From cannabis legalization to the federal shutdown, government actions are reshaping financial circumstances for consumers and businesses alike. In the March Credit Union Tracker™, PYMNTS explores how credit unions (CUs) and credit union service organizations (CUSOs) are working to cater to the unique financial needs of their members, while also focusing on continually combating fraud.
Around the Credit Union Landscape
PSCU is one CUSO focused on proactively fighting fraud. According to PSCU, its efforts are bearing fruit, with the organization preventing nearly $210 million in potentially fraudulent transactions last year.
EncoreFX and Motor City Community Credit Union (MCCCU) of Ontario are also fueling up their fraud fights related to cross-border payments. The two partnered to enable MCCCU member access to EncoreFX’s FinTech platform and risk management strategy solutions.
While MCCCU seeks to improve its services through partnership, VyStar Credit Union is bolstering its offerings through acquisition. The CU recently acquired Florida-based Citizens State Bank, a move that will close by mid-year and expand VyStar’s presence in the state.
Find all the latest headlines in the Tracker.
Deep Dive: How CUs’ Security Approach Has Become a Top Selling Point
Securing personal data is top of mind for consumers, too, with 1.1 million Americans experiencing fraud in 2017 amid a rise in data breaches. Against that backdrop, financial institutions (FIs) that can offer their customers a robust cybersecurity approach stand to win over more members.
In fact, a secure banking experience is often the deciding factor for consumers when it comes to selecting an FI. Fifty-six percent of consumers, according to recent research, are more likely to choose FIs that offer advanced identity verification methods, indicating that they are drawn to FIs with tougher security standards. This month’s Deep Dive explores the fraud challenges facing CUs and their members, and how FIs can up their security to get ahead of the competition.
To read the full Deep Dive, download the Tracker.
How PenFed Kept Financial Doors Open During the Government Shutdown
Fraud is only one source of insecurity for CU members, though, with many still suffering financial upsets from the federal shutdown.
During the recent 35-day government shutdown, CUs like D.C. area-based Pentagon Federal Credit Union (PenFed) stepped up with offerings to help keep affected members afloat. That included measures such as interest-free loans and missed payment options for federal workers who stopped receiving paychecks.
In this month’s feature story, Ricardo Chamorro, PenFed’s executive vice president of corporate and business development, discussed the role of CUs during the shutdown, and how strong communication is a critical strategy to ensure members are aware of resources that can help keep them stable during unstable financial times.
To read the full story, download the Tracker.
About the Tracker
The Credit Union Tracker™, powered by PSCU, is the go-to resource for staying up to date on a month-by-month basis on the trends and changes in the credit union industry.
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