WASHINGTON -- Credit unions are expected to boost their spending on technology this year, with the main focus on meeting new NCUA requirements for multifactor online authentication, according to Callahan & Associates' annual Technology Survey, released on Tuesday. The company's 15th annual technology survey found that 82% of respondents cited the new federal requirement for online authentication as their top priority for technology spending this year, but only 8% have a multifactor system in place. NCUA and the other banking regulators are requiring that all federally insured institutions enact a multifactor system by year-end. Tied for second on the priorities list are three initiatives: full data redundancy; back-up operations; and online funding for new member accounts. Credit unions are expecting to spend as much as $2.2 billion on technology installation, maintenance, staffing and support in 2006.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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