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The article discusses the issue of overdraft protection in credit unions. It highlights the benefits of overdraft protection and the measures credit unions take to ensure responsible use. However, recent state legislation, such as California's Senate Bill 1075, has the potential to limit access to this service. The article also mentions the proposed national rule by the Consumer Financial Protection Bureau on overdraft protection. The author argues that some credit unions have become overly reliant on overdraft fees, and calls for reforms such as greater disclosure, posting credits before debits, and eliminating NSF fees. [Extracted from the article]

The Consumer Financial Protection Bureau (CFPB) is set to finalize its 1033 rule, which aims to accelerate open banking and give consumers more control over their financial data. The rule would require financial institutions to allow consumers and authorized third parties to access account information. This shift towards open banking is driven by consumer preferences for digital services and the need for financial institutions to adapt to meet these expectations. The rule could also benefit small banks and credit unions by allowing them to offer a range of digital financial services without customers needing to switch institutions. However, there are still details to be worked out, such as oversight of data aggregators and risk management practices. Banks should view the implementation of the rule as a business opportunity and consider how they can operate as both data providers and recipients. [Extracted from the article]

"My story is probably not that different from manyothers that work in credit unions, which is the initialexperience of not having any idea what a credit union is,"Jockisch said. Credit Unions With a slew of older executives nearing retirement, thecredit union sector will have a big management void to fill. Shecould stay in her recently acquired position, or jump toa smaller credit union for less pay and the opportunityto advance toward a role with more responsibilities. He didn't anticipate how short his path to the C-suiteas a young executive would be when compared toothers across the credit union industry. [Extracted from the article]

While the NCUA can't change these factors,it is addressing two of the main contributors to theundersupply of new credit unions: assisting prospectivecredit unions with gaining the required capital andreducing the length and burden of the chartering process. Deposits & Withdrawals There is much interest in spurring the formation of newbanks and credit unions. [Extracted from the article]

More banks and credit unions are adopting cloud-based technology to save costs and improve efficiency. However, concerns remain about security and data privacy, as well as the skills needed to implement this technology. IT experts are taking steps to address these concerns, such as regularly testing backup systems and adopting cybersecurity measures. This information is based on the results of American Banker's 2024 Cloud First Banking Survey, which included responses from 181 bank and credit union leaders. [Extracted from the article]

A new report suggests that banks are missing out on growth opportunities by ignoring the mass market, which includes American households with investable assets under $100,000. Only 16% of banks and wealth management firms offer tailored wealth-related or investment services to this demographic, despite it comprising nearly two-thirds of all U.S. households. Banks tend to focus on targeting the affluent segment, leaving the middle market and mass affluent with hybrid services or self-directed options. However, younger Americans in the mass market are already seeking financial advice, presenting an opportunity for banks to create lasting relationships and retain clients as they accumulate wealth. [Extracted from the article]

Gary Fukuroku, CEO of Maui County Federal Credit Union, has been named Credit Union Executive of the Year for his leadership and response to the devastating wildfires in Hawaii. Fukuroku established a disaster relief fund, designated credit union branches as drop-off points for necessities, and provided low-interest loans and deferred payments to members affected by the fires. He has also raised funds for long-term support and is working with Maui County officials to secure aid for small businesses impacted by the fires. Fukuroku's dedication to his community and members has helped grow the credit union and make a positive impact. [Extracted from the article]

Credit union-bank mergers are on the rise, with tax-exempt credit unions acquiring taxpaying community banks at a record rate. Critics argue that these acquisitions are enabled by outdated federal policies and regulations, which allow credit unions to use their members' capital to make all-cash offers for smaller community banks instead of benefiting their members. These deals displace local sources of credit, expand the federal tax exemption given to credit unions, and pose a threat to U.S. cybersecurity. However, proponents argue that these transactions are a result of credit unions' focus on serving all consumers and their commitment to maintaining vital financial services in local communities. They emphasize that credit unions offer safe and affordable products and reinforce good financial habits, leading to billions in financial benefits each year. [Extracted from the article]

A recent survey conducted by American Banker Magazine reveals that improving fraud prevention and mitigation is the top priority for executives in the financial services sector. Community bank executives and credit union executives were particularly concerned about this issue. Identity theft tied to new account fraud was identified as the area where most bankers are focusing their mitigation efforts. Despite increased investments in fraud prevention tools, some respondents expressed uncertainty about the effectiveness of their current authentication methods. The survey included responses from 158 banking professionals and aimed to understand best practices for preventing fraud risks. [Extracted from the article]

This article discusses the importance of employee engagement in the mortgage industry. It highlights the partnership between National Mortgage News and the Best Companies Group, which conducts surveys and reviews to determine the best mortgage companies to work for. The article emphasizes the impact of employee engagement on worker empowerment and success, with examples from companies such as Consumers Credit Union and Direct Mortgage Loans. It also mentions the challenges of maintaining employee engagement in a geographically dispersed company and the various strategies employed by different mortgage companies to foster engagement. [Extracted from the article]

PenFed Credit Union has implemented a volunteer program in which employees raise puppies to become service dogs for disabled veterans. The program began when an employee brought her own service dog to work, and since then, employees have helped raise nine service dogs, with all costs covered. The credit union has partnered with Canine Companions for Independence to increase awareness and participation in the program. The dogs are trained to perform various tasks to assist veterans with disabilities, such as reducing PTSD symptoms and improving mental health. The program aims to address the shortage of volunteers to raise service dogs and hopes to inspire other organizations to get involved. [Extracted from the article]

The Most Powerful Women in Credit Unions honorees discuss their response to inflation and the challenges facing underserved communities. [ABSTRACT FROM AUTHOR]

Elevations Credit Union is paying athletes at the University of Colorado Boulder by way of a new credit card. The annual fee, plus two cents per transaction, will go to a collective that provides financial support to Buffaloes players. [ABSTRACT FROM AUTHOR]

Credit Union Service Organizations such as Prizeout, have seen increased interest as credit unions get on board with automation. [ABSTRACT FROM AUTHOR]

Credit unions don't enjoy an unfair advantage. What they do is reinvest in their members and their communities in a way banks often do not. [ABSTRACT FROM AUTHOR]

DFCU Financial reached a deal to acquire Winter Park National Bank in the Orlando metropolitan area. It was a record 20th credit union-bank merger of the year. [ABSTRACT FROM AUTHOR]

DFCU Financial reached a deal to acquire Winter Park National Bank in the Orlando metropolitan area. It was a record 20th credit union-bank merger of the year. [ABSTRACT FROM AUTHOR]

The Vienna, Virginia-based credit union will pay tens of millions of dollars in penalties over what the agency said was "junk fees" charged to Navy Federal's customers. [ABSTRACT FROM AUTHOR]

The Vienna, Virginia-based credit union will pay tens of millions of dollars in penalties over what the agency said was "junk fees" charged to Navy Federal's customers. [ABSTRACT FROM AUTHOR]

Consumer groups and banks are pushing for increased regulation on credit unions, aligning on concerns over tax exemptions, consumer protection standards, and the rising trend of credit union acquisitions of community banks. [ABSTRACT FROM AUTHOR]

Consumer groups and banks are pushing for increased regulation on credit unions, aligning on concerns over tax exemptions, consumer protection standards, and the rising trend of credit union acquisitions of community banks. [ABSTRACT FROM AUTHOR]

The agency said VyStar customers took on fees and credit report demerits because they could not access banking functions for months following an attempted upgrade. [ABSTRACT FROM AUTHOR]

At an American Bankers Association convention Monday, Rep. Claudia Tenney highlighted the need for transparency in the regulatory disparities between banks and credit unions. [ABSTRACT FROM AUTHOR]

Leaving credit unions exempt from the Community Reinvestment Act preserves a gaping hole in regulations designed to make sure that financial services firms make loans available in underserved communities across the country. [ABSTRACT FROM AUTHOR]

The credit union has been using Upstart's AI-based loan decision model to help creditworthy consumers consolidate their credit card debt. [ABSTRACT FROM AUTHOR]

The credit union has been using Upstart's AI-based loan decision model to help creditworthy consumers consolidate their credit card debt. [ABSTRACT FROM AUTHOR]

The credit union has been using Upstart's AI-based loan decision model to help creditworthy consumers consolidate their credit card debt. [ABSTRACT FROM AUTHOR]

Y-12 Federal Credit Union in Oak Ridge, Tennessee, said it would acquire First State Bank of the Southeast in Middlesboro, Kentucky. It was the 19th such deal announced this year. [ABSTRACT FROM AUTHOR]

Y-12 Federal Credit Union in Oak Ridge, Tennessee, said it would acquire First State Bank of the Southeast in Middlesboro, Kentucky. It was the 19th such deal announced this year. [ABSTRACT FROM AUTHOR]

Citadel Federal Credit Union's $6.5 million deal with the Justice Department settles allegations of discriminatory lending around Philadelphia. It was the DOJ's first-ever redlining order against a credit union. [ABSTRACT FROM AUTHOR]

The Department of Justice (DOJ) has issued its first-ever redlining order against a credit union, Citadel Federal Credit Union, prompting strong responses from industry regulators and trade groups. The DOJ accused Citadel of avoiding lending in minority communities in and around Philadelphia. The credit union has denied the allegations, stating that its focus on digital services impacted its ability to open branches as planned. As part of the settlement, Citadel will create a $6 million subsidy fund to increase loans in predominantly Black and Hispanic neighborhoods and open three branches in minority communities. [Extracted from the article]

The Bay Area lender said an unauthorized party was in its servers for over five weeks this spring. [ABSTRACT FROM AUTHOR]

The Bay Area lender said an unauthorized party was in its servers for over five weeks this spring. [ABSTRACT FROM AUTHOR]

Digital Federal Credit Union and First Tech Federal Credit Union, among the largest in the country, originated from technology companies. [ABSTRACT FROM AUTHOR]

Digital Federal Credit Union and First Tech Federal Credit Union, among the largest in the country, originated from technology companies. [ABSTRACT FROM AUTHOR]

Democratic Gov. Gavin Newsom signed measures designed to bolster consumer protection rules. The bills target several issues that have also been percolating at the federal level. [ABSTRACT FROM AUTHOR]

Democratic Gov. Gavin Newsom signed measures designed to bolster consumer protection rules. The bills target several issues that have also been percolating at the federal level. [ABSTRACT FROM AUTHOR]

Democratic Gov. Gavin Newsom signed various measures designed to bolster consumer protection rules. The bills target several issues that have also been percolating at the federal level. [ABSTRACT FROM AUTHOR]

Credit unions worked with California lawmakers to reshape proposed changes to the fees. An upcoming rule from the Consumer Financial Protection Bureau raises uncertainty. [ABSTRACT FROM AUTHOR]

Credit unions worked with California lawmakers to reshape proposed changes to the fees. An upcoming rule from the Consumer Financial Protection Bureau raises uncertainty. [ABSTRACT FROM AUTHOR]

Overdraft fees continue to be in the spotlight, with the Consumer Financial Protection Bureau proposing a rule essentially to cap them. Certain credit unions are also now required to disclose additional information on this revenue stream. [ABSTRACT FROM AUTHOR]

As member demand for installment payments increases, resource-strapped institutions are looking for outside help. Fintechs offer the service. [ABSTRACT FROM AUTHOR]

As member demand for installment payments increases, resource-strapped institutions are looking for outside help. Fintechs offer the service. [ABSTRACT FROM AUTHOR]

American Banker's Most Powerful Women in Credit Unions celebrates the senior executives guiding the future of the credit union industry, while also examining issues of mentorship and inclusion. [ABSTRACT FROM AUTHOR]

American Banker's Most Powerful Women in Credit Unions celebrates the senior executives guiding the future of the credit union industry, while also examining issues of mentorship and inclusion. The deadline for nominations is October 12. [ABSTRACT FROM AUTHOR]

Membership requirements, expense and the nonprofit ethos largely keep credit unions from participating in the banking-as-a-service space. But a few, such as North Bay Credit Union in California, have carved out a niche. [ABSTRACT FROM AUTHOR]

Membership requirements, expense and the nonprofit ethos largely keep credit unions from participating in the banking-as-a-service space. But a few, such as North Bay Credit Union in California, have carved out a niche. [ABSTRACT FROM AUTHOR]

Northwest Federal Credit Union in Herndon, Virginia, will follow FedEx as stadium-name partner for the Washington Commanders, gaining branding rights for which the logistics giant was paying nearly $8 million annually. [ABSTRACT FROM AUTHOR]

"You are seeing credit unions embrace, particularly in communities where community banks have been rolled up in mergers, personalized customer service", said Steve Reider, president of the bank consulting firm Bancography. Where credit unions are beating banks in customer experience: In Arizent's second annual survey examining how consumers feel about financial services companies, credit unions largely came out on top. It's possible community banks would have fared better against credit unions given that consumers are likely to have a similar affinity for both types of financial institutions. [Extracted from the article]