This past week on cutimes.com and Facebook, readers shared their thoughts on improving member experiences, credit union industry growth, the CFPB and more.
"Member Experience: You Only Get One Shot," May 10
That's all very valid, although perhaps the "seamless tech" isn't always the best idea to integrate. Some older credit union members can be afraid of tech change, but perhaps then it takes the credit union staff to show elder members how to take advantage of that. Regardless, marketing concepts (influence marketing like with Yelp) are incredibly crucial to any credit union. Staying on top of those marketing trends is important. Just our two cents.
Oak Tree
"Credit Unions Gaining Market Share, Study Finds," June 13
Cross sector cooperation can do more than make things easier, it can build and mutually support the growth of all sorts of cooperatives. It can build and strengthen our economic democracy.
Mid-Atlantic Food Cooperative Alliance
"Trade Groups Want to Convert CFPB Into a Commission," June 23
Totally agree. Cordray remains the biggest single flaw in the CFPB. A self-styled social activist masquerading as an imperious, federal financial regulator who turns examinations into inquisitions; selectively enforces existing regulations; ignores his mandate to regulate similar products across the financial services industry, regardless of provider; makes up reasons to pursue vendettas against businesses that he finds personally distasteful; performs questionable research designed to support decisions rather than to uncover information; and steadfastly refuses to differentiate between predatory, large financial behemoths and the rest of consumer financial institutions.
jrwells5
"CDFI Program Biased Against CUs & Banks, Trade Groups Allege," June 28
I'm curious about varying opinions: Is now the right time to be pointing out the flaws of a program we are fighting to save? Is it the case that the door is open to a shift by Congress during the process, or conversely will it cause pause for maintaining funding at current levels?
Jamie Strayer
"Credit Unions Become Cops Under AML/BSA Rules," June 29
It's well past time to start paying FIs for their many and costly BSA activities. The cost of these activities measured in the hundreds of millions for credit unions represent a tax on the resources that should rightfully be directed to member benefit. If these activities are important, then the federal agencies should be happy to reimburse us for the expensive programs and compliance that takes us from our purpose of "helping our members."
Dennis Moriarity
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