PALM COAST, Fla.—Credit unions have historically played a strong role in the financial education of members, but the economy has changed over the past year and so, too, must the way CUs respond to the needs of members now, a variety of experts have told CUToday.info.
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MADISON, Wis.—With rising inflation, stock portfolios struggling and a possible recession looming, Gigi Hyland believes it’s time for credit unions double or even triple-down on financial wellness efforts to help get members ready for that next “Mack truck of life.”
OSHKOSH, Wis.–Saying it realizes it takes much more than internal defenses to fight fraud, one CU has created a “Fraud Squad” to pull in help from local police departments and, more important, assistance from the communities it serves.
PALM COAST, Fla.—Few issues in the last six months have gotten as much attention in financial services as overdraft policies and fees. It’s to the point where it’s difficult to follow everything that is going on in a rapidly changing market. CUToday.info is here to help.
CHELSEA, Mass.–One credit union is not only now paying front-line staff a new, higher $50,000 starting salary, it has also created a new role for member-facing teams to provide more growth opportunities and keep workers at the CU in what has become a challenging staffing environment for all employers.
PHOENIX—The automobile subscription model—where consumers pay for the use of a vehicle on a month-to-month basis—is picking up steam as auto prices skyrocket and electric vehicles (EVs) become more mainstream.
LANSING, Mich.—Credit unions need to do more than just offer robust financial counseling to help members brace for trouble that lies ahead—they also need training materials that can be measured while holding members “accountable,” according to one CEO.
SACO, Maine—As overdrafts continue to take fire from consumer groups and Washington, one credit union contends most CUs can lower the charge and still make the same revenue.
SANTA ROSA, Calif.—The CEO of one small credit union is urging leaders of similar-size operations to not raise the white flag and merge out, but instead focus on a niche in which they can grow.
MADISON, Wis.—The blame is squarely on the shoulders of credit unions if they don’t step up now to offer targeted financial education and services to help the struggling segments of their membership that will be hurt most by an economic downturn, says Maurice Smith.