MADISON, Wis.— Six weeks after TruStage discovered the cyberattack that forced much of its technology environment offline, significant portions of its operations are returning—but for some credit union members and other consumers, the disruption is still being measured in missed insurance payments, inaccessible retirement money, delayed disability benefits and difficulty collecting on life insurance policies following the death of a family member.
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SCOTTSDALE, Ariz.—Credit unions have spent years searching for new sources of growth, yet one of the biggest may already be sitting in their branches and membership databases: business owners whose commercial banking relationships are somewhere else.
NEW YORK—For years, the growth of mobile banking raised an obvious question for credit unions: If members can deposit checks, transfer money, open accounts and handle most routine transactions from a phone, how much longer will they need branches?
MADISON, Wis.— TruStage says it has restored additional member-facing services and resumed processing payments and claims across several lines of business as it continues recovering from the cyberattack that has disrupted the company for nearly six weeks, although the company acknowledged Friday that it has “not reached the finish line.”
WASHINGTON—The Office of the Comptroller of the Currency expects to finalize its rules implementing the GENIUS Act by November and begin processing applications from companies seeking authority to issue stablecoins in January, a timetable that is putting additional focus on whether the NCUA will move quickly enough to ensure federally insured credit unions have competitive parity.
JACKSON, Miss. — Former Jackson Area Federal Credit Union President and CEO Leigh Bridges has invoked her Fifth Amendment right against self-incrimination at least 16 times in responding to the NCUA’s $95-million civil lawsuit, the clearest indication yet of how an expected federal criminal case is beginning to reshape the agency’s effort to recover the missing funds, according to WLBT.
EAST LANSING, Mich.—By the time a struggling consumer gets a push notification on their phone, it's usually an offer to borrow money. Michigan State University FCU is trying something different: using artificial intelligence and geofencing to deliver nearby ways to save money instead.
SCOTSDALE, Ariz.--The asset size at which a community financial institution can generate a meaningful performance advantage has shifted dramatically higher, with the old $1-billion benchmark giving way to roughly $3 billion to $5 billion, according to an analysis by Tristan Green, director at Cornerstone Advisors.
SANTA CLARA, Calif.--For many credit unions, the cost of collecting an auto loan payment seems straightforward. There are ACH fees, debit card processing costs and other transaction charges that appear neatly on processor invoices and general ledgers.
MADISON, Wis.—One of the fastest-growing threats to credit union deposits may not be fintechs, challenger banks or cryptocurrency. It may be sports betting.