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Articles by Andrew Muzzatti
Breaking regulatory barriers
This week we brought the unified credit union voice to two important hearings in Washington, D.C., as we continue to advocate against regulatory overreach that’s harming credit unions. These hearings were a chance to directly tell policymakers that poorly tailored regulations are standing in the way of credit unions helping people in a tough economy.
US Treasury's Yellen says Congress should act on nonbank mortgage sector
U.S. Treasury Secretary Janet Yellen on Friday called for Congress to give regulators more power to oversee the growing nonbank mortgage industry, which she said presented unique risks to financial stability. Yellen spoke during a meeting of the Financial Stability Oversight Council, a regulatory body she chairs and which was created after the 2007-2009 financial crisis. It is tasked with managing risks to the financial system.
Stock market today: Dow nabs 8th straight winning session, S&P 500 marches back toward record high
The Dow eked out its eighth straight session of gains on Friday and closed out its best week of the year as US stocks finished the day mostly in the green. The gains came despite the three major indexes losing some steam earlier in the session after consumer sentiment hit a six-month low. The Dow Jones Industrial Average (^DJI), which capped off its best week since Dec. 15, jumped roughly 0.3%, or about 125 points. The benchmark S&P 500 (^GSPC) finished the day up about 0.2%, closing above 5,220.
Offering personal service in a digital world
It’s a volatile time in the banking sector. One example is the multi-year crackdown by the SEC scrutinizing non-compliant customer and member communications via employees’ personal texts and WhatsApp messages. The ongoing issuance of significant fines puts the onus on financial institutions to improve their regulatory compliance while maintaining and elevating member confidence and trust.
Making data-driven recruitment decisions
Hiring the wrong person for the job is a costly and time-consuming decision. Data-driven recruitment allows us to measure the effectiveness of our hiring processes and make improvements, which ultimately helps us find the best candidate. In this dynamic job market, Human Resources should always be on the lookout for ways to enhance their recruitment strategies.
Top 5 steps for financial institutions to navigate cybersecurity and compliance
Tune in to this episode for a discussion on the current cybersecurity and compliance landscape confronting financial institutions today. Our host, Jami Jennings, VisiFI’s Vice President of Digital Product Management and Member Experience, talks to Joseph Kirkpatrick, Founder and President of KirkpatrickPrice, an independent information security audit firm, about the critical aspects of a risk management program.
Madry to Congress: Stop regulatory overreach ‘before it is too late’
Recent regulatory actions have credit unions facing a “tidal wave” of burdens and restrictions, Afena Federal Credit Union President/CEO Karen Madry told the Senate Banking Committee in testimony Thursday. Madry testified on behalf of America’s Credit Unions for a hearing on financial services fees. “The onslaught of new regulations and attacks on income sources is making it harder for smaller credit unions to survive,” Madry said.
The pros and cons of using your home equity when interest rates are high
One good thing about the current economy for homeowners is the massive amount of equity that you might have. However, using your home’s equity while interest rates are high can be both beneficial and risky. Let’s dive in to a couple pros and cons… Lower than the alternative: While the interest rates on home equity loans or HELOCs may be higher right now, there’s a good chance they’re still lower than rates on credit cards or personal loans.
Navigating the fast lane: 4 challenges of instant payments
In today’s fast-paced financial industry, instant payments are game-changing—and causing significant challenges for credit unions. Emerging rails such as TCH RTP and FedNow have revolutionized the way your members can transfer money, allowing for real-time transactions that provide unparalleled convenience to consumers and businesses alike. Yet, the immediacy of these transactions coupled with the ever-present threat of fraud also poses considerable risks.
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