The other good news for the Empire State is that 73% of its credit unions reported a positive return on assets as of Dec. 31, 2012. Statewide, New York’s credit unions earned an average ROA of 87 basis points, slightly higher than the national average of 86.
The effort to create a new technology standard for integrating credit union-specific software has marked a number of milestones since it was launched by members of the CUNA Technology Council.
For some credit unions, the recipe for high auto loan volumes is a mix of strong relationships with dealers, fast response times and a dedicated staff.
The pending anti-trust settlement, pitting the six major card issuers and two major card brands against the retailers, has sparked a legislative backlash.
A new policy and fee structure from Visa are having a significant impact on the already complicated debit interchange market and, in some cases, are making that market more difficult for credit unions to navigate, according to payments executives.
On April 10 the House Financial Services Committee has scheduled a hearing to focus on the regulatory burdens facing community financial institutions that will focus on credit unions.
The NCUA reported April 2 that it scored a $165 million win against Wall Street, reaching a settlement with Bank of America over residential mortgage-backed securities losses at failed corporate credit unions. Bank of America did not admit fault as part of the settlement, the NCUA said in a release.
Young professionals are becoming a key demographic driving the bottom line of a credit union.
Consumers are increasingly tapping their smartphones and tablets to manage their money, a trend that may push personal financial management tools into the mainstream and open new opportunities for credit unions to help their members in real time.
Going into 2014, female and young investors will be taking further control of their financial plans.
Business loans are a natural choice for credit unions’ survival given their close relationships with members and community ties. And more Americans are starting small businesses.
Business intelligence, obtaining actionable insight from the information credit unions already collect and store, is often presented as the solution to a world of sales, service and productivity issues. BI can be just that, but too often a lack of understanding of its benefits, difficulty in extracting it or insufficient...
If yours is one of the NCUA’s newly designated low-income credit unions, congratulations.
With Facebook and Twitter dominating the social media scene, LinkedIn has been, for the most part, waiting to join the conversation.
At a time when it’s not fashionable to praise Washington, Ed Danek thinks he’s seen government at its best.
Some dustups have taken place or are in the works that are affecting credit unions. It’s enough to clog your pores, so I’m going to just clean that up a little bit with an apricot scrub. (I’ll apply a light cleanser to that mixed metaphor while I’m at it.)
Wall Street generally applauds the idea of shedding employees, and credit unions often worry when their employee-to-member ratio climbs.
The NCUA released last week a Supervisory Letter to examiners that reveals how the field staffers will evaluate credit union compliance with recent changes in troubled debt restructuring loan rules.
By yearend, Mountain View, Calif.-based Intuit will offer its popular, standalone personal finance manager, Mint, directly to financial institutions to offer as a value add to their customers.
Prepaid cards can be difficult to reload, and the difficulties multiply when those funds are in the form of a check.
The $5 million, 1,049-member North Shore Manufacturers Federal Credit Union in Beverly, Mass., has merged with the $1 billion, 48,671-member Hanscom Federal Credit Union in Hanscom Air Force Base, Mass. as of April 1.
Criminals overseas have engineered yet another way to compromise financial institution’s credit and debit cards at the point of sale and ATMs, according to credit.com.
Add Harry Carter, president/CEO of the 38,800-member Topline FCU to the growing list of longtime credit union leaders retiring at the end of 2013.
Depending on who you talk to, the credit union business lending landscape could easily be a mix of record loan growth peppered with a drop in delinquent debt to an environment that is thriving better than what bank competitors are experiencing.
In today’s world, customers are using technology like never before when it comes to their finances: online banking, bill pay, and so on. Increasingly, business customers are expecting the same ease of use when interacting with their lenders and vendors. Simultaneously, pressure to increase commercial and industrial loans across all...