Two long-term opponents of payday lending said that nine federal credit unions in five states continue to offer members payday loans with triple-digit interest rates.
The CEO of a federal credit union criticized for making payday loans has strongly defended her institution, arguing the loans help members escape short-term, high-interest debt.
ALEXANDRIA, Va. — The NCUA’s proposed derivatives rule includes a possible fee structure for credit unions applying for and using the authority that could discourage them, say those involved with the regulator’s pilot program. And one credit union chief financial officer said she won’t apply if the final rule includes...
PHOENIX — Despite competition from nonbank providers like Google Wallet and a growing consumer shift away from traditional checking accounts, credit unions are best positioned to provide what the consumer of the near future will demand. So said ProfitStars Director of Strategic Insight Lee Wetherington during his May 21 general...
PHOENIX — Imagine what would happen if a hacker gained access to your credit union’s email accounts and sent a message to members telling them the credit union was unable to honor all deposit withdrawal requests.
PHOENIX — As baby boomer CEOs retire, boards are increasingly replacing them with chief financial officers, D. Hilton Associates President/CEO David Hilton told attendees during his breakout session at the CUNA CFO Council conference May 20 at the Wild Horse Pass Resort.
It would probably be a mistake for credit unions to assume their loyal members will likely choose them as their preferred lender when it’s time to buy a new vehicle.
When the nation’s economy spiraled down around 2008, the housing market and employment sector weren’t the only areas that were hammered.
SAN FRANCISCO — Seventy-two financial tech innovations. Seven minutes apiece to tell the story. There’s the challenge companies that exhibited at this year’s Finovate conference in San Francisco faced.
The $10.7 million HealthONE Federal Credit Union in Denver has merged into the $236 million Partner Colorado Credit Union in Arvada, Colo., the credit unions said.
John O’Brien has been promoted to president/CEO at the $613 million, 49,400-member Leominster Credit Union in Leominster, Mass.
PHOENIX — Estimating an appropriate allowance for loan and lease losses an NCUA examiner will accept and trying to anticipate FASB rules is a “never ending cat and mouse game where you’re always trying to chase the right answer,” CPA Bart Ferrin said during a breakout session on the topic...
The NCUA’s recent proposal that credit unions pay the federal regulator a fee to oversee the derivatives program has raised complaints among credit unions. NAFCU immediately fired off a statement supporting credit unions’ entry into derivatives, but blasting the fee as setting bad precedent because the $250 million threshold would...
CPCU Credit Union, Somerville, Mass., awarded four scholarships of $1,000 each to credit union members during its annual meeting. Scholarship recipients for the 2013-2014 school year were André Fernandes of Somerville, Paula Ferreira of Somerville, Leandra Furtado of Peabody and Gianna Scioletti of Melrose. Scholarship recipients are selected based on...
In October 2008, the U.S. Financial Accounting Standards Board and the International Accounting Standards Board established the Financial Crisis Advisory Group as part of a joint approach to address the credit-loss reporting issues arising from the global financial crisis and an ongoing effort to unify U.S. and international standards. In...
As the variety of ways that consumers use to pay for their everyday transactions continues to evolve, there’s one group that may cling to traditional methods. Some small business owners still prefer to come into the branches for personalized service opting out of mobile banking for either online or in-person...
In less than two years, mobile payments are set to be accepted by 53% of merchants and the transaction channel is poised to start replacing cash and credit cards.
It may be hard to imagine but 55% of the nation’s 27 million small businesses do not accept credit cards, according to an Intuit Inc. GoPayment survey. Those denials can be costly – as much as $100 billion in sales each year, the data showed.
Nearly 90% of the U.S. adult population has a mobile phone and more than 108 million Americans have an Internet-enabled smartphone, according to a new Federal Reserve study, Consumers and Mobile Financial Services 2013.
They huddled together in the vault while the violent tornado was obliterating everything around them, including the 6,387-square-foot Moore, Okla., branch and the cars in the parking lot.
NMTW Community Credit Union of Lowell, Mass., last week announced that it will change its name to Align Credit Union this fall.
Tehachapi Federal Credit Union and Kern Schools Federal Credit Union last week announced that they will merge.
A new study claims that community financial institutions, including credit unions, dramatically overpay for core systems, on average about 24% over “fair market value.”
The National Retail Federation announced last week that it will formally oppose the final settlement of litigation between retailers, Visa and MasterCard and a number of the largest card issuers.
Regarding “Should Branches Be Added to the Endangered Species List” in the May 15 issue: Recently, trade publications have been awash with articles debating the future of the branch.