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Articles by Jack Antonini
Amidst bank failures, customers worry about FI stability
The last two months have been chaotic, unnerving and problematic for financial institutions, not only in the U.S. where 3 of the 4 largest bank failures in the nation’s history have occurred, but around the world as Credit Suisse was rescued by Swiss banking regulators and merged with UBS. This level of bank failures has made customers worry that a bigger banking crisis is coming, according to a JD Power survey released at the end of April. What does all of this mean for credit unions?
NCUA is closer to unlimited third-party exam authority
The U.S. House of Representatives added hundreds of unrelated amendments to the National Defense Authorization Act (NDAA) in late July, including Section 5403 that would grant NCUA oversight and examination authority over any and all businesses that contract with or provide products/services to federally insured credit unions.
Credit Union Contraction Is Not Inevitable
Letter to the Editor There are alternatives to CUs following banks’ M&A playbook – viable ones to retain CUs’ independence, relevance and member relationships. Source: Shutterstock There seems to be an almost inevitable acceptance that the smaller guys, facing the headwinds of a changing industry and the crippling strains it places on them, will have to contemplate throwing in the towel and marrying up.
To dream again - CUInsight
Jacques Cousteau is arguably the most famous underwater diver in history. He loved the world’s oceans, and he realized how incredibly vital they are for the proliferation and sustainability of mankind.
USAA’s focus on key result areas produced results
When I was CEO of USAA Bank, General McDermott, the CEO of USAA, encouraged us to focus on Key Result Areas (“KRAs”) to help us prioritize strategic investments that we made in our businesses, and to help us in making decisions on everything from what products and services to offer to how to price and deliver them to our members. General McDermott had developed the Key Result Areas when he took over as CEO of USAA in 1967 and built the amazing company that it is today.
USAA’s death event prep created members for life
Seeing the withdrawal of American armed forces from Afghanistan, and the tragic loss of 13 young American heroes to a suicide bomber near the Kabul airport, brought back vivid memories of my days at USAA during the Gulf War in the early 1990’s. To help understand the situation, let me share some relevant background. In May 1990, Iraqi President Saddam Hussein claimed that overproduction of oil by Kuwait and United Arab Emirates was an “economic warfare” against Iraq.
St. Valentine’s Day Massacre
Friday, February 14, 1992 started out like any other day, full of promise. I had no idea it would become the biggest test of my career, when late that afternoon we began to receive calls from USAA members who were not able to use their credit cards. As CEO of USAA’s banking operations, I monitored member issues closely, as member service was our #1 priority, and members unable to use their USAA credit cards on Valentine’s Day was a big concern.
Does NCUA really need unlimited vendor authority?
On May 19, after the House Financial Services Committee Chairwoman Maxine Waters prepared a draft bill for introduction a few days earlier, NCUA Chairman Harper testified at the House Financial Services Committee requesting unlimited vendor authority. Clearly cyber security has taken on more urgency as we see continued high profile attacks on America’s infrastructure in recent weeks.
Expansion of CUSO powers poised for positive impact
Credit union service organizations would be able to originate all types of loans that federal credit unions can, to the benefit of their CU owners and clients. At its January meeting, the National Credit Union Administration Board approved a proposed rule with a 30-day comment period that would allow credit union service organizations the authority to work with credit unions to originate all types of loans that a federal credit union may originate.
Hurricane Harvey: A week of hell in Houston and how you can help - CUInsight
It is such a strange feeling, as you prepare for a Hurricane, hoping it will not be as strong as predicted, praying for everyone in the path of the Hurricane, getting supplies to help you survive if you lose power or sustain damage … and all the while worrying about friends and family in the forecast path. It’s a little bit excitement, since it is so unusual, combined with anxiety about the impending disaster, while trying to calm and convince those you love that everything will be okay.
The need for and the impact of CUSOs - CUInsight
There are numerous examples of companies that did not adjust to the changes in their industries that are no longer with us. Kodak, Border Books and Blockbuster come to mind. One disruptor has been so effective, their name is now used as a verb in describing the effect, getting “Uber-ed” referring to losing your market to a disruptor with little capital investment. In hindsight, the disruption to these business models was obvious yet companies did not act in time.
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