Insurance and financial wellness in a medical crisis
The coronavirus pandemic made 2020 a challenge to say the least, but it also brought to light the increased need for educating consumers on financial wellness.In our last blog, we…
Syndicated
Small businesses and small lenders to star in PPP, round 3
Passed by Congress on Dec. 21, 2020,the Economic Aid to Hard-Hit Small Businesses and Nonprofits and Venues Act, a part of the Continuing Appropriations Act, 2021, covers the incremental $284…
What’s in a name: Director of Financial Wellness and Wellbeing
Financial wellness is a linchpin of member service atTeachers Credit Union($3.9B, South Bend, IN), so it’s appropriate the veteran staffer now in charge of that effort comes directly from the…
Recent field of membership letters to federal credit unions
The NAFCU compliance team has blogged about field of membership a couple of times over the past few months. The first blog provided an update on the litigation between the…
CUNA, AACUC announce strategic alliance to further DEI
CUNAand the African-American Credit Union Coalition (AACUC) announced a strategic alliance to further diversity, equity and inclusion (DEI) within the credit union movement. The collaboration agreement focuses on a scholarship…
Consumer credit rises in November; NAFCU expects flat growth in coming months
Total consumer credit rose 4.4 percent in November (seasonally-adjusted, annualized), up 0.4 percent versus a year ago. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the latest…
Card innovation needs to be a focus in 2021
With 2020 came a move to all things digital. In payments, digital-first cards—new and replacement cards that are available digitally before a physical card is issued—have risen as the new…
Your payments revenue is at risk
It’s not news that revenue from payments is at risk. According to Accenture Research, by 2025, nearly 15% of retail payments revenue will be at risk from card displacement by…
Helping credit union members with the shift to digital
With COVID-19 continuing to wreak havoc on the US, credit unions and members have had to adapt to a primarily digital world. But it has also created a conundrum: How…
Receive-Only: A simpler first step to real-time payments
Real-time payments (RTP) is gaining traction in the U.S. as more financial institutions (FIs) enable their Direct Deposit Accounts (DDA) for this first new payment format in over 40 years.…
Key fraud drivers across the industry [Part 2]: Prevention methods
In the second part of this series, we're focusing on key fraud prevention strategies for your credit union. We'll discuss tips for institutions and members alike on keeping their data…
How FIs can keep big techs from dominating contactless payments
If there is one word that has kept the banking and fintech industry awake (apart from “COVID-19,” that is) it would be ‘Contactless’. Payment options that reduce the number of…
Three key concepts to a powerful attrition model
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…
PPP to open week of Jan. 11 through March 31
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.…
NCUA encourages qualified CUs to expand to underserved areas
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…
Establishing risk tolerance in the face of COVID-19 ambiguity
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…
Emphasis on digital banking demands changes to onboarding rules
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…
What is good for the customer is good for the bank
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…
Planning for 2021: Credit union marketing
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…
Tough love following a harsh year
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…
Buckle up! Ancillary products & amount financed
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 donates more than $32K to clinic, veterans
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…
SBA prepares to relaunch PPP; FI regulators to host webinar Jan. 11
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…
Diversity Insight: How Hope CU makes loans in economically challenged areas
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…