Fintech

After years of discussion, the acquiring industry is preparing to offer a credentialing system that proponents say will certify a professional’s mastery of a defined standard of practice and “quantify expertise.”

The Consumer Financial Protection Bureau opened its doors July 21, a day after this nation commemorated the anniversary of the first manned mission to the moon. And just like Neil Armstrong maneuvered over the moon’s rocky surface, the government’s newest agency might present the payments industry with some uneven terrain to navigate.

A Michigan retiree who has sued more than three dozen credit unions and banks over the surcharge-fee notification requirements of the Electronic Funds Transfer Act has convinced ELGA CU to settle one suit by paying as much as $76,000 to nonmembers who used six of its ATMs that lacked the mandated external notice of a surcharge.

LAKE MARY, Fla.-CUs need to focus on relationship building-and that can happen online as well as in the branch, pointed out Harland Financial Solutions.

ONTARIO, Calif.- To take advantage of an increase in new car sales next year, CUs must start planning now for marketing and improved member-segmentation strategies, insists Credit Union Direct Lending.

RANCHO CUCAMONGA, Calif.-Taking checking business from banks should be near the top of nearly every CU's 2012 strategic planning list, says Stan Hollen.

TALLAHASSEE, Fla.-If the Durbin Amendment taught CUs anything, it's that strategic planning can't be a white paper that sits on the shelf every year.

NORTH CANTON, Ohio-One person is reminding credit unions that in planning for 2012 it's important not to forget the threat presented by broken trust.

RIVERWOODS, Ill.-Credit unions have a big chance to make 2012 the year of Gen Y outreach, said one observer.

SAN DIMAS, Calif.-CUs need to do a better job at sales in 2012, but not in the traditional sense, one observer is suggesting.