Credit unions are constantly evolving to better serve their members. In recent years, they have grown not just in size but in capability, embracing new technologies and expanding their reach.
THE 'tude
After putting their lives on the line for our country, many veterans return home eager to launch small businesses. Yet too often these aspiring veteran entrepreneurs face an uphill battle in accessing capital.
It seems every time a credit union dares to sponsor a sports stadium or venue, critics from the banking world grab their bullhorns. "How can tax-exempt credit unions afford this?" they cry, as if the presence of a credit union logo on a scoreboard is a betrayal of their mission.
DOGE recently pulled the plug on the CFPB, just as a long-awaited 1033 ruling was implemented and set to reshape the landscape for U.S. credit unions. With the CFPB’s future uncertain, many are left wondering what’s next for financial regulation.
A recent CUToday article highlighted that consumers paid $12.1 billion in overdraft and NSF fees in 2024 – with credit union members shouldering about $5.4 billion of that total. The piece suggests credit unions are “hitting” their members harder with these fees than banks.
As higher education costs rise, many families struggle to navigate the complex landscape of college planning. Preparing for college is daunting, from tuition savings to understanding financial aid options.
In Washington, a battle is brewing over the future of our community-focused credit unions. The Independent Community Bankers of America (ICBA) is lobbying Congress to end the federal tax exemption for credit unions over $1 billion in assets, framing it as “ending an unfair subsidy.”
Credit unions face an ongoing challenge in engaging younger members, especially as their core member base ages. With Gen Z embracing credit products and digital banking tools at an unprecedented rate, credit unions must rethink how to meet these evolving needs.
When insurance products are designed elegantly, they make the underlying product even more attractive. For example, many credit unions now offer coverages such as travel, cellphone and cancellation cover to their prestige checking customers.
In the ongoing discussions about financial regulatory consolidation, one dangerous idea continues to surface: merging the National Credit Union Administration with other federal financial regulators, such as the Federal Deposit Insurance Corporation or the Office of the Comptroller of the Currency. While this may seem like an efficiency measure to some, eliminating an independent NCUA poses a grave threat to credit unions, their members, and the broader financial system.