Are you passionate about credit unions? Do you feel strongly about where the community is moving? Credit Union Journal wants to hear from you — and now it's easier than ever to be heard.
At cujournal.com, you can do more than just read about the news — you can have your say about it, too. In addition to being able to submit letters to the editor for publication, you can leave comments on specific articles and spark a discussion and/or debate on the issues that mean the most to you.
CU Journal has always sought to be a forum for discussion of the issues that are important to credit unions, to facilitate a dialogue on the biggest trends, challenges and opportunities to face our readers. Read on to see some of your colleagues' latest comments.
Student Loans Help Build Relationships
An increase of interest rates on student loans could mean that students could be paying thousands of dollars more on interest over the lifetime of loans. For many students, consolidating student loans using programs that can help lock in lower interest rates for their loans. Automatically deducted payments can help reduce interest rates even further. The most important thing is to lock in fixed interest rates, rather than adjustable rates.
Posted by kingDREW | Aug. 5 2014 at 9:07AM ET
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Marijuana Industry Needs a Light From CUs and Banks
No problem, just make the Federal requirements go away: Where did the pot come from, don't sell to minors, where does the money go after the sale? But hey, if we can deal with cartels, what's the big thing on BSA, OFAC, and a host of other regulations... why do they get a free ride (toke)? Perhaps we should throw away all those regulations for the average Joe as well. It's time cu's stopped doing everything for the Fed's but carry a gun. Go easy on evey'ne mon! Just chill out!
Posted by gdstockdale | Aug. 1 2014 at 10:26AM ET
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How Mix Of Attitude, Aptitude Is Paying Off For Members 1st CEO
I congratulate Bob. The award is well deserved. I agree with him that the branch is still alive and well. We are going to add branches as often as we can afford to do so. We see that branch transactions are not decreasing. We also measure how many new memberships are opened in each channel. When more memberships are opened on-line than in the branches we can begin to talk about a decline in branches. The two biggest sources of members are branches and indirect lending. With regard to student loans, I think it is a very important member service. If you make loans to good students that attend good schools and get good grades then you won't take much risk. The risk is with for profit private schools like the University of Phoenix. Finally I could not agree more with the comment, "If you are not growing, you are dieing." The advantages of scale are huge. You can clearly see that in the call report data. Credit Unions that are not growing are aging out. Olders members borrow less and gradually use fewer servcies. Growth means you are constantly refreshing your age cohorts. I salute Bob.
Posted by henryw | July 23 2014 at 10:50AM ET
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Will 7th CFPB Mortgage Reg Be The Last Straw For CUs?
So, do we try and fix the Dodd-Frank / CFPB issue before or after the last cu closes their doors? Those of us who are responsible for actually running a cu have seen every income source chopped and every expense rise. We need to find a fix before the boat goes over the falls. Accommodating the CFPB on emboldens them to greater acts of restrictions on our business... and that means we can't serve our members. I say start kicking now. The time for accommodation is over... we lose under that strategy. 100 million members should have a bigger voice if they speak as one!
Posted by gdstockdale | July 21 2014 at 11:18AM ET
