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Articles by CU Difference
Some good news - CUInsight
Back in 2020 at the height of the pandemic, John Krasinski (Yes, the Jack Reacher and The Office guy.) began an online series called Some Good News, focused on providing a brief respite from the ongoing stories of bad news surrounding us at that time. Watching my social feeds right now makes me wish for some good, old-fashioned happy stories.
Coaching members to better financial health
Over the last decade, credit unions have realized that many of their members face financial challenges. They have found that some members face challenges brought on by poor financial decisions. Some face challenges because of insufficient income to meet their basic expenses. However, credit unions have also found that many members face challenges because of factors beyond the members’ control such as medical debt, job loss and natural disasters.
Dear PFI, do you love me?
Dear PFI (Primary Financial Institution), We’ve known each other intimately for 40 years. I’m pretty sure that only my doctor has more information about me than you do. You know my social, my birth date, how much money I have, my credit score, and all my former addresses. Plus, so much more. I’ve had a mortgage with you since 1989. I’ve bought and sold 6 houses in that time, and you’ve always held my mortgage. Yet when I sold my house to move out of state, you didn’t call. You didn’t write.
The power of proactivity
A quick review of any trade publication or online news portal will show multiple articles regarding leveraging the benefits of AI —Artificial Intelligence. While I’ll admit all those college papers I wrote would have been much easier to create using ChatGPT and a laptop instead of my old Smith Corona and hours of research in the library, I have to wonder how our teams feel about the future of member service with AI promising to revolutionize every interaction. Change is intimidating.
What comes after empathy?
I was talking with a friend the other day who is going through a very stressful time. Her company is in the middle of a merger–as so many companies in our industry are these days–and she’s in the process of interviewing to keep her own job. Yes, you read that correctly. It’s a job she’s held for several years, but she can’t be seen as “entitled” to keep it. With two kids and a mortgage, it’s not a stretch to say that having a solid job is critical.
Preparing for Pride 2024
CU Pride was formed in February 2020 as the first LGBTQ+ association for credit unions. The tenants of the organization are powerful: Promote the visibility and voice of LGBTQ+ individuals in the credit union industry. Provide a safe but brave place for communion and discussion. Encourage action by allies and social change agents. Foster inclusivity and consciousness through programs, education, and networking.
3 things to know for a simple mortgage LOS implementation
For lenders like yourself, your LOS is the direct pathway connecting you to borrowers—it’s the engine driving your mortgage operations and a crucial tool in their homebuying journey. That’s why selecting a LOS tailored to your specific needs is vital to maintaining competitiveness in a saturated market. However, the idea of implementing a new mortgage LOS can be intimidating.
Postal banking is beyond USPS purpose, powers
America’s Credit Unions President/CEO Jim Nussle urged the U.S. Postal Service (USPS) to end its experiment in postal banking and “return its focus to the core mission of making sure Americans get their mail in a timely manner” ahead of the Senate Committee on Homeland Security and Governmental Affairs’ hearing on oversight of the USPS. In a letter to the committee, Nussle expressed credit union concerns around USPS’s expansion of financial services and postal banking.
Under the influence: 5 key questions to ask before diving into influencer marketing
A lot of credit unions seem to be thinking about influencer marketing, but very few are actually doing it. Why? Well, the notion of paying someone outside your credit union to talk off-script about your brand is a little intimidating, to say the least. And that’s not to mention the potential “icky” factor—like product placement, influencer marketing can come off as a wee bit disingenuous.
Why are we so lonely?
Do you remember the proverbial “watercooler chat?” Or even catching up in the breakroom in the morning? When topics ranged from the game last night to who got voted off the island in Survivor? Maybe you talked about work for a bit, but most of the conversation was warming up for the day and building relationships with our colleagues. Flash forward to 2024. It’s tougher to recruit and retain top talent and all of us seem to be running faster than ever.
Cracking the code: Digital wallet payment trends
All aboard the payment rail express, the ride where your financial institution’s digital payments strategy determines your loss mitigation and your users’ satisfaction. Let’s take a closer look at a crucial pillar of digital wallets: Payment Rails Each day we operate more and more in digital currency. Financial institutions’ payment rails fuel the movement of digital currency – and either provide a safety net against or open door for fraud and losses.
Hunt to Congress: Credit unions deliver meaningful impact
America’s Credit Unions Chief Advocacy Officer Carrie Hunt followed the hundreds of congressional meetings at the 2024 Governmental Affairs Conference with a message to Congress highlighting credit unions’ meaningful impact despite concerning proposals and misleading bank attacks. “Our top advocacy priority is protecting the interchange system from bad proposals in Congress and the Federal Reserve,” she wrote. “Research shows the current interchange system works.
The Wegner Awards: An aspiring change-maker’s North Star
Earlier this month I, like many other credit union leaders, spent the week in D.C. for the annual Governmental Affairs Conference (GAC) hosted by America’s Credit Unions. Among the late nights and early mornings, I was astounded to realize it was my eighth year in attendance. Each year I’ve gone, the speakers change, the sessions change, and the weather certainly changes (D.C. in the spring is unpredictable at best).
Measuring the ROI of financial education for credit unions
Providing financial education from credit unions to their members is critical since it can be the key to a long-lasting partnership. Yet, despite its importance, quantifying the return on investment (ROI) for financial education programs often falls by the wayside. As we gear up for Financial Literacy Month, it’s particularly timely to unpack how credit union executives can measure and maximize ROI from financial education.
Four things about empathy that might surprise you
I love learning new things. I subscribe to everything from trade publications to Fast Company to TED Talks daily summaries, and I have a goal of reading one article or watching one video from outside of the financial services industry every day. I find this mini capsule of daily research expands my scope and helps me problem solve in new ways. Imagine my surprise and excitement when I discovered some new, “big brain” ideas about empathy.
Rep. Nunn praises credit unions, announces CDFI Fund oversight bill
Credit unions were front and center as Rep. Zach Nunn, R-Iowa, announced on Monday that he plans to introduce the Rural Credit Access Act to increase accountability and transparency in the Treasury’s Community Development Financial Institutions (CDFI) Fund with Rep. Don Davis, D-N.C. Nunn made Monday’s announcement at Veridian Credit Union’s Des Moines branch with a press conference that included the Iowa Credit Union League and other credit union leaders.
The danger of being you
The fall of 2023 brought incredible trepidation; eventually, that dread turned into my worries vibrating to life. My daughter MacKenzie was turning 13, and along with that came her transition into seventh grade. I remember that school year vividly. It was one of the worst years of my life. The consequence of that painful seventh-grade year took a toll. I retreated to a very protected and dimmer version of myself. I laughed quietly.
To mentor or not to mentor?
You may be familiar with the Credit Union Development Education (DE) program from The Foundation.
Senate, House bills would clarify CFPB supervision of insurance
America’s Credit Unions wrote Senate Banking Committee Ranking Member Tim Scott, R-S.C., and Sen. Joe Manchin, D-W.Va., along with Rep. Bryan Steil, R-Wis., to offer support for their bipartisan Business of Insurance Regulatory Reform Act, which would help to ensure that the CFPB does not expand its authority under the Consumer Financial Protection Act.
What credit unions can learn from a basketball coach (who happens to be John Wooden)
I am currently reading Coach Wooden’s Leadership Game Plan for Success: 12 Lessons for Extraordinary Performance and Personal Excellence. I’ve seen and read quite a bit over the years about John Wooden in relation to leadership, and have always been impressed and motivated by his humble demeanor, genuine devotion to others, and commitment to his personal values. He was arguably one of the greatest people leaders of our time.
People helping people starts in the office
Publisher’s Note: CUInsight is hosting a free webinar Wednesday, January 31 titled, “Fostering a Culture of Inclusivity: People Helping People Starts in the Office”. We hope you’ll join us! Register here. For nearly nine decades, U.S. credit unions have set themselves apart by embracing a mission of People Helping People. We aren’t like the for-profit banks: We are here for the people—our members—who use the credit union.
Is it still January?
Last time I checked, it was January. Still. It feels like the longest month of the year. You may have seen the poem “Mnemonic” by Brian Bilston, a UK poet, circulating on social media. I think it captures the essence of January perfectly. Mnemonic Thirty days has September April, June and November. Unless a leap year is its fate, February has twenty-eight. All the rest have three days more, excepting January, which has six thousand, one hundred and eighty-four.
I’m about to turn 40! (gasp)
I think I’ve fully embraced this “I’m getting old” / “mid-life” crisis / almost 40 moment. I’m taking more pleasure in experiences, reigniting relationships, and focusing on my mental and physical health. The last 20 years have been a wild ride, both professionally and personally.
FedNow: Six months of the Fed’s instant payments system
The Federal Reserve’s real-time payments system, the FedNow Service, launched in July with 35 participating institutions. As of December, the number of participants has grown to more than 300 financial institutions – including several credit unions. Here are some recent updates to be aware of: Fed acknowledges ‘historic’ launch year: As 2023 comes to a close, the FedNow Service has provided an update on where the instant payments network stands nearly six-months after launch.
A fun approach to financial education
Financial education has been an important part of member service for years at SAFE Federal Credit Union in Sumter, S.C. Over the past 18 months, however, the $1.8 billion asset credit union has elevated financial education into an integral part of its brand, mindset, and culture, says Bruce Copeland, vice president of marketing. “Almost everyone in the industry has a section of their website devoted to financial education,” he says.
What is a balance transfer credit card?
If you’re struggling with rising credit card balances, you’re not alone. According to a recent TransUnion report, the average credit card debt per borrower in Q3 2023 was $6,088. Naturally, as balances increase, people are looking for a way to manage that debt and avoid high interest charges. Balance transfer credit cards can be enticing because many offer promotional rates for transferred balances for new account holders.
What holiday movies teach you about bank or credit union video marketing
There’s no better time of year than December to curl up on the couch with hot chocolate and watch one of the many fantastic holiday movies. You really can’t go wrong, either. Whether it’s “Elf,” “Miracle on 34th Street,” “Christmas with the Kranks,” “Home Alone” or yes, “Die Hard” – you’re sure to have a fun time. But these movies offer more than some holiday fun…they teach you bank or credit union video marketing lessons too.
Top 10 CUInsight technology, innovation, and payments posts in 2023
Happy Holidays from CUInsight! It’s been another great year and it’s time again to take a look at the year’s best. Here are your top ten technology, innovation and payments posts from 2023! End of life of NCR & Diebold lines: What to look for in a new ATM by DARREN SMITH, ATM USA There are 16 months until new PCI compliance standards hit ATMs. Not to worry, that’s plenty of time. So, sit back, relax, and let everyone else buy up all the parts and take up all the scheduled service times. Wait, what?
The surge in popularity of real-time payments in SMB and corporate markets
The shift towards real-time payments is becoming increasingly prominent, especially for small and medium-sized businesses (SMBs) and corporates. Recent data presented by Erika Baumann, Director of Datos Insights’ Commercial Banking & Payments practice, to Alacriti captures a significant trend: a staggering 94% of businesses are poised to make substantial investments in payment systems within the next two to three years.
Confessions of an empathy expert
I have a friend – let’s call her “Shangela” – who struggles with empathy with her family. It’s easy to empathize with strangers, but with her family, it sometimes comes out a little bit like this: “If they’d only listen to my advice, they could avoid these issues they’re having.” “If that guy makes you cry, I’m gonna kick his butt!” “It’s not that bad. Brush yourself off and climb back on that horse!” Yes, I’m talking about myself. I am Shangela. And maybe you are, too?
CUNA, NAFCU suggest CFPB changes, highlight CU concerns
CUNA and NAFCU suggested principles the Consumer Financial Protection Bureau (CFPB) should operate under and made other recommendations on the CFPB’s structure, rulemaking, and more in a letter sent to the House Financial Services Committee Tuesday. CFPB Director Rohit Chopra is scheduled to testify before the committee Wednesday.
FHFA finalizes modifications to GSEs’ regulatory capital framework
The Federal Housing Finance Agency (FHFA) last week published its final rule to amend several provisions in the Enterprise Regulatory Capital Framework (ERCF) for Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs). NAFCU provided feedback in response to the FHFA’s proposal and offered general support for the amendments.
Understanding the complexities of EBPP: A Q&A session with Stuart Bain
The realm of Electronic Bill Presentment and Payment (EBPP) has expanded, offering a robust mechanism to present electronic bills and facilitate digital payments. This evolution caters to the changing preferences of consumers. However, with these advancements come challenges. Members might not always resort to a consistent method of payment, making it a task for credit unions to provide a seamless payment experience, tailored to each member’s unique preference.
How your National Credit Union Foundation makes a difference
Have you ever wondered how the National Credit Union Foundation (the Foundation) makes a difference in your communities? The first thing that may come to mind is CUAid. And you’d be right! The Foundation is always actively collecting funds to help when disaster strikes. In the last three months alone, CUAid has brought in over $500,000 from almost 400 individuals and organizations.
People helping people … with shoes?
Living the life of a speaker and consultant means I’m often on the road for a week or more at a time, sometimes traveling from one city to another for back-to-back engagements. Not that I’m complaining! Just giving a little insight into life on the road.
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.
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.
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.
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.
Jealous of your friends or neighbors? Coopetition is the answer!
My neighbors have some seriously cool Halloween decorations. One house has a cauldron surrounded by three larger-than-life witches that are creepy even in the daylight. Another house has a set of 4 skeletons dressed as cheerleaders with three forming a human/skeleton pyramid and the other doing the splits. And of course, there’s the house with the obligatory 10’ skeleton dressed as the Grim Reaper. I guess skeletons are popular in my neighborhood.
CUNA, NAFCU provide updates on merger website
CUNA and NAFCU’s websites are updated with recent developments related to the proposed transformation to America’s Credit Unions. Now available are the 2022 financial statements for both organizations, a video of Jim Nussle’s conversation at NAFCU’s 2023 Congressional Caucus where he laid out his vision for the new organization, and refreshed FAQs. Access the new resources here.
Senate Banking Committee passes cannabis banking bill
The Senate Banking, Housing, and Urban Affairs Committee passed the CUNA and League-supported Secure and Fair Enforcement Regulation (SAFER) Banking Act Wednesday with a 14-9 vote. The bill would provide a safe harbor for financial institutions and employees serving legal cannabis-based businesses.
4 easy ways to measure the impact of your financial education
It’s no secret that financial education is one of the most empowering resources you can provide to your community to promote their long-term well-being and success. But it can also be daunting to figure out how to accurately and holistically measure the impact of your financial education offerings.
Debt trends: How to spot and address potential delinquencies
Years of experience in collections services has shown me the importance of being proactive about member debt. Addressing potential delinquencies before they can happen fosters more financially healthy members and increases their trust in your credit union. Staying on top of debt trends can help with this goal. Below is a brief breakdown of the latest debt trends that could impact your members and practical steps your credit union can take to help.
Where has all of the empathy gone?
Empathy is in my blood. It’s one of my core values, and I work hard to practice it – especially with people who seem to need it most. This past month, I had the pleasure of leading several hundred team members of one of the 20 largest credit unions in the US through discovering the benefits of empathy and practicing how to use it. As part of the introduction to the final session, I shared how powerful empathy can be and mentioned how few credit unions are using it as a differentiator.
Growing but barely? Here are 3 things you need to do to take your credit union to the next level
I see it so often with credit unions. Growth is there, but it’s just not enough. It’s barely above peer average at the very best, and frustration sets in among the board and leadership team. “We’ve tried everything.” That might almost be true. Before I share three ways I’ve seen credit unions break through the obstacles that keep them from experiencing true growth, let’s talk about what those obstacles to growth are, despite great efforts. In short, it’s you. It’s the leader(s) of the credit union.
The largest, most underrepresented minority group: Are you a member?
One in three of us will join the disability community if we’re not there already. This month I’m delighted to introduce you to Donna Mack, the Disability Diplomat™, who is a speaker, consultant, and author working with credit unions and other companies to successfully navigate the ever-changing world of accessibility.
Lessons from my first Savannah Bananas game
I’m not much of a sports fan. I do love the Green Bay Packers and will always be a cheesehead no matter where I live. So, when I had a chance to see the Savannah Bananas in action, you might be surprised to hear that I was ecstatic! Founded in 2015, the Bananas were part of the Coastal Plain League, a summer collegiate league, for seven seasons. Anyone who has seen a news story, Tweet, or Facebook post about them knows that they don’t just play baseball. They play Banana Ball.
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