The brain of every credit union is its core computer system–the tabulation of every transaction and thus the essential record. But voices increasingly are heard that it is time for a substantial reevaluation of those core systems.
There may be no more contentious question in the typically placid world of credit unions than this: How many corporate credit unions are needed to keep the system smoothly functioning? And that leads to the allied question: Do we need any corporates at all?
Failure happens, often again and again. When the nation was beset with a huge wave of savings and loan failures in the late 1980s–747 institutions were shuttered by regulators–lawmakers and regulators assured the public it had taken steps to prevent this from happening again. And then the recent more expensive...
The very things that make social media so popular also make them a potential problem for credit unions, their members and those in charge of fighting fraud.
That's according to people who make their living helping credit unions and other financial institutions accommodate new technologies and the compliance challenges that come along with them, as well as shape the rules themselves.
BECU went live on March 20 with person-to-person payments and since then has moved approximately $700,000 for about 5,000 newly enrolled users.