Credit unions (CUs) aren’t law enforcement agencies by design. However, anti-money laundering (AML) regulations like the Bank Secrecy Act can force CUs into the uncomfortable position of acting as one, says Colleen Kelly, senior federal compliance for the Credit Union National Association. In the latest...
Communication and engagement with members is an essential part of any credit unions’ (CUs’) retention strategy. Recently, though, many CUs have turned to technology-driven solutions to help members more efficiently communicate their needs and feedback. However, their members are not the only ones with whom...
When Hurricane Michael tore through the Florida Panhandle last month, it left $4.5 billion in damages in its wake. Now, as residents attempt to rebuild their lives, some local credit unions (CUs) are stepping in to offer loans for essential items like food, transportation and...
Credit unions (CUs) might operate as nonprofits, but just like a traditional bank or any other for-profit business, they still need customers — or in this case, members — to thrive. As a result, CUs have invested heavily in retention and outreach efforts in recent weeks, with the purpose...
With a growing number of states giving recreational marijuana the green light, legal marijuana businesses, which typically operate using cash, struggle to access basic banking services. That’s where credit unions are increasingly stepping in, says Tina Sbrega, CEO of GFA Federal Credit Union. In the...
When it comes to making financial decisions, businesses and consumers alike need to be well-informed — and in recent weeks, several credit unions (CUs) have stepped up efforts to better educate their members. In the October/November Credit Union Tracker™, PYMNTS highlighted the latest efforts by CUs...
Credit unions can be easy to overlook and underestimate — individually, they generally don’t have a massive amount of assets, their membership bases are often pretty small and more localized, and on average their rate of credit card penetration among members is pretty small: 15...
When it comes to how consumers think about where their funds are the safest, large banks can benefit from somewhat of a perception gap. The issue isn’t one of actual capability, but of awareness and communication, according to CO-OP Financial Service’s Head of Industry Fraud...
For United Nations staffers stationed far and wide, transmitting funds to family or paying bills cross-border is a common challenge. These scenarios might throw traditional banks for a loop, but they’re among the bread and butter of the United Nations Federal Credit Union (UNFCU). In...
