Credit card balances expand through 2018
Credit card loan balances at credit unions nationwide grew 7.5% in 2018, ending the year at $62.4 billion. Credit card balance growth, however, slowed 1.6 basis points compared to 2017.…
Syndicated
CA Senate votes to allow banks, credit unions to accept marijuana retailer deposits
The California Senate voted almost unanimously to pass a bill that would allow banks and credit unions to accept cash deposits from cannabis retailers. The 35-1 vote would allow banks…
3 steps to help you prepare for CECL
Financial Accounting Standards Board (FASB) has issued a new accounting standard called Current Expected Credit Loss (CECL) that will go into effect December 15, 2021. Here are three steps you…
CECL delay bill would ensure impact is properly studied
CUNA maintains its longstanding position that the current expected credit loss (CECL) standard is inappropriate for credit unions, and backed a bill Wednesday that would require the standard to be…
Falling existing-home sales ‘concerning’
As existing-home sales decreased for the second consecutive month in April – falling 0.4 percent to a seasonally adjusted annual rate of 5.2 million units – NAFCU Research Assistant Dhruv…
Tech Time: Real talk about voice banking and the omnichannel experience
Credit unions recognize that their relationship with members is the cornerstone on which they have built their success. This loyalty stems from members’ connection to the branch experience over the…
‘The mind is your main production tool’
A critical element of influence is the emotional environment you create around yourself, Darrell Hammond tells a preconference workshop at the CUNA Finance Council Conference in New York City. Optimism…
NCUA will comply with ‘spirit’ of controversial OMB memo
The NCUA intends to comply “in spirit” with a new and controversial Office of Management and Budget policy that could give President Trump direct control over independent agency rules and…
You’re blocked! FCC issues declaratory ruling to resolve call-blocking uncertainty
Hello compliance world! My name is Mahlet, and I recently joined NAFCU’s regulatory affairs team. I come bearing robocall news. On June 6, the Federal Communications Commission (FCC) will consider…
He stunk at marketing…until he didn’t
Marketing matters to your bottom line. Marketing needs a seat at the C-Suite table. Marketing will singlehandedly determine the success of your financial institution. Marketing, marketing, marketing. As a team…
5 important takeaways from OFAC’s framework
Recently, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) published “A Framework for OFAC Compliance Commitments” to help organizations take a risk-based approach to developing a…
Imagine . . . if Amazon bought your bank
As a thought experiment, imagine if one evening Amazon CEO Jeff Bezos had one too many cocktails and errantly gave an order to purchase your bank. Imagine further that, a…
Challenging turnover head on and winning
No other single word creates more angst for a contact center manager than turnover. Agents leaving is a manager’s greatest ongoing challenge because it affects so many aspects of contact…
What does the NCUA require from a credit union business continuity plan?
Are you getting ready to do some business continuity planning (BCP)? Does your credit union need a little guidance on where to start and what you’ll need? In this blog,…
NCUA starts $160.1M in dividend payments to CUs this week
More than 5,500 eligible institutions will receive dividends totaling $160.1 million from the National Credit Union Share Insurance Fund starting this week, according to NCUA. Credit unions have received statements…
NAFCU’s Hunt corrects record, offers support for NCUA’s appraisal proposal
Pushing back against opponents of the NCUA's proposal to raise the appraisal threshold for credit union nonresidential real estate loans from $250,000 to $1,000,000, NAFCU's Carrie Hunt penned an op-ed…
CFO Focus: Scenario planning and your financial future
By definition, strategic planning and financial forecasting require making assumptions about the future. However, common sense tells us that the future seldom unfolds as expected. Therefore, a well-developed business plan…
Interest-rate risk: A core competency
Interest-rate risk is a core competency, not only for directors, but for their credit unions, says Brian Smith-Vandergriff. “If you do interest-rate risk well, you can be a better credit…
Admitted $40 million CU embezzler faces September sentencing
Edward Rostohar, 62, the former president/CEO of the $21 millionCBS Employees Federal Credit Union, is scheduled to be sentenced in September after he pleaded guilty to one count of bank…
What will it take to hit the instant payments tipping point?
Instant payments is an innovationthat doesn’trequiremuchexplanation.Getting immediate access to money isan obviously bettersolution thanwaitingfor the check to arrive in the mail, or constantly refreshing a mobile banking app to see…
Post Reg CC: How have you adopted?
Banks and credit unions face many challenges when it comes to the minimization of risks and losses, but the level of acceptance varies for new solutions built to meet the…
Another worry of a credit union lender
For CUES member Marty Pell, CIE, SVP/chief lending officer for $3.2 billion Coastal Federal Credit Union, Raleigh, North Carolina, the economic landscape is top of mind when it comes to…
3 secrets to employee retention and executive development
With the unemployment rate hitting a 50-year low of 3.6%, credit unions across the nation are competing like never before in a highly fluid job market. A 2018 Gallup pollfound…
How financial marketers can unlock data gates to lifestyle segmentation
Financial institutions have been scrambling to develop a data analytics roadmap to drive their digital transformation efforts. Yet senior leaders often fail to prioritize one mission-critical step early enough to…