Come 2030, credit unions will be in business serving up some kind of financial services, essentially one generation removed from today. However, getting there will be as wrenching—as full of dislocations and pains—as was the shift from 1950s-style credit unions with no share drafts into today’s full-service financial supermarkets.
In this print preview from next week's edition, experts look at what the industry may look like a generation from now.
In an era of participatory politicking when Facebook, Twitter and other digital tools can turn any citizen into a lobbyist, have traditional trade associations entered their twilight years?
Ask Michael Bittle, CEO of the Vanderbilt University Credit Union, where his $25 million Nashville, Tenn.-based institution would be without its corporate credit union and he softly chuckles.
Now there are two large credit unions, the $1.8 billion HarborOne Credit Union of Brockton, Mass., and the $1.5 billion Technology CU of San Jose, Calif., making plans to convert to mutual bank charters.
One conversion specialist said he sees more ready to make the switch.
Many worried credit union eyes now are on July 1, the date when the NCUA has said it will bump up ACH fees for U.S. Central Bridge customers by 80%. That looming price hike has triggered a quick rush to the exits as corporates and their members race for alternatives.
Are your credit union’s pockets deep enough to satisfy the NCUA?
Audits typically are prosaic matters, filed by accountants, read by accountants and swiftly forgotten. Not so the recent audit of NCUA’s Temporary Corporate Credit Union Stabilization Fund, announced by the agency on Dec. 27, a day when many are on vacation.
Shortly before year end, NCUA announced it had launched two new websites to increase transparency of the corporate resolution system.