There is no shortage of headlines about the partial government shutdown that is now on its 27th day, and no shortage of articles speculating how long it will go on, what will be affected and (most often) what it will take to finally bring it to an...
It may come as no surprise to readers that, when asked about what influences the use of one payment method over another, credit union (CU) customers said it comes down to convenience and security. It’s an interesting outcome, PSCU’s Chief Risk Officer Jack Lynch noted,...
Credit unions (CUs) aren’t law enforcement agencies by design. However, anti-money laundering (AML) regulations like the Bank Secrecy Act can force CUs into the uncomfortable position of acting as one, says Colleen Kelly, senior federal compliance for the Credit Union National Association. In the latest...
Communication and engagement with members is an essential part of any credit unions’ (CUs’) retention strategy. Recently, though, many CUs have turned to technology-driven solutions to help members more efficiently communicate their needs and feedback. However, their members are not the only ones with whom...
When Hurricane Michael tore through the Florida Panhandle last month, it left $4.5 billion in damages in its wake. Now, as residents attempt to rebuild their lives, some local credit unions (CUs) are stepping in to offer loans for essential items like food, transportation and...
Credit unions (CUs) might operate as nonprofits, but just like a traditional bank or any other for-profit business, they still need customers — or in this case, members — to thrive. As a result, CUs have invested heavily in retention and outreach efforts in recent weeks, with the purpose...
With a growing number of states giving recreational marijuana the green light, legal marijuana businesses, which typically operate using cash, struggle to access basic banking services. That’s where credit unions are increasingly stepping in, says Tina Sbrega, CEO of GFA Federal Credit Union. In the...
When it comes to making financial decisions, businesses and consumers alike need to be well-informed — and in recent weeks, several credit unions (CUs) have stepped up efforts to better educate their members. In the October/November Credit Union Tracker™, PYMNTS highlighted the latest efforts by CUs...
Credit unions can be easy to overlook and underestimate — individually, they generally don’t have a massive amount of assets, their membership bases are often pretty small and more localized, and on average their rate of credit card penetration among members is pretty small: 15...
