For a guy who serves as CEO for three Southern California credit unions CalCom Federal Credit Union, City of Down Federal Credit Union and Mattel Federal Credit Union Jon Hernandez appears anything but frazzled. Neatly separated stacks of papers line one side of his desk in his office at the...
There’s no doubt that member demand for convenient banking services such as remote deposit capture and person-to-person payments is high. But some credit unions may be overwhelmed by the homework required to implement these services, especially the need to comply with applicable regulations such as Bank Secrecy Act/Anti-Money Laundering.
Having some kind of a succession plan in place, even just knowing who will take a CEO’s place in the event of his or her sudden departure, is a necessity for every credit union. But experts say the best succession plans don’t just determine who future leaders will be. They...
Investing and stock trading isn’t typically at the top of members’ to-do lists, especially young members’ lists. And it’s not a priority for most credit unions either. In fact, according to Hendrix Niemann, managing director of practice and wealth management services for CUNA Brokerage Services Inc., about 1,000 credit unions...
A trusted disaster recovery plan not only ensures credit unions that their data will be safe should a system failure occur, Federal Financial Institutions Examination Council examination guidelines require financial institutions to have one in place.
Doubt has been swirling around the potential widespread use of near field communication, or NFC, a technology that links consumers’ mobile phones to merchants’ point-of-sale terminals, enabling instant mobile payments. Apple released the iPhone 5 without an NFC chip, leaving millions of consumers out of the NFC equation.
Helping members manage their money with personal financial management tools is a win-win move for credit unions and members. Add a mobile alert feature that keeps members on top of their spending 24/7, and they may be even more likely to improve their habits.
A new report from FICO Labs states U.S. student loan delinquency rates climbed by nearly 22% in the past five years.
Repetitive yet necessary tasks such as counting cash and scanning checks steal away precious time that branch employees could be devoting to servicing their members.
As many credit unions learned recently during Hurricane Sandy, disasters can happen. Especially in storm-prone coastal areas, it’s important for credit unions to have reliable back-up plans for their data should a weather-related catastrophe strike.