WASHINGTON—Claims that many financial providers will stop offering overdraft services if the CFPB’s proposed new rule is enacted are overblown and wrong, according to the Consumer Federation of America (CFA).
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ATLANTA—Credit unions and the captive financing companies were the “big winners” in auto lending market share gains in 2023, but if credit unions want a repeat performance in ’24, they will need to expand their lending base, says Equifax.
BIRMINGHAM, Ala.—With associational groups growing as a means for field of membership expansion, Dennis Dollar is cautioning credit unions to approach such a strategy correctly, or risk attention from NCUA and possibly even loss of associational groups that have been added.
LAKE FOREST, Ill.—Financial institutions have not been able to stem the outflow of money leaving for Wall Street funds even as rates have risen, according to new data that show savings and checking balances dwindled last year over 2022 levels, with interest checking taking the biggest hit.
WASHINGTON—If credit unions under $10 billion in assets believe they will not feel the effects from the CFPB’s new overdraft proposal, one expert says they’re mistaken.
CINCINNATI—Credit unions should expect a U-turn in leasing penetration in 2024, as volume steadily increases, according to one analyst, who is crediting muted economic “turmoil” and consumers’ changing their perspective on car ownership for the shift.
MIDLAND, Mich.—It’s simply a “5% world” right now, according to Dow Credit Union, which recently attracted $3.4-million in overall deposits in one week, with a 5.65% three-month CD drawing the most attention.
ST. PETERSBURG, Fla.—There are four areas where credit unions need to be focused in 2024, according to one person, who is citing examples drawn from grocery stores, overseas (but headed to the U.S.), and bank failures.
ALEXANDRIA, Va.—The nation’s banks are ahead of credit unions when it comes to installing EV charging stations at their locations, according to one expert, who believes CUs are just beginning to see the advantages of offering the opportunity to recharge include driving loyalty, new members and possibly even payments volume.
LAKE TAPPS, Wash.—While credit union mergers during 2023 were actually down when compared to recent years, one type of combinations was up—assets acquired via credit union deals with banks.