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.”
-
While banks will likely increase near-term dividend plans, analysts and investors are more focused on the long-term outlook for capital requirements from regulators.
3h ago -
The Missouri bank surveyed consumers about what kind of financial management tools they use, then built its My Finance360 tool in response.
5h ago -
GodFather malware mimics and manipulates real financial apps on Android devices, exposing sensitive data without user suspicion.
6h ago -
As banks consider their strategies, other big names are also considering a role for digital assets.
7h ago -
The Financial Technology Association — which had been granted the right to defend the Consumer Financial Protection Bureau's open banking rule after the bureau declined to defend it — filed a motion Sunday to preserve the rule.
8h ago -
Kevin Fromer, who has headed the Financial Services Forum since 2017, announced his departure Monday. Fromer transformed the Financial Services Forum to advance the interests of the largest U.S. banks.
9h ago