With competition coming back strong into the auto lending market, many indirect lending supporters argue that if a credit union is not at the dealership, it is missing out on loans.
WASHINGTON -- Credit unions last week received a ray of good news on their goal of raising the cap on member business loans.
At press time, the Senate was putting the final touches on the bill to change the way financial services are regulated.
The May 18 primary elections provided more good than bad news for credit union-backed candidates.
New losses at the $9.5 billion Members United Corporate Federal Credit Union will leave the struggling corporate hanging by its fingernails, requiring it to deplete "substantially all" of its remaining capital.
Crippling budget cuts have left Arizona with just two credit union examiners to handle 22 state-chartered CUs.
ALEXANDRIA, Va. -- There is a good chance that the reserves set aside for losses in the NCUSIF "won't be sufficient," to cover the losses at some of the large credit unions.
One of Florida's ailing credit unions, the $140 million Bay Gulf CU of Tampa, insisted it is on a path to financial recovery.
Utah's Mountain America Federal Credit Union has now completed a merger of the $1.8 million IFA Employees FCU of Salt Lake City.
CUNA and state leagues said last week their massive lobbying effort to oppose the Durbin interchange amendment triggered an estimated 35,000 letters and e-mail messages to U.S. senators, but that was apparently dwarfed by retailers' counter campaign.
The National Credit Union Foundation has chosen longtime credit union leader Wendell Sebastian as its next executive director.
With 67% of its 42,000-member base maintaining a checking account at Alabama Credit Union, the cooperative is on a mission to be a one-stop shop.
At a time when organizations are aggressively cutting personnel, the way to survive is not just to cozy up to the boss but to create a niche for yourself that makes you too valuable to be let go or be allowed to quit.
Expanding its Michigan footprint, the $1.9 billion Lake Michigan Credit Union of Grand Rapids is merging the troubled $62 million Citizens CU of Kalamazoo giving the CU an entry into the Kalamazoo market.
In a merger underscoring compliance concerns of small credit unions, the $312 million Connexus Credit Union of Wausau, Wis., said it expects to complete the consolidation of the $3 million Wausau City Employees CU by June 1.
As news outlets were running stories about the plight of unbanked immigrant populations, Kyle Swisher, executive director of the CU Foundation of Maryland and D.C., got the idea of developing a bilingual teller training and placement program .
The NCUA Board may vote in June on whether to separate corporate CU assessments from those that cover natural person credit union losses, Chairman Debbie Matz told Wisconsin Credit Union League members.
The $3.1 billion United Nations Federal Credit Union has become the first financial institution in the United States to issue chip and PIN credit cards.
It's a road Alliant Credit Union and Continental Federal Credit Union have been down before, only this time, there may be a clear destination in sight.
Once considered a failed CU, the $144 million Prime Financial Credit Union of Cudahy, Wis., is back on its feet this month-pulled out of conservatorship by the state after a new management team and board restored "normal operations."
According to a recent Federal Reserve Board survey, those banks that have started easing their commercial lending standards have done so in response to increased competition from other banks and nonbank sources.
The California/Nevada Credit Union League has kicked off its search for a successor to its president/CEO, Bill Cheney, who is taking the CUNA helm July 5.
Like other corporate credit unions, Constitution Corporate FCU's investment portfolio performed worse than previously estimated, requiring a new $1 million-plus OTTI as of March 31.
Individual retirement account assets are now greater than in employer-based retirement accounts such as 401(k)s and 403(b)s, according to a Cogent Research study of 4,000 affluent and high net worth Americans.
Credit unions wanting an update on what federal examiners are looking for during examinations on Bank Secrecy Act issues can consult the just-released 2010 edition of its examination manual.
There's a first time for everything. Just last week, a credit union representative was called on to testify at a hearing regarding a bill for community banks-sort of. It wasn't terribly controversial, but it was a start.
One and a half million North Carolinians, who are members of State Employees' Credit Union, have $175 million on deposit at the NCUA with the NCUSIF. This deposit is owned by SECU members and is fully refundable.
The Editor's Column in the April 28 issue was excellent. The comments were on target.
The power of social media and its influence on growth in the financial industry is mesmerizing. However, the conspicuous absence of guidance from regulators, which may be holding back many credit unions from taking the plunge.
NEW ORLEANS -- Representatives from four credit unions that were involved in mergers or acquisitions shed some light on the closed-door and detailed process during a CUNA CFO Council session.
NEW ORLEANS -- If a $1 billion credit union used a series of advances to fund a $100 million investment in new 15-year mortgage pools, it could add as much as $600,000 to interest income in the first year.
NEW ORLEANS -- Many financial institutions are cutting back on branch hours and other services to save on expenses.
NEW ORLEANS -- After regulators told TruWest Credit Union to either reach positive ROA by June or budget using last year's expenses, TruWest Credit Union Senior Vice President Jason Scott made the difficult choice to eliminate 12 full-time positions.
Building relationships with dealers is critical to indirect lending. It's also important to cross sell those new members. But meet and greet is the most vital link in indirect auto lending success.
The economic downturn of the past two years has been tough on banks, but it has presented the best opportunity in decades for credit unions to grow by expanding their base of auto loans.
Credit unions have worked hard to establish themselves as the best choice in automotive lending. Both prudent lending practices and neighborly service have solidified an excellent reputation among car buyers.