IRVINE, Calif.—Just as the pandemic is changing consumers’ car-buying habits, so too is it altering how borrowers look at vehicle refinancing, asserts on expert, who sees a “big, growing opportunity” for credit unions.
THE feature
By Ray Birch
SANTA ANA, Calif.–SchoolsFirst Credit Union may be considering making changes to its board after it was challenged over its diversity, although the credit union has declined to comment beyond what it previously told CUToday.info about the issue.
BOSTON—Credit unions that haven’t updated their loan processes to include the most recent data from borrowers—including loans in forbearance, recent utility bills and even last week’s paystub—face potentially “dire” risks, according to one expert who has just completed a study of loan origination systems.
RANCHO CUCAMONGA, Calif.–Credit unions and CUSOs have long gathered member feedback, albeit often in a loose and anecdotal way. But CO-OP Financial Services believes it has turned its listening/feedback efforts into a science.
ALEXANDRIA, Va.—US Senate FCU is taking a “holistic” approach to managing expenses during the pandemic as it works to ensure it can preserve employees’ jobs.
LAKE FOREST, Ill.—It isn’t just the economic slowdown that has led to an historic decline in overdraft volume—consumers are thinking in new ways, too, according to one analyst, who is urging credit unions to reexamine their options.
SCOTTSDALE, Ariz.–Credit union leaders are already aware of the need for broad digital transformation of their businesses—now one person has some specific suggestions on precisely where that focus should be.
ATLANTA—A credit union with a strong national tie to the U.S. Postal Service says the only way it can expand effectively within its state is to go into new markets with a new name.
ST. PETERSBURG, Fla.—The pandemic has created a new payments battleground—the fight for greater share of PINless debit transactions driven by the boom in ecommerce sales.
SANTA ROSA, Calif.—Credit unions’ extra efforts to help consumers during the pandemic is not only deepening relationships, it’s bringing in new members, at least in one market.