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Articles by Beth Merlo
CFPB's Chopra on regulation: Because I say so
Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion claiming large financial institutions cannot charge certain legal fees.
Credit unions and the digital frontier: Strategies for fostering authentic virtual engagement
In an era where across the globe, ages old and young, are active social media users, the financial world stands at a digital crossroads. An outstanding 32.9% of people between the ages of 35 and 64 choose websites and apps to engage with their financial service provider, and an overwhelming 79% of American Gen-Z and Millennial users turn to social media for financial guidance.
How Generative AI is transforming the member experience (while also driving efficiency)
The following is an advanced excerpt from an upcoming thought piece from Glia and provides an overview of our upcoming webinar on AI to improve member services. Bill Gates once called ChatGPT “the most important advancement in technology since the Graphical User Interface (GUI),” and for good reason. It not only will provide us with many new functionalities and tools, but will completely change the way that we use computers and technology in general.
PODCAST: Successful business development
What’s the key to successful business development? Forming relationships and “being your most authentic self,” says Bradley Dyer Jr., senior business development officer at $1.4 billion asset Credit Union of America in Wichita, Kan., and a 2023 Credit Union Rock Star.
HR Answers: Top talent development challenges
In today’s dynamic and competitive global business landscape, talent has emerged as the ultimate differentiator. The rapid evolution of technology, changes in work patterns and shifting societal expectations have led to a significant transformation in the workforce. Like other organizations across various industries, credit unions are adapting to these changes by focusing on talent development as a pivotal cornerstone for sustainable growth and maintaining a competitive edge.
Top five credit union leadership training topics
Credit union leadership training is a hot issue right now, and it should always be a hot issue. After all, your credit union’s future depends on it. A sizeable portion of credit union mergers occur because of leadership issues. As NCUA Chairman Todd Harper recently said, “One reason so many mergers are occurring is an absence of effective succession planning, especially in smaller credit unions.” But you need great leaders before you can have a great succession plan.
Making a charitable impact in 2023: North central region
The second year of the Elan Charitable Giving program made sweeping impacts across the north central region. Learn more about each organization selected by an Elan Credit Card partner and the impact each $15,000 donation had in that community. The foundation provided financial support for Camp Riley so that no child is refused camp because of a family’s economic circumstances. This $15,000 donation subsidized the cost of one week of camp for seven kids. continue reading »
Ronaldo Hardy unveils his timeless leadership principles
In this episode, we uncover the invaluable lessons that credit union leaders can learn from the remarkable Ronaldo Hardy, the new CEO of NACUSO. With a deep well of industry experience and a track record as a purpose-driven, high-results CEO at Southwest Louisiana FCU, Shell Geismar FCU, and as the “Chief People Officer” at his consulting firm, “CU Strategic Planning,” Ronaldo is a wealth of knowledge waiting to be tapped.
Clearing the blind spot between employer perceptions and employee preferences
Total rewards preferences among the workforce have always differed somewhat from employers’ perceptions. In recent years, tight labor markets have given current and future employees more leeway to press their interests, often with high expectations that are challenging to meet. A blind spot to what engages and satisfies employees can misdirect financial investments and other efforts to attract, retain and engage talent. And it’s a risk organizations can’t afford to take.
3 Questions with Alkami's Deep Varma
CUInsight Publisher & CEO Lauren Culp is joined by Deep Varma, CTO at Alkami for a quick interview with just 3 questions about about TechFin and technology… Three questions: (0:32) What is a TechFin? How does it differ from a FinTech? (2:42) What are some qualities Credit Unions should look for when searching for a new technology partner? (3:46) As a TechFin leader, where do you see technology headed in 2024? Click here to learn more about Alkami! Lauren Culp is the President & CEO at CUInsight.com.
3 holiday spending predictions: Online shopping to dominate a busy season
Despite an uncertain economic climate, retailers are preparing for an active holiday season highlighted by shoppers’ ongoing migration from in-store to online. For the second year in a row, major retailers like Amazon, Target and Walmart have promoted early sales days as a way to spread traffic across a longer holiday shopping season, which accounts for roughly . Early results are encouraging, with Amazon reporting that its 48-hour “Prime Big Deal Days” “outpaced” last year’s event.
How Bank of America plans to get a jump-start on EV lending
Bank of America has been touting electric vehicles for at least three years — tactics it sees as an investment in the future. In an annual online event, called EVolution, it hosts experts on various aspects of electric vehicles, from economic forecasts about their share of market to the outlook for the national grid, in terms of the need for charging stations. This is on top of maintaining an online EV resource center that addresses consumers’ questions about electric vehicles.
The CUPP | Episode 25: Navigating mortgage tech trends with Jason Cave
Join Jason Cave, Deputy Director and Head of Fintech Strategy at the Federal Housing Finance Agency (FHFA), for a discussion of the agency’s recent Velocity TechSprint, the focus of the Office of Financial Technology, and trends in the use of technology in the mortgage lending and servicing space. Key takeaways Hear about the outcomes of the FHFA’s recent TechSprint, which focused on the impacts of data digitization in mortgage lending.
Reaching and engaging the Hispanic market: Why "Hablamos Español" may not be enough
Publisher’s Note: Scroll down for a Spanish language version of this article. For several weeks from mid-September through mid-October, the nation celebrated Hispanic Heritage Month. Honestly, I was pleasantly surprised to see each of the three credit unions I’m a member of make an effort, either in-branch or online, to amplify their Hispanic employees and members. But for a movement committed to serving the underserved, is one month out of 12 enough? Let’s look at the stats for a second.
2024: Let’s get loud
Fall is often a time of reflection. Shorter days and cooler weather have long been tied to the idea of slowing down and looking back on the year thus far. It’s a natural time to start counting successes, evaluating missteps, and starting to plan for the new year. And for many of us, it’s that most wonderful time of the year: budget and planning season.
Which deposit-raising tactics are bad, and which are good?
Frontline staff at branches across the country are getting a lot more ad hoc pricing requests than in the past. Decisionmakers, in turn, are spending more of their day approving exceptions for depositors bargaining for a better deal. Seeking respite, financial institutions tend to consider a host of “creative” strategies to retain or attract deposits. But they should wade in carefully. These tactics are not silver bullets.
Serving military and veterans: 60 years of excellence
This week, the Defense Credit Union Council (DCUC) is in beautiful Colorado Springs to celebrate 60 years of being the voice for credit unions serving our nation’s military. The last six decades have seen a lot of change for credit unions and the military, but one thing has remained the same for both: a steadfast dedication to service and the greater good.
Top 3 scams hitting our military families
Protecting our members from scams can seem like a never-ending battle. One way to improve your ability to support your members is to understand how their financial challenges leave them vulnerable to certain kinds of schemes. For instance, an FTC article from December 8, 2022, highlighted that younger adults (18-59) were 86% more likely to fall for online shopping fraud and 98% more likely to be scammed by fake checks.
Veterans Day and a spirit of service
Each year as a Nation, we take Veterans Day to celebrate and honor those who have served our country. Our Veterans come from all walks of life: from 1st generation Americans to 3rd generation Marines, from every state and U.S. territory, from all economic backgrounds, ethnicities, and genders. They joined for many reasons, whether for job stability, the ability to travel and see the world, economic opportunity, or tradition.
Be your best self at work: Define your professional values
I doubt there’s anyone reading this who hasn’t heard the phrase “People Helping People.” It’s the three simple words that make up the foundation of our industry. It’s the reason why so many of us not only work in credit unions, but truly believe in the mission. And just as knowing this value makes supporting the cause easier and more fulfilling, knowing your own values can do the same for your career. When I say knowing your values, I don’t mean just your personal ones.
3 ways to reach your young professionals
Charlotte Randall (l) and Beth Merlo (r) at the CUNA GAC DCUC had the privilege of hosting this year’s GAC Crashers for a casual networking lunch. This is the third time we have hosted an event for the young professionals group, and every year we are amazed at their excitement, bright ideas, and myriad of accomplishments already under their belts.
The cost of doing good
In an ideal world, credit unions would be able to perfectly balance their drive to help people with the demands of running a successful business. However, this is not always fiscally possible, as there are a lot of asks of a credit union’s operating budget. Does a credit union lower their loan rates, or do they spend that revenue investing in the new technology that will allow them to better serve their members in the long run?
Getting back to basics
Recently, I had the privilege of attending the March 2021 CUDE program (#BestClassEver). Although I was very excited to attend, there was a part of me that wondered what I could really learn. After 14+ years at DCUC, I thought I had a good handle on what it meant to be a part of the credit union industry. As it turned out, there’s always more to learn.
Financial education in a time of crisis
It’s that time of year again. April is Financial Capability Month where we collectively encourage people to create budgets, build emergency savings, pay down debt, and take hold of their financial futures. But this is no ordinary spring. The world is experiencing a health and economic crisis. People are practicing social distancing, sheltering in place, or fully quarantined. As a result, livelihoods are being lost every day simply because the nation is doing the right thing and staying home.
Knowing your membership and remembering who you serve
Here at DCUC, we regularly have conversations about how to evolve, how to better serve our members, and what more we can do. Often these discussions focus on emerging technology or better advocacy for our defense credit unions. We talk in-depth about what information our members need to keep their members safe and secure. We do comprehensive searches to find dynamic, knowledgeable conference speakers to give our members a leg up on the future.
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