Since at least 2010, Telesis Community Credit Union’s member business loan program has been in a downward spiral.
After years on a regulatory watch list, NCUA and the California Department of Financial Institutions finally pulled the plug last week on the $318 million Telesis Community Credit Union, placing the Los Angeles-based credit union into conservatorship. The NCUA was appointed conservator, ending a troubled saga.
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.
Do credit union members think more positively than non-credit union members do when it comes to the U.S. economy and their personal finances? According to the Discover U.S. Spending Monitor, a monthly consumer survey conducted by banking and payment services giant Discover Financial Services, the answer is yes.
Heather Anderson joined Credit Union Times’ staff full time as the Washington reporter effective April 2. She previously served as a correspondent for CU Times from 2005 through 2010.
After a dozen years in laid-back suburban San Diego, Bluepoint Solutions is going where the action is, Las Vegas.
When the CEO of Home Depot was dumped in 2007, he walked away with a $210 million severance package, a pay-for-failure approach that drew disparaging headlines and a barrage of criticism.
The proposed buyout by GFA Federal Credit Union of a troubled New Hampshire savings bank continues to generate industry interest but with a pivotal question: Can the credit union and bank clear the legal hurdles with the NCUA, the Comptroller of the Currency and the FDIC.
Payment data analysis by TransUnion, a national credit reporting bureau, demonstrates consumers’ shift in loan payment habits, making auto loans the first major bill that gets paid each month.
This year may be a turning point for credit union auto loan programs with monthly market shares poised to range from 18% to 24%, which were highs experienced prior to the recession.
Wake up and smell the hack. “Mobile banking, I would argue, presently, is significantly more secure than is online banking,” said Kevin Travis, a partner with Novantas, a New York-based management consulting firm.
What’s your wallet made of – leather, or bits and bytes? At CUNA’s recent Government Affairs Conference held in Washington that was a key question raised among those close to the evolution of payment transactions.
I discovered that Credit Union Times’ coverage of Telesis Credit Union’s conservatorship and the actions leading up to it were being used against credit unions’ efforts to expand the member business lending cap from 12.25% of assets to 27.5%.
Congressional Federal Credit Union has announced that 188 members of Congress have agreed to serve as honorary race chairs for the Credit Union Cherry Blossom 10 Mile Run 5K Run-Walk.
Automated lending tools have helped the $1.5 billion GTE Federal Credit Union see an average increase of 83% in monthly lending volume in the second half of 2011.
The $379,000 Shepherd’s Federal Credit Union in Charlotte, N.C., has been liquidated by the NCUA, about 18 months after it opened its doors to serve a faith-based, low-income membership.
Enfield Community Federal Credit Union recently announced Clint Bramlett as the new president/CEO of the Enfield, Conn.-based credit union.
Timothy Maudsley has been named the new president of Alaska USA Insurance Brokers.
LEVERAGE has announced plans to partner with the Pennsylvania Credit Union Association service corporation to offer Ventelligence, a vendor management system, and its ePurchasing buying platform which the League of Southeastern Credit Union’s service corporation said will revolutionize the way CUs procure contracts.
eDOC Innovations has added the $103 million Lakeview Credit Union in Neenah, Wis., as its 14th credit union owner, the CUSO and credit union said.
The Houston-area, $37 million Space City and the $20 million Independence Parkway FCU of La Porte, Texas, plan to merge this summer.
Another large credit union has committed to Fiserv Inc.’s new Acumen core platform, while new users for its XP2 core platform and mobile banking solutions also were signed, the company said.
“What gets measured, will get done” is a motto that has well served Jan Roche, president/CEO of State Department Federal Credit Union in Alexandria, Va.
The use of contact data is changing for credit unions. Today, financial institutions are using contact data to ensure that communications reach members and prospects, but, perhaps more importantly, those institutions are also leveraging contact information to better understand their members through database consolidation and a single member view.
A mobile triple play describes a financial institution’s offering when it provides customers access to mobile banking in a total of three ways: mobile browser, text and mobile application.
Of the many Gen Y nicknames one that really fascinates me is “trophy kids,” referring to the fact that when Gen Y members participated in activities as kids, where everyone was guaranteed a trophy. By receiving prizes even when their performance levels were poor, these kids avoided feeling like losers....
The credit union industry has made excellent member service a cornerstone of our business model. For current credit union members, this approach seems to have worked; according to a Filene study, credit unions outperform banks for member/customer satisfaction.
One thing is unavoidable for all credit unions – consumer behavior continues to shift toward virtual service channels.
Community works by credit unions across the country.
Personnel news from across the country.