LAKE FOREST, Ill.—While the East has the highest median overdraft charges, the western half of the U.S. has some of the highest overdraft limits, with one state averaging $1,000.
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LUBLIN, Poland–Speaking from a city just 60 miles from the border with Ukraine, two U.S. credit union representatives and the leaders of Poland’s credit unions have offered an update on the crisis created by Russia’s invasion of Ukraine, as well as what’s being planned. CU employees in Poland have been among those taking refugees into their homes, while the credit unions themselves have been collecting aid and even buying ambulances.
ST. PETERSBURG, Fla.—The growth credit card lending saw during the final months of 2021 will continue this year, says PSCU, which notes credit spend on larger-ticket items will drive a good part of that expansion.
RANCHO CUCAMONGA, Calif.—Look for credit card spending to continue its resurgence in 2022, say a half-dozen experts, who predict the credit picture this year will more closely reflect the pre-pandemic landscape.
LAKE FOREST, Ill.—If the CFPB eventually zeroes in on overdraft fees, to what part of the country might the agency first turn its attention? According to a new study from Moebs $services, it will likely be the East.
NORTH CHESTERFIELD, Va.–Alleging a “rigged election” that favors board incumbents, four people who sought seats on the board of Virginia Credit Union are stating their nominations were never even considered and have now gone to NCUA and the State Corporation Commission seeking to have an upcoming board election delayed.
CENTENNIAL, Colo.— CU Direct Connect (CUDC), a provider of lending operations support solutions, has introduced Origence Lending Services as a new brand that is designed to become the lending back office for credit unions and to support expansion into new loan categories.
CINCINNATI—Credit unions should expect their used car loan portfolios to grow even larger this year, says one automotive expert, who points out a large number of leased vehicles are coming back onto the market—for a brand new reason.
MADISON, Wis.—The biggest risk credit unions face from the changes taking place in the overdraft market is members’ and consumers’ views of their pricing and how that will affect the “future relevance” of their organizations, according to several experts, including two CUs that have changed their pricing.
WASHINGTON–A quartet of credit union CEOs have shared some strong positions and challenges around financial wellness, including that CUs can’t claim to own the issue without data to support it, that saying “no” to a loan app must be accompanied by an opportunity to later say “yes,” and that inevitably another recession is coming and CUs must be prepared to respond to the communities most affected—because members expect them to.