PayThink

While a number of credit unions employ sophisticated models and tools to help pinpoint the most relevant products for each individual member, many others rely more on experience and intuition, augmented by readily available data such as member demographics.

But reading CU Journal West Coast Correspondent Michael Bartlett's coverage of Earvin "Magic" Johnson's session at the California and Nevada CU Leagues' annual meetin, I was pleasantly surprised.

Instead of trying to stop companies from offering payday loans and check cashing services to lower-income households, we should encourage more competitors — including banks — to enter this space.

As the iPhone 6 makes its way into the hands of consumers, the way we pay may be changed forever.

Small banks and credit unions should work together to put pressure on legislators and regulators to reduce unnecessary and cumbersome regulations.

The Volcker Rule's data-intensive requirements are creating headaches for banks that still rely on manual processes and use multiple, disparate systems for securities and different derivatives trading.

ATMs are an important component of the move to EMV chip payment technology in the U.S.

Apple Pay is a watershed moment that will do more to stimulate mobile commerce than the sum of all previous efforts. But it also has an impact on branding that should make it part of a broader mobile menu for banks and retailers.

Some banks try to justify tight underwriting standards by arguing that borrowers with lower credit scores and those who can only afford lower down payments are more likely to default. But the research supporting this argument is based on outdated analysis of high-cost, risky loans.

Apple Pay launched this week with more than 500 supporting financial institutions, with the largest issuers in the group accounting for more than 80% of the debit and credit transaction volume in the USA.