ALEXANDRIA, Va. — CUSOs would have to submit financial reports to the NCUA and there would be limits on the investments certain credit unions can make in CUSOs, according to a proposed rule the NCUA sent out for comment on July 21.
At one point, the high-flying commercial lending CUSO formed through Eastern Financial Florida Credit Union funded more than $200 million in business loans and served dozens of credit unions nationwide.
Growth for North Carolina’s State Employees’ Credit Union’s investment services subsidiary has come at a slow and steady pace. And that’s what the cooperative wants.
The NCUA has sued RBS Securities for $685 million, alleging that that firm misled Western Corporate FCU (WesCorp) when it sold it mortgage-backed securities.
The definition of what or will not constitute a qualified residential mortgage may be the most important and least appreciated or understood financial regulation facing credit unions this year.
NCR Corp., one of the two largest ATM manufacturers, is hard at work on a prototype ATM that it hopes will enable financial institutions to better reach out to underserved populations and help bring ATMs up to a new standard.
The Texas Credit Union Commission recently addressed several matters regarding investments in credit union service organizations in the Lone Star State.
A year after the bill creating the Consumer Financial Protection Bureau was signed, Republicans are trying to restructure it and the newly nominated director Richard Cordray is caught in the middle of a fight between the political parties.
Fourteen credit unions and organizations that work with credit unions received $1.5 million each from the latest round of awards from the U.S. Treasury's Community Development Financial Institutions Fund. Their totals were part of more $28 million that went to 27 credit unions and supporting organizations.
The plight and protection of small U.S. credit unions came in for new scrutiny last week following a controversial think tank study by Celent, the Boston research firm, finding that CUs under $50 million are fast disappearing under the weight of tech products, competition, compliance and their own “inefficiencies.”
Even a small fee on debit cards will lead consumers to abandon them in favor of other payment methods, including cash, checks and even credit cards, according to a recent survey.
I had a business trip to Florida as we were running up to deadline this week. I was bummed when I got to the airport and realized I had forgotten "Moll Flanders", which I’d checked out of the local library. I had work to do on the way out and...
As someone who believes in creating opportunities, the concept wait and see simply does not compute for Matt Weidler, information systems asset analyst at Evangelical Christian Credit Union.
For more and more businesses, Sunday is just another day.T ime-pressed consumers want to shop, pick up prescriptions, grab some fast food and take care of other chores on their varied schedules. And that has put pressure on financial institutions, including credit unions, to meet those expectations.
When it comes to best practices, value trumps products every time. “I think the scope of business development in the credit union industry is growing more and credit unions are getting keenly involved in developing viable business strategies that are becoming more of an important part of their organization’s overall...
One year ago this month, President Obama signed the landmark Wall Street Reform and Consumer Protection Act, also called the Dodd-Frank Act, into law. In reflecting on this important milestone, we should remember why we needed to act to restore the public’s trust in our financial system and what has...
It was great to see guest contributor Terry Jones stress the importance of credit unions’ ability to establish digital relationships with their members (“How to Make That Digital Connection With Today’s Consumer,” June 29, page 16). He was spot-on when he said “face-to-face customer interaction and phone calls are not...
Oregon’s ailing Chetco Federal Credit Union has hired Diane Johnson as its new CEO.
Consumers who are making on-time payments have helped the recent gains in the auto lending sector, according to Equifax.
Cardholders of credit unions using The Members Group as their processing provider now can choose to get text alerts about possible fraud attempts.
Past due for a revamp, Mid Cities Credit Union has recently unveiled a new website that makes it easy for members to learn more about everything from products and services to financial management tips.
The Iowa Credit Union League has unveiled its official Facebook page Iowa Little Guy.
The technology arm of the Financial Services Roundtable trade group has released a 71-page report aimed at helping financial institutions adopt social media and manage its risks.
Dort Federal Credit Union announced the death of longtime Board Director Leroy Nesbit Jr., who died at the age of 63.
Listerhill Credit Union has announced the death of longtime Board Chairman Cyril B. Mann.
Chartway Federal Credit Union has mourned the death of its longtime volunteer Edward Foshay.
Norristown Bell Credit Union, Blue Bell, Pa., is mourning the loss of board director Nicholas Molinaro, who died at the age of 74.
Over the past 15 years, the percentage of adult children providing personal care and financial assistance to a parent has more than tripled.
There are more Americans today aged 51 than any other age. Yet women uniformly report that they feel invisible in the marketplace (whether the mall or the bank) after turning 50. The biggest growth opportunity for any financial institution in the next 10 years comes from winning business from this...
Of the 30 employees at Autotruck Federal Credit Union, several of them have been working there at for least 25 years.
An opinion survey of Americans 55 and older reported new expectations on the emotional mindset, attitudes and expectations of pre-retirees and retirees nationwide post-recession.
Half of baby boomers who have postponed retirement due to the economic downturn expect to work at least four years longer than they originally planned, according to CPA financial planners surveyed by the American Institute of Certified Public Accountants.
Many baby boomers in the 57 to 65 age range still consider themselves middle-aged or young and insist one is not old until they have reached the age of 80.
Baby boomers make up 39.6% of the adult individuals in the U.S. credit union space. Baby boomers were born in 1946-1964.