ARLINGTON, Va.—A majority of credit union leaders’ overall interest in providing members with real-time payments in the next one to two years is moderate, according to a new report, that found a large minority, however, see it as a strong area of focus.
NAFCU's latest Economic & CU Monitor reveals 58% of respondents say their credit union would be “somewhat likely” use the Federal Reserve’s real time gross settlement system, FedNow, within the next two years, with 42% saying that their interest was “significant.”
Feedback on Credit Score Modeling
The Monitor also examined credit unions’ response to the transition in credit score modeling, noting the government-sponsored enterprises currently require lenders to submit FICO scores, and the FHFA is looking to replace the classic FICO model with modern alternatives.
The Monitor survey revealed 60% of respondents reported they would need to preform internal model updates, testing, and validation to adopt these new models.
In addition, 82% of credit union respondents cited the possibility of longer exams as a key concern regarding NCUA’s proposed vendor supervision, with 91% expressing concern about the potential for third parties to pass examination costs to credit unions, NAFCU reported.
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