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Articles by DaLand CUSO
Kamala vs. Trump: The election matters less than you think
Every four years, we’re told that ‘this’ election is the most important of our generation. It’s easy to understand this approach, after all, what better way to achieve the noble goal of ‘getting out the vote’ than to use fear, uncertainty, and doubt (FUD) to drive people to the polls. Admittedly, because humans have very little capacity for meaningful integration of historical knowledge into their present-day actions, this 200 year old tactic is still popular, and likely effective.
BNY Mellon and crypto custody: What it means for your credit union
In the world of finance, certain facts are almost too big to wrap your head around. Here’s one: BNY Mellon, has nearly $50 trillion in assets under custody. That’s right—$49.5 trillion, to be exact. To put that in perspective, the entire U.S. stock market—the collective value of every publicly traded company on American exchanges—totals about $46 trillion. That means BNY Mellon is holding more assets in custody than the value of the entire U.S. stock market combined.
This year’s budget season could be the most important ever: Here’s why
As you gear up for the 2025 budget season, long-term strategic planning is more critical than ever. The financial industry is undergoing rapid transformation, driven by advances in technology, changing member expectations, and the evolving nature of money itself. If you fail to adapt to these shifts, your institution risks becoming one of the many member-owned cooperatives left behind in an increasingly competitive marketplace.
Novel products, novel risks
The financial industry is no stranger to risk. Risk produces YIELD, and it turns out that responsible risk maximizes margins. This … is banking. However, the emergence of digital assets and new payment networks introduce a unique set of challenges and opportunities. We recently helped a credit union launch “CU Digital Asset Vault,” a first-in-the-industry solution to the first new asset class in over 40 years (and innovative way to keep a community FI plugged into the future of money).
Cash, coins, and crypto: Rethinking your digital strategy while there’s still time
For over a century, credit unions have stood as pillars of financial stability and inclusion, offering a safe haven for those underserved by traditional banks. These institutions have been more than just financial service providers; they have been cooperatives dedicated to the conservative stewardship of their members’ funds, shielding them from the volatile swings of larger economic forces, and empowering them to earn better returns on their deposits.
Digital assets and the future of finance – A case study with St. Cloud Financial Credit Union - CUInsight
Digital assets are no longer the future; recently becoming an important voting bloc, they aren’t just here to stay, they may determine the outcome of this year’s presidential election. With an estimated 40% of all adults in the U.S. owning crypto, it’s time for financial institutions and regulators to face the facts – all two trillion ($2T) of them and counting.
Why we’re betting big on innovation: A challenge to the credit union industry
Let’s cut to the chase: the credit union movement has reached a pivotal moment. The world around us is changing at breakneck speed, and we have a choice. We can either adapt and thrive or cling to the status quo and risk obsolescence. In an industry which often attempts to ‘play it safe’, we’re here to call the facts as we see them – as uncomfortable as that might be.
Revolutionizing finance: The future is now
In an era defined by rapid technological advancement, the financial sector stands at a crossroads. The tension between the visionaries advocating for a revolutionary, blockchain fueled financial future and the defenders of the status quo often obscures a critical opportunity. The capability to enhance member service, optimize operations, and cut costs is already within our grasp. The missing element isn’t technological but a simple commitment to change.
New safe havens: TradFi vs trillion dollar tech
The latest from the Fed is that inflation is mostly under control, unemployment is near historic lows, and there is no immediate rush to lower the federal funds rate. It is true that the current annualized inflation rate of 3.5% is much improved from the 9% just two years ago. Still, the impact to savings account balances, consumer spending power, and overall cost of living remains significant.
Centris FCU leads the way: Leveraging core innovation to revolutionize member experience
Many credit unions claim to be member-focused, and subsequently make huge investments into marketing campaigns, fancy logos, and shiny new online banking apps that are still limited to the same half-dozen transactions as previous ones. While there is certainly a place for each of these investments, the folks at Centris FCU took a different approach to improving member experience – leveraging their modern core to optimize operations from the inside-out.
America’s Credit Unions: Overdraft data is exempt from Freedom of Information Act
Credit union overdraft and Nonsufficient Fee income should not be publicly disclosed because it is confidential business information and is exempt from the Freedom of Information Act, America’s Credit Unions told the National Credit Union Administration on Friday. “If the NCUA is releasing Call Report data under separate authority, we would appreciate that clarification,” Carrie Hunt, America’s Credit Unions Chief Advocacy Officer, wrote in a letter to members of the NCUA board.
Lending consumer research: Digital isn’t enough for today’s borrower
The pandemic forced a near-overnight explosion of digital commerce. Four years later, there’s not much we can’t do online. Even fairly involved tasks, like seeing a doctor or renewing a passport, can now be done from home and largely on the terms of the individual seeking service. Borrowing money has, of course, joined the list of things that can be done digitally. Yet, as new human intelligence from CUESolutions provider TruStageTM indicates, not all borrowers prefer to engage online.
Where Americans are keeping most of their savings—and why it’s a problem - CUInsight
You’ve likely seen headlines about how America has a savings problem. Many Americans couldn’t even put together $1,000 to pay off an emergency expense, and most are coming up short in terms of retirement planning as well. But one of the most alarming statistics, and one that is less frequently cited, is where those who are saving are actually putting their money.
Jamie Dimon is worried the US economy is headed back to the 1970s
JPMorgan Chase (JPM) CEO Jamie Dimon is concerned the US economy could be in for a repeat of the problems that hampered the country during the 1970s. “Yes, I think there’s a chance that can happen again,” he said during an appearance Tuesday at the Economic Club of New York. The economy in that troubled decade was constrained by stagflation, a combination of low growth and high inflation, and Dimon said such a risk exists again.
Hustle and bustle = Performance that is lackluster
I’ve seen two extremes in my fifteen plus years in the credit union movement. I’ve seen credit union leaders so paralyzed by fear of change that their credit union dies on the vine. It’s like walking into granny’s house, a house that has not changed in years. (That yellow corded rotary phone is still on the wall and the 1988 phone book is still in the cabinet underneath.) I talk a lot about fear of change in this blog because it’s a common occurrence.
How the Mastercard/Visa settlement with retailers could remake the payments business
In 2005, George W. Bush was President and the BlackBerry was the cool handheld. The iPhone would not debut until 2007. The financial crisis was still on the horizon, and the Dodd-Frank Act wouldn’t hit banking for another five years.
FCC should deny request to extend required opt-out to all artificial, recorded calls
The Federal Communications Commission (FCC) should reject a request to require an automated opt-out mechanism on every call with an artificial or prerecorded message, including those made to cell phones, America’s Credit Unions and other organizations wrote in comments filed with the FCC.
Don't put your credit union member experience on autopilot
Tesla recently reached a settlement over the 2018 crash that killed a driver while he was operating his car on autopilot. Tesla’s position is that it’s the driver, not the automaker, that’s responsible for crashes while in autopilot mode. The term “autopilot” is misleading because the driver still must be alert with hands on the wheel. The same can be said of your credit union member experience…you must stay vigilant and keep your hands firmly on the wheel to avoid a crash.
Order ahead, stay ahead: Exceeding member expectations
“Leveraging technology” is the mantra of the day for any business committed to relevance, or as we like to say, ‘remaining in business.’ For global fast-food chains and independent, local retailers alike, that means in-store kiosks replacing counter staff and reducing overall wage expenses, all seamlessly integrated with inventory and accounting systems, reducing front-line and back-office burdens, and improving NOIs. Order ahead functionality manages flow, meeting consumers where we are – on...
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.
NCUA’s released 2023 Q4 system performance data continues trend of declining credit union numbers
Last week, the National Credit Union Administration released the credit union system performance data for the fourth quarter of 2023. NCUA reported that the number of federally insured credit unions (FICU) declined to 4,604—156 fewer than there were as of the fourth quarter of 2022. Many of those may have come from low-income designation credit unions, whose numbers dropped by 129 from 2,612 in 2022 to 2,483 in 2023.
Structure your credit union marketing like a flower
It’s one of the most beautiful times of year. Patches of green are sprouting back up, and vibrant blossoms are signaling an end to their long winter rest. The most well-kept gardens are sights to behold … they can’t help but to attract attention. Your community bank and credit union marketing is like the flower of the institution. Tend to it well, and it attracts the attention you seek. Here’s how to structure your marketing like a flower and stimulate institutional growth.
Leadership Matters: 5 ways to prepare for tough conversations
It seems like there are innumerable tough conversations to be had in the workplace—for situations like mediocre performance reviews, cancelled projects, peer feedback and so on. The five tips below will help you prepare ahead of time, so you’re positioned for better outcomes more often. But before we get into the tips, there’s a type of tough conversation that deserves special mention: tough conversations that never happen.
CFPB urges N.Y. legislature to enact UDAAP prohibitions
Even as House Republicans try to restrict the Consumer Financial Protection Bureau’s power to initiate enforcement actions based on “Unfair, Deceptive or Abusive Acts or Practices (UDAAP),” CFPB officials are urging the New York State Legislature to pass legislation giving state agencies those enforcement powers.
How retailers can boost ATM security
Operating a retail ATM is becoming riskier as today’s economic stress fuels a rise in cash-based crimes. Even more alarming, online forums are supplying the equipment and training needed for criminals to target ATMs successfully. How can retailers combat this growing threat and protect their ATMs, cash, and customers?
The importance of conducting tabletop exercises at your credit union
Being prepared for a continuity event involves more than just having a plan in place and distributing it to the team. Your credit union should have run periodic tabletop exercises, where credit union executives and other team members review how the credit union would respond in the event of a cyber-attack, natural disaster, terrorist attack or other continuity event. In this blog, we’ll discuss what a tabletop exercise is, and why your credit union should conduct them.
Help your team get more stuff done
Is your team brimming with excitement, engagement, and fervor for their roles? Distractions, interruptions, and inefficient workflows can hinder even the most exceptional credit union teams. Surprisingly, we’re quick to turn to perks and incentives to keep people motivated rather than practical steps to improve productivity. Why is that?
Nussle, Bratsakis response to ‘radically wrong’ attack on tax status
A core argument made recently against the credit union tax status is “radically wrong,” America’s Credit Unions President/CEO Jim Nussle and MD|DC Credit Union Association President/CEO John Bratsakis posted on LinkedIn Tuesday. “The fact that credit unions are growing is proof that Americans are recognizing the credit union difference – not proof that credit unions have strayed from their mission,” they wrote. “Consumers are tired of banks treating them terribly.
Bitcoin ETFs and the call for credit union crypto custody
Traditionally, new asset classes start at the top of the market and slowly filter down to everyday consumers. However, the internet era has turned that paradigm upside down, especially in the realm of finance. For those entrenched in traditional finance, the emergence of digital assets, particularly Bitcoin, has been challenging to grasp.
Navigating the artificial intelligence regulatory landscape: Insights for credit unions
In an era where artificial intelligence (AI) is set to redefine the contours of banking, credit unions find themselves at a crossroads. The potential of generative AI (GenAI) to enhance aspects from member service to operational efficiency is immense, yet the rapid pace of regulatory changes demands a cautious approach. For credit unions, understanding the evolving compliance and regulatory framework is not just about mitigating risks—it’s about seizing opportunities in a responsible manner.
Navigating the unknown: The rising threat of fourth-party risk to credit unions
As a credit union, you may have already established a solid vendor risk management program. However, over the past few years, auditors and examiners have started to focus on yet another concern that you might not be familiar with – fourth-party vendors. If you’re wondering who these vendors are, it’s actually quite simple. Every vendor that you work with has their own set of vendors, and these vendors are considered your fourth-party vendors.
The consequences of the Big Box Bailout
Our fight against the Big Box Bailout bill is grounded in data. The Durbin Amendment has given us more than a decade’s worth showing that government price caps on interchange fees don’t work. This week, we sent new research to members of Congress specifically highlighting the negative effects if the Big Box Bailout is enacted into law.
Five ways for your credit union marketing to leap ahead this month
2024 is a rare year – a Leap Year! February has one extra day, and it only happens every four years. But your community bank or credit union marketing needs to leap ahead too…and it shouldn’t happen only once in a blue moon. No, your marketing must seek the next path forward every day if you plan on surviving in this competitive market. Here are five ways for your community bank or credit union marketing to leap ahead this month.
Megacaps rally pushes S&P 500 to first close above 5,000 milestone
S&P 500 closed above 5,000 for the first time on Friday and Nasdaq briefly traded above 16,000, with boosts from megacaps and chip stocks, including Nvidia as investors bet on artificial intelligence technology and eyed strong earnings data. Nvidia (NVDA.O), finished up 3.6% and hit a record high after Reuters reported it was building a new business unit focused on designing bespoke chips for cloud computing firms and others, including advanced artificial intelligence (AI) processors.
House Democrats request hearing on Navy Federal discrimination allegations
Democrats on the House Financial Services Committee are requesting that Chairman Rep. Patrick McHenry, R-N.C., hold a hearing on allegations that Navy Federal Credit Union discriminated against Black members seeking to purchase a home.
Internal fraud detection: Motivators and warning signs
Employee fraud is unsettling. The headlines splash the news far and wide: “Credit union CEO imprisoned for embezzlement.” “Federal investigators say bank employees opened fake accounts for sales goals.” The cost of employee fraud is devastating for a financial institution – both financially and reputationally. It can leave accountholders distrusting their financial institution, and it can poison the whole spirit of the working environment for other employees.
Five reasons your marketing isn’t working and what to do about it
“Bo, we need marketing help. Can you help us?” Of course I can, but more often than not when I start digging in with a new client I, find that marketing is the last thing needed to jumpstart growth. When we go through our unique in-depth onboarding process and ask a ton of questions, we start finding the real reasons why the credit union isn’t growing.
New research shows 6 negative consequences of Big Box Bailout bill
New interchange research shows legislative efforts to disrupt the “safe, secure and well-functioning credit card system” with the Big Box Bailout bill would hurt people that bill sponsors claim it would benefit, America’s Credit Unions wrote to members of Congress Wednesday. “If Congress passes this flawed interchange bill, there are six distinct consequences to American families and small businesses,” wrote America’s Credit Unions’ Greg Mesack and Jason Stverak.
Leading the digital revolution: A strategic approach to digital transformation
In the ever-evolving financial services landscape, optimizing technology spend is not just a necessity; it’s a strategic imperative. This immutable three-step approach ensures that every dollar invested translates into meaningful change, addressing pain points, leveraging automation strategically, and delivering positive impacts for both members and employees. Meaningful digital transformation requires your credit union to first conduct a thorough, dispassionate analysis of current operations.
This week: NAFCU keeps CU priorities top of mind
This week, the House is on holiday recess and will return in 2024, while the Senate is in Washington to focus on its remaining items for the end of the year. NAFCU will continue to advocate on behalf of the industry in end-of-year legislative efforts. Of note, NAFCU is monitoring for possible Senate confirmation of NCUA Board nominee Tanya Otsuka.
The CUInsight Network podcast: Member centricity - Co-op Solutions (#72)
Thank you for tuning in to episode 72 of The CUInsight Network, with your host, Lauren Culp, Publisher & CEO of CUInsight. In The CUInsight Network, we take a deeper dive with the thought leaders who support the credit union community. We discuss issues and challenges facing credit unions and identify best practices to learn and grow together. My guest on today’s show is Nelson Fisher, Director of Product Development at Co-op Solutions.
Your 5-step 2024 credit union professional development plan
In the dynamic credit union industry landscape, the pursuit of professional growth is not just beneficial; it’s essential. As we edge closer to 2024, credit union professionals at all levels — from frontline staff to senior management — are uniquely positioned to shape their career paths proactively. This guide offers a structured approach to building a comprehensive professional development plan that caters to individual aspirations and the evolving needs of the credit union sector.
FedNow and the future of banking
Wire transfers, cross-border payments, and ACH settlements are about to change – and in many ways, they already have! The launch of FedNow is a milestone that shifts the tides of the financial industry. The implications of this shift are profound and wide-reaching; what is all but lost in the news cycle is a full admission by the central bankers that the electronic dollar is nearing the end of the line. It is time for industry-wide adoption of real-time, streaming, digital dollars.
Revolutionizing payments marketing: Embracing the future of digital marketing
Payments have undergone a dramatic transformation in the past few years, greatly influenced by the power of marketing. As technology continues to reshape the way we conduct transactions, financial institutions in the payments industry need to adapt their marketing strategies to remain competitive. This article examines the evolution of payments from cash to digital transactions and the role marketing has played in facilitating this transition. Gone are the days when cash was king.
Legislation, regulations should support CU service to members
Congress and NCUA should work with credit unions to pursue a legislative and regulatory approach aimed at ensuring credit unions can continue to serve their millions of members, CUNA and NAFCU wrote to the Senate Banking, Housing, and Urban Affairs Committee Monday. Federal financial regulators, including NCUA Chairman Todd Harper, are scheduled to testify before the committee Tuesday.
CFPB, Fed release threshold adjustments
The CFPB Monday announced annual threshold adjustments related to the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Fair Credit Reporting Act (FCRA). The CFPB, along with the Federal Reserve Board and the Office of the Comptroller of the Currency (OCC), announced that the threshold amount for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $31,000 to $32,400.
The 4 plays of strategic success for banks and credit unions in 2024
It seems every year the banking industry must plan to overcome “something,” and that “something” often seems like it is too daunting of a task, and much more extreme than that previous year’s “something.” What is often lost during the elusive process of trying to plan for the next big thing, is what do we focus on today? How can we take the lessons learned from previous industry challenges and put it to good use to improve the customer and employee experience?
Artificial intelligence can boost lending without a whiff of generative AI
With the explosive buzz that artificial intelligence models have brought into the mainstream, AI, especially generative AI, has been almost impossible to ignore. But while ChatGPT and similar tools attract attention and drive excitement, banking companies have successfully deployed AI and machine learning models for years to propel growth, enhance efficiency, and gain a competitive edge on the lending side. That’s pretty exciting and has a track record.
Personal growth for credit union professionals
As the year draws to a close, there’s a natural urge to shift our focus to the future. Before you do… what story did this past year tell? How have your chapters unfolded? Let’s not overlook the art of personal reflection. It can illuminate your path forward and pave the way for a more intentional and prosperous new year. Before we begin, let’s laydown a ground rule. There are some common barriers and excuses used by credit union professionals.
Credit union leadership training lessons from veterans
Military service instills leadership qualities in ways few other areas of life can. Real life-or-death situations, real sacrifices and real moments of courage showcase what it means to lead others through the toughest scenarios. Of course, your bank or credit union isn’t the military. The stakes aren’t as high as they are during military service…but that doesn’t mean the stakes aren’t still high. You are responsible for the well-being of your institution, consumers and employees.
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