Category Archive

11/23/22 Several Credit Unions on the East Coast Plan Mergers (Credit Union Times)   While credit unions in California and Washington claimed their consolidations had just been completed, those in Connecticut, New York, and Maryland recently announced potential mergers. The State of Connecticut Department of Banking received a merger application from the $1.1 billion Sikorsky Financial Credit Union in Stratford, Conn., …

10/28/22 Trends & Challenges in Protecting CUs From Cyber-Attacks in 2022 & Beyond (Credit Union Times)   As we enter a new year, we may assess what trends are helpful for shielding credit unions from cyber threats as well as what difficulties may come up in the future as credit unions continue to be a top target for hackers. When creating …

09/26/22 Credit Unions Join With Bank Groups in Opposition to Credit Card Bill in House (CU Today)   NAFCU and CUNA have signed a letter to Congress opposing the House companion to the Credit Card Competition Act of 2022, along with the American Bankers Association, the Consumer Bankers Association, the Electronic Payments Coalition, and the Independent Community Bankers of America (CCCA). …

08/25/22 Spike in Credit Union Auto Share Confirmed by Experian Data (Credit Union Times)   According to Experian reports, credit union established records for both new and used car financing, while the prior records were set during the first quarter of this year. On the basis of balances, credit unions accounted for 33.7% of all auto loans in the country during …

07/25/22 Credit union loans increased 2.3% in May (Credit Union National Association) According to CUNA’s latest Monthly Credit Union Estimates, credit union loans outstanding jumped 2.3% in May, compared to a 1.9% growth in April 2022. Other mortgage loans dominated loan growth for the month, increasing 3.5%, followed by unsecured personal loans, which rose 3%. Credit union savings holdings fell …

06/27/22 In Response to Changes in Consumer Behavior, Major Bank Plans to Redesign Branches (CU Today)   For around ten years, PNC has been experimenting with tellerless branches with prototypes located in Wilkinsburg and Bakery Square in Larimer. PNC Bank intends to convert approximately 60% of its branches countrywide over the following five years to a new technology-focused model that does …

05/31/22 CU Economist Puts Odds Against Recession (Credit Union Times) According to CUNA Chief Economist Mike Schenk, the likelihood of a recession by the end of 2023 are minimal. The start of a recession is usually defined by two consecutive quarterly declines in GDP. Schenk believes that economic growth will pick up in the second quarter and will be significant. …

04/28/22 SBA direct lending will harm local financial institutions’ relationships (CUInsight) In most cases, the SBA does not act as a direct lender but rather ensures the repayment of loans provided by a credit union or another lender. In regards to that, the CUNA wrote to the House and Senate Small Business Committees stating that the effective approach for a …

03/28/22 The strategic cryptocurrency opportunity for credit unions (CUInsight) There is growing mainstream curiosity and inquisitiveness about cryptocurrency, especially among Gen Z and millennials. It now may be the time for credit unions to enter the cryptocurrency market as part of their attempts to acquire and retain Gen Z and millennial members. In December, the NCUA released guidelines emphasizing that …

02/18/22 Realizing the Opportunity in the Subordinated Debt Market (Credit Union Times) As most low designated credit unions (LICUs) have increased and the NCUA’s Final Rule on Subordinated Debt has expanded issuer eligibility, the industry now has more opportunities than ever before to reap the benefits of the subordinated debt market. The wider subordinated debt market has grown and evolved …