WASHINGTON–A new American immigrant, Derreck Kayongo had never stayed in a hotel before. After three days of taking the soap and hiding it in his luggage only to find it replaced the next day, he went to the hotel’s concierge to confess to his crime and ask that he not be billed. The conversation that followed led to what today is a $10-million business that Kayongo says shares something common with credit unions.
THE feature
CARLISLE, Penn.–A group of Cornerstone FCU members here, including its former CEO, has organized an effort to stop a proposed merger with Harrisburg, Penn.-based Belco Community Credit Union.
NEW YORK—While taxi medallion lenders here continue to struggle against the impact of ride sharing—with two such CUs slipping into conservatorship—one credit union believes it can ride out the current problems.
LAKE FOREST, Ill.—A new report indicates that reloadable prepaid cards are now firmly competing with checking accounts.
NEW YORK—The effects from the sinking value of taxi medallions in this city—which has led to the conservatorship of two credit unions—will be felt by CUs across the country, indicate sources who also predict NCUSIF assessments will be part of the pain.
TAMPA, Fla.—More credit unions are taking an aggressive step in the fraud fight, proactively blocking debit transactions in certain areas of the country—and at certain retailers—where fraud rates are high.
WASHINGTON—John McKechnie still recalls when he was working on Capitol Hill in 1997 and 1998 and getting reports from congressional staffers that lobbyists for the banking industry thought of credit unions’ effort to get the Credit Union Membership Access Act passed were “ridiculous.”
LAKE FOREST, Ill.—Is credit union free checking finally on its way out? New research from Moebs $ervices indicates that may be the case, as the company’s latest checking study shows that for the first time credit union free checking numbers are declining.
CHICAGO–It’s Valentine’s Day, and in the spirit of the day CUToday.info asked, “Don’t you just love it when…,” and then asked credit unions to finish the sentence. The result? Cupid’s arrow landed in all sorts of places.
LOMBARD, Ill.—Should more credit unions be telling some members NOT to take out a loan, even if they otherwise qualify? Yes, says one analyst, who sees an increasing risk and is urging credit unions to do more than offer financial education—including making financial counseling central to all lending decisions.