PETERBOROUGH, N.H.—Should the CFPB’s proposed rule on credit card late fees become final, credit unions should prepare to make less money on their card portfolios, according to one expert who says that although the rule applies only to issuers with more than one-million open accounts, its effects will trickle down to all FIs.
CHICAGO—Economic conditions are right for a comeback in home equity lending this year, says TransUnion, which is forecasting a solid year for the product—but only if lenders can focus on consumer education.
ST. PETERSBURG, Fla.—The rapid growth of buy now, pay later (BNPL) has now reached the point where it is a “table stakes” offering for all financial institutions, contends one expert, who suggests those that do not “lean into” BNPL will lose loan volume.
TAMPA—Many more credit unions will get a better understanding in May of just what is the Credit Union Data Exchange (CUDX), according to Trellance, which has provided an update on the new data sharing tool being designed to help credit unions better compete with the plethora of other financial providers.
MADISON, Wis.—With several years’ experience now under their belts, what has turned out to be the most productive work structure for credit unions in the wake of the pandemic—return to office, work from home, hybrid? It’s a challenging question, one compounded by the fact many CUs lack objective metrics for measurement, according to one person.
BALTIMORE—What’s the best way to turn around a struggling credit union? According one CEO—who steered her organization away from an $800,000 loss in mid-2022 to $1-million in net income in 2022—the key has been focusing on staff to improve member service.
SAVANNAH, Ga.–A “constellation of emerging technologies are coming together that will shape the complexion of credit unions” moving forward, according to one person, who said despite the dire forecasts often heard, he is pretty optimistic about what it all means for the nation’s financial cooperatives–if they act now.
LOMBARD, Ill.—With an “uncertain” economy still ahead, one analyst is telling credit unions to pay close attention to their lower-income members, no matter which way the economic pendulum swings.
LAKE FOREST, Ill.—Financial institutions are paying record-high rates on deposits and the rate war is only going to get tougher as the year progresses, according to one economist.
SAVANNAH, Ga.–Speaking almost one year to the day since customers of Silicon Valley Bank withdrew some $42 billion in deposits over just a few hours, leading to the bank’s collapse, Vince Passione told credit unions here they are going to have to be rethinking their deposit strategies--and that includes using loans as an enticement.
