The nation’s first credit union (CU) was founded in 1908 to serve mill workers in the Manchester, New Hampshire area. Today, more than a century later, that credit union is still operational and is now focused on serving a new type of member: millennials.
The latest PYMNTS Credit Union Tracker™, powered by CO-OP Financial Services, features news on the latest regulation changes facing the credit union market, along with recent partnerships and innovations that are changing how credit unions conduct their lending practices.
News from the credit union market
Recent rule changes and product innovations are promising to help the CU market better serve its members.
Some big-name credit union service organizations (CUSOs) applauded the Trump administration’s recent move to roll back the Consumer Finance Protection Bureau (CFPB)’s arbitration rule that the groups said was unfair to credit unions. Both the Credit Union National Association (CUNA) and the National Association of Federally-Insured Credit Unions (NAFCU) said the now-repealed rule, which prevented FIs from using mandatory arbitration agreements in financial services contracts, put an unfair burden on the industry.
Beyond recent developments in Washington, D.C., a Phoenix, Arizona-based CU is providing a financial lifeline to aspiring business leaders in that community. Canyon State Credit Union recently awarded a $40,000 grant to the local non-profit Hustle Phoenix. The organization will use the funds to offer rising entrepreneurs — or “hustlers” — access to education and business advisory resources.
Meanwhile, PSCU, another influential CUSO, announced it will work with technology solutions provider CU Direct on a new loan origination system (LOS) to offer its member institutions a more streamlined loan application process. The new service is called Lending 360 and helps members by quickly completing the underwriting process and disbursing funds to borrower accounts. By providing a faster lending process, CU staff will be able to devote more resources and time to addressing member needs.
For a roundup of all the latest notable Credit Union news, check out the latest Tracker.
From mill works to millennials … the nation’s oldest credit union speaks
St. Mary’s Bank of Manchester, New Hampshire, was founded in 1908 to serve the community’s immigrant mill worker community. In the more than 100 years of operations that have followed, the CU has endured economic challenges including the Great Depression and the shifting economic landscape. Today, it is still active but, instead of catering to mill workers, it is pitching its services to millennials. St. Mary’s COO Ken Senus speaks with PYMNTS about the credit union’s transformation over the years and how it stays active in an increasingly competitive financial landscape.
To read the story, download the November edition of the Credit Union Tracker™.
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The PYMNTS Credit Union Tracker™, powered by CO-OP Financial Services, serves as a bimonthly resource for staying up-to-date on the most significant trends and developments across the credit union market.