One expert warns about possible focus on smaller institutions: "This has the feel of someone working down a list, looking for weaknesses."
Bank Transfer Day encouraged consumers to walk into credit union branches and open accounts last Nov. 5. And as credit unions reviewed their deposit growth data from fourth-quarter 2011, many viewed the media-hyped event a success.
Javelin study finds opportunity for credit unions with $675 billion in deposits in possible play.
JPMorgan Chase’s $2 billion failed credit risk hedge is different than the investments that led to the corporate credit union crisis. However, there are also similarities, according to industry investment experts. Specifically, overleveraging and a drive for income that compromised risk management.
The 7,600-member, $75 million Puget Sound Cooperative Credit Union has continued to benefit from its decision to open a branch on a sparsely populated island off the coast of Washington State.
As the payment industry begins to move toward replacing magnetic stripe cards with cards that use embedded smart chips, credit unions and other card issuers will have to eventually decide whether they will issue cards that use personal identification numbers or signatures to validate transactions.
Lending giants U.S. Bank and JPMorgan Chase recently announced they had eliminated and reduced their private student lending programs, respectively. JPMorgan Chase will only make private student loans for existing customers.
Service uses a shared database from financial services organizations across the country to spot and send alerts about potentially fraudulent deposits.
Student lending program specialist adds 75 credit union partners in past year.
Credit unions and community banks have traditionally stood as direct competitors, vying for the attention of similar types of consumers. But in the private student lending market, a fierce face-off between the two is not expected, several experts say.