TORONTO - Credit unions are still adding members, but many of those members won’t be around for the long-term, according to economists speaking Thursday at NAFCU’s annual convention. Credit unions are expected to add as many as five-million members by the year 2010, but many of those members are being double-counted; others are joining for one product or service, like a car loan; and still others may be courted away by competitors, said David Colby, chief economist for CUNA Mutual Group. The major factors for growing membership: charter expansions, indirect lending and a variety of growth strategies, and being countered by negative factors, like the culling of inactive accounts, the shallowness of indirect loan relationships, and avid competition, said Colby. “We definitely need positive growth, but it’s positive quality growth,” said Colby. “I’d like to see you deepen the relationships before you grow the relationships.”
-
The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.
May 3 -
A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
May 3 -
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
May 3 -
The efforts, which respond to President Biden's October executive order on AI, aim to improve synthetic content detection and improve the trustworthiness of AI models.
May 3 -
Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.
May 3 -
In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
May 3