged credit unions to expand their services to underserved areas in a new Letter to Credit Unions. The agency noted that any federal credit union with a…
Before a credit union can prudently determine how much support it can offer members during these challenging times, leaders must first step back and take the time to establish an…
The accelerated shift to digital channels for the opening of new relationships in banking changed many of the components of value. No longer was the new account opening experience driven…
Is it really true that the customer always comes first? Or, in banking, is that just a tired cliché that’s stamped on banking strategy where the number one goal is…
We recently conducted a survey to discover how the pandemic impacted bank and credit union marketing budgets. We discovered that 56% of organizations had some sort of impact on their…
2020 was a remarkably challenging year for members, business owners, and entire communities across the globe. 2021 is not starting much better. As credit union leadership teams and boards consider…
As the ancient saying goes: New Year, New Car! (Unless you are Janice, who has had the same car since she was 16). When a member upgrades their vehicle they…
Columbia CU, Vancouver, Wash., announced at the end of 2020 it made a $15,000 donation to a nonprofit pediatric therapy clinic and $17,100 donation to local veterans’ groups. The $15,000…
Following enactment of Phase 4 coronavirus relief provisions last week, the Small Business Administration (SBA) has released two new interim final rules (IFRs) to address changes to the paycheck protection…
The economic hammer of the COVID-19 pandemic has fallen especially hard on the Deep South, which only recently climbed back from the Great Recession, says Pearl Wicks, chief operating officer…
When Jordan van Rijn looks back at 2020, what stands out most is how quickly the economy is recovering following dramatic declines in gross domestic product and skyrocketing unemployment due…
On December 30, 2021 the Consumer Financial Protection Bureau (CFPB) issued a consent order with Omni Financial (Omni) for violations of the Military Lending Act (MLA) and the Electronic Funds…
For the consumer credit market, 2020 has proven quite tumultuous. The year started off normal enough, but the COVID-19 pandemic quickly threw things off kilter. The exception was the mortgage…
As COVID-19 has accelerated digital banking trends, many institutions have pivoted toward digital transformation. However, in the digital lending space, slow-moving institutions still face a disadvantage. The economic downturn and…
As we usher in the first month of 2021 after a most atypical 2020, the forecast for new car sales and repossessions is looking a bit grim. Black Book recently…
Self-awareness is critically important to personal and professional growth. If you're not honest about your performance or behavior, you won't take the necessary steps toward improvement. A challenge for leaders…
The NCUA board will propose a risk-based net worth rule to raise the asset threshold for defining a credit union as complex, among other items, at its Jan. 14 meeting…
The NCUA yesterday issued a Letter to Credit Unions regarding adjustments to the 2021 operating fee schedule and announcing a 19.6 decrease in the operating fee for federal credit unions.…
For most financial institutions, certificates of deposit have long been the bedrock for the investment side of the balance sheet. Given the Federal Deposit Insurance Corp. and National Credit Union…
After the train wreck that was 2020, you may well question whether it’s worth trying to plan anything. But knocking off a few financial tasks early in the year can…
In any given year, most of your membership will need some combination of home and auto insurance—80% is typically seen as a logical estimate. That stat might create the impression…
Ransomware developers and affiliates have been telling victims they must pay the ransom or stolen data and internal company secrets will be publicly released. Unfortunately, not everyone has believed them.…