APPLETON, Wis.— The $824-million Thrivent Credit Union is considering a merger with the to-be-formed Thrivent Bank, which would be an affiliate of Minneapolis, Minn.-based financial services firm Thrivent Financial for Lutherans.
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LOWELL, Mass.–During difficult times and when people are struggling financially, members often prefer talking to a hologram than a person, one CU has learned.
KALAMAZOO, Mich.—A demand that Congress implement an “exit fee” on credit unions that buy banks is unlikely to gain traction in Washington or do much to slow the ongoing trend, according to the pioneer of the deals.
MADISON, Wis.—A big opportunity exists for credit unions to ramp up revenue and better serve members through wealth management services, says CUNA Mutual Group, which points out a significant number of people are preparing to move an even more significant amount of funds in the near future.
GAINESVILLE, Fla.—A credit card war is just beginning among major issuers, say two experts, who caution that credit unions should not just be concerned over what the big guns are and will be offering—they need to reject long-held cultural restraints and target existing members and not new accounts.
WASHINGTON—Today marks the 10th anniversary of the Consumer Financial Protection Bureau—marking a decade of debate over its structure, authority, compliance demands, mission, and whether it needs to exist at all. And that includes an initial disagreement between the two main CU trade associations.
LAKE FOREST, Ill.—The depository world will see “unprecedented change” in the next 18 to 30 months, predicts one economist, who says the Federal Reserve and Walmart are changing the checking game entirely.
IRVINE, Calif.—In what has been a slow auto lending market this year, credit unions are extending themselves to keep the portfolio growing, according to one analyst who is pointing to several ways CUs are widening their reach.
MADISON, Wis.–The need for true digital transformation at all credit unions is clear, but it won’t happen unless the right culture is in place, according to one expert, who offered strategies for getting culture aligned with where it needs to be.
MADISON, Wis.–The “new normal?” Forget that. Get ready for the “never normal.” Digital transformation? It may be the least of all disruptions. The COVID-19 pandemic? It was a “warm-up” act. Those forecasts and more were shared with CU leaders by one expert who offered some caution as well as some advice on competing in a new landscape.