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Articles by Jay Speidell
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.
Tips for selecting the right core processor for a seamless digital transformation
Your core processor is the heart of your credit union’s data management and function. Its efficacy directly impacts member service quality, operational efficiency, and regulatory compliance. Having the right core processor lays the foundation for a successful digital transformation journey, its choice calls for strategic consideration. Before selecting a core processor, it’s essential to identify your transformation goals, focusing on various aspects of operations, service delivery, and growth.
NCUA approves budget, revises operating fee schedule methodology
The NCUA Board adopted a final 2024-2025 budget at its Thursday meeting. The approved budget is roughly $8.8 million lower than the proposed 2024 budget. Specifically, compared to the proposed budget, the final 2024 budget reflects the following: Reduction of operating budget by $7.6 million and one position; Reduction of capital budget by $1.2 million; and Increase of Share Insurance Fund administrative expenses budget by $6,000.
Q3 CU trends reveal the industry is in ‘solid shape’
“Industry results from the third quarter show that in terms of immediate safety and soundness concerns, the industry is in solid shape. That is exemplified by the fact that the net worth ratio climbed above 11 percent for the first time since the pandemic,” said NAFCU Chief Economist and Vice President of Research Curt Long in response to recent call report data.
Lower debit card interchange fees to challenge all financial institutions
As lawmakers continue to debate sweeping changes to credit card network requirements, the immediate focus for financial institutions has shifted toward a Federal Reserve proposal that would cut into revenue tied to debit cards. The Fed is seeking comments on a proposal that would slash covered financial institutions’ interchange revenue by nearly 30%. The proposal, combined with a recent clarification of rules for card-not-present debit transactions, could spell trouble for all debit card issuers.
Customer data platforms are driving member relationship marketing success
The new fuel to simpler, more personalized mobile, online and in-person experiences lies in gathering, linking and harnessing the right data at the right moment, including leveraging new advanced generative-AI. And few industries have as much rich, timely data to mine as credit unions.
Payments hub solutions: A guide for financial institutions
All financial institutions, whether banks, credit unions, or neobanks, must adapt swiftly to emerging payment trends. One monumental shift has been the move towards digital, integrated, and instant transaction processing. As consumers demand a seamless payment experience, financial institutions need a holistic approach. This is where payment hubs make a pivotal difference in payment strategy optimization. A payments hub is a centralized platform designed to handle a diverse range of payment types.
Exciting educational opportunities in 2024
Members of CUNA and NAFCU have trusted our organizations with the responsibility of transforming into something bigger and better than before: America’s Credit Unions. That includes making unparalleled educational opportunities a key pillar of America’s Credit Unions, which is why we’re excited to announce the 2024 lineup of events tailored to meet the needs of every part of our movement. Many CUNA and NAFCU 2024 events were scheduled and contracted before we even announced the merger.
Bite-sized credit union marketing ideas for the holidays
When you think of credit union marketing, what comes to mind? Probably multi-channel campaigns, community events, direct mail going out to hundreds of people, maybe even some billboards…and those are certainly Santa-sized marketing ideas! But massive marketing doesn’t necessarily equal effective marketing. And it isn’t always feasible too. Budget, bandwidth or the hectic nature of the holiday season might disallow such humungous marketing moves.
The impact of mandated return-to-office (RTO) on diversity and job satisfaction
There has been a lot of noise around return-to-work efforts. The decision that “all” employees need to return to the office three to five days per week is either being driven by: A Board of Directors may be crossing the line between governance and management or is out of touch with what the needs of the employees are. One or more senior executives that “believe” people are more engaged, collaborative, and productive if they are in the office.
How to write a request for proposal for your next credit union project
Selecting a partner for building a new branch or workplace can be a pain. It’s not fun like actually designing your cool new building, and for bigger projects the outcome can be career-defining for good or bad. It’s a lot of work and there is significant uncertainty and risk. After reading, responding to, and helping to write many, many Requests for Proposals (RFP), we decided to develop a standardized RFP tool kit.
Stverak: CFPB overreach harms consumers it should be helping
The Consumer Financial Protection Bureau (CFPB) consistently oversteps or fails to consider the whole impact of its regulations on credit unions and other consumer-focused institutions, CUNA Deputy Chief Advocacy Officer for Federal Government Affairs Jason Stverak wrote in American Banker. Stverak adds that this reality counters the CFPBs very mission, and ultimately harms the consumers it is supposed to help.
NAFCU’s Long testifies on ‘unsustainable’ NCUA budget increases
The NCUA held a public hearing for its proposed 2024-2025 budget Thursday. For 2024, the agency has proposed an increase of 9.5 percent from 2023 and an increase of 9.9 percent from the 2024 proposed budget for 2025. During the hearing, NAFCU Vice President of Research and Chief Economist Curt Long urged the agency to be more efficient.
The small credit union that rose from the ashes and beat the odds
Small credit unions often find themselves in the shadow of larger banks, with the threat of mergers looming large. But is there a way for these underdogs to not just survive, but thrive amidst such challenges? Enter Peter St. Onge, President/CEO of Trademark Federal Credit Union, who knows the pressure all too well. Upon stepping into his role, St. Onge was greeted with daunting challenges: a staggering 43% employee turnover rate and a troubling negative Return on Assets (ROA).
Ensuring security and trust: How penetration testing benefits credit unions
Credit unions play a big role in fostering trust and providing financial security to their members. Yet, the changing landscape of cyberattacks and the consistent rise in data breaches have made it essential for credit unions to address any potential vulnerabilities in their networks. This is where penetration testing, a vital element of cybersecurity, becomes imperative in ensuring the integrity of credit unions.
The power of unity: Strengthening the credit union system
As a new league president, I’ve been traveling around my state to have conversations with credit unions about how we can be a stronger movement. The recent national conversations that occurred as a result of the CUNA/NAFCU merger vote, culminating in the result of America’s Credit Unions, also prompts this question. I would encourage all to reflect on how we operate as individual organizations and as a system.
Five steps to find what’s missing from your strategy
My dedication to running started many years ago. In my early days of practicing with the cross-country team, maintaining my pace for 20 minutes seemed daunting. Eventually, I found a sweet spot of 40-minute runs that lasted into my early 20’s.
NCUA issues final rule making CUNA-sought change to CDA definition
The NCUA board approved a final rule expanding the definition of “qualified charity” credit unions can contribute to using a Charitable Donation Account (CDA). CUNA engaged with NCUA for more than a year on the need for such a rule, and fully supported it as proposed in comments filed in July.
October retail sales decline for 1st time since March
Total retail sales increased 0.1 percent in October, compared to a 0.9 percent increase in September. NAFCU Vice President of Research and Chief Economist Curt Long analyzed the report in a new NAFCU Macro Data Flash report. “Total retail sales decelerated for the first time since June and fell for the first time since March, dropping by 0.1 percent month-over-month,” said Long.
Ten tips for protecting your credit union and its members from check fraud
Fraud has become more of a factor for consumers and businesses alike, especially check fraud. Several recent media reports have incorrectly positioned the process of sending checks via postal mail as unsafe. Despite those reports, checks are still a secure form of payment and one of the safest ways to send money. Checking fraud typically takes three forms: Altered checks. Fraudsters steal a legitimate, signed check and alter the payee and/or amount.
What credit unions can do to help young homebuyers succeed
For generations, homeownership has been synonymous with the American Dream. That is still true to this day but sentiment towards buying a home has shifted, especially for younger generations such as millennials. There are several variables that play into it, cost, of course, being the biggest. For many younger American adults, buying a home is out of reach. So how can a credit union act as a catalyst in changing this narrative? It goes far beyond mortgage rates and inventory.
Expansion of “qualified charity” to veterans organizations
Earlier this year, DCUC and the National Association of Federally-Insured Credit Unions (NAFCU) sent a joint letter to the NCUA Board. In the letter, we asked the NCUA to amend the definition of “qualified charity” as it relates to Charitable Donation Accounts (CDAs) in Part 721.3 of NCUA regulations to include 501(c)(19) veterans’ organizations.
Guide: How to write a credit union facilities RFP
Kicking off a new facilities project is tough, and that’s why we’ve developed this comprehensive guide to writing a request for proposal (RFP) as well as evaluating and ranking the responses. Here’s what you’ll get: Selecting the Best Partner for a Credit Union Facilities Project [PDF] A neutral guide walking you through the steps of planning to embark on a facilities project as well as a discussion of the purpose of an RFP and the categories of questions that we recommend including.
Episode 26: Unlocking financial innovation - NCUA's new rule explained - CUInsight
Join Brian Lauer, partner with the law firm of Messick Lauer & Smith P.C. and General Counsel to the National Association of Credit Union Service Organizations (NACUSO), for a deep dive into the National Credit Union Administration’s (NCUA) recent final rule on financial innovation. This rule revised Parts 701 and 714 of the NCUA’s regulations regarding the purchase of loan participations and the purchase, sale, and pledge of eligible obligations and other loans.
PCI Compliance: What merchants that own ATMs need to know
Payment Card Industry (PCI) Compliance has the ATM industry in a tizzy trying to figure out what’s real, what’s projection, and what it really means to an ATM operator’s bottom line. But the reality is PCI compliance is essential to the ongoing security of merchant ATMs. And it’s much more than protecting ATM users, it’s also important to the merchant’s bottom line.
Plan like a college to guide your credit union more strategically
What do your credit union’s guiding principles and facilities strategy look like for the next five years? Ten years? Will your employees have room to work as your organization grows, or has hybrid work changed your space needs entirely? Do you have a tentative branch closure, relocation, renovation, and opening road map based on demographic and demand shift forecasts?
Leaders bring banana bread
When I was in my early 20s, I received a valuable piece of advice from an old-school-yet-well-meaning employer. After we passed through a particularly distracting office baby shower for one of the administrative assistants—where there were plenty of homemade treats on display—he was visibly irritated. He looked at me very sternly and said, “If you want to succeed, never bring baked goods to the office.” He never fully explained, but he didn’t have to.
Four steps to creating a world-class culture in 2024
Many credit unions are in the midst of strategic planning, dedicating significant time and resources to define their goals and priorities for 2024 and beyond. At the top of the list of strategic objectives should be identifying how to differentiate and standout. In the past, that meant strategizing to stand out in the minds of members and potential members. In 2024, however, that must also include standing out in the minds of employees and potential employees.
CUNA responds to bank attack during hearing on military financial inclusion
Written testimony from the Association of Military Banks of America (AMBA) veered off the focus of the hearing to attack credit unions on military bases and supposed limits in access for those on the base, during a Senate Banking Committee hearing on financial Protection for servicemembers, veterans and families. However, the AMBA’s claims counter the results of a 2022 study requested by the House of Representatives and released by the Department of Defense (DoD).
Merger approved: Historic vote sets up transformation to America’s Credit Unions
Members of CUNA and NAFCU have approved the associations’ merger into America’s Credit Unions. The new organization is set to legally launch Jan. 1, 2024, and will spend the next several months aligning products and services to meet members’ needs, and committing to a culture that emphasizes accountability, transparency, and responsiveness. Of those that voted, 94 percent of CUNA members and 86 percent of NAFCU members voted in favor of the merger.
Lending Perspectives: Are we in a consumer credit recession?
Having 40 years of lending experience, including 35 years of C-level experience overseeing lending at two different credit unions, I can safely say I’ve never seen a set of economic conditions like what we’re experiencing now.
A historic moment for our movement
It was exciting to announce this week that CUNA and NAFCU members approved the merger of both organizations into America’s Credit Unions. These last few months weren’t about winning votes, but learning directly from you what our movement needs when it comes to advocacy, compliance assistance, educational opportunities, and more. Every comment, question, and concern we heard over the past few months will help make America’s Credit Unions—and our movement—better, and I thank you for that.
How to overcome the fear of change
Listen today as I take you on a journey back to episode 9, going into a topic that resonates with all of us: the fear of change. Drawing from personal experiences and a powerful book I recently discovered, I explore the resistance many of us have towards change, even when it’s inevitable. I share stories of individuals and organizations attempting to recreate past successes, clinging to familiar waters, only to find that change is constant.
Why U.S. Bank is elbowing into the competitive BNPL space
For retailers and other businesses, the goal is making a sale. “One of the toughest things that most merchants have to battle against online is the abandoned shopping cart or the abandoned checkout,” says U.S. Bank’s Mia Huntington. Payments can play a role in helping a sale go through, and with U.S. Bank being one of the largest merchant payment processors in the country, it is naturally interested in tactics that can turn pending sales into purchases.
Step 3 – Making changes stick - CUInsight
This is the third in a series on credit union change management, check out Step 1 – Give your credit union’s employees a voice and Step 2 – Make the case and build enthusiasm. Have you ever heard the analogy “landing the plane” for implementing a successful change project at your credit union? Well, forget that phrase! The end of a change management project isn’t the finish line. Establishing a new branch staffing model doesn’t end the day your new branch opens.
Credit Union Spotlight: A data-driven approach to primary financial relationships
People over profits is one of the main principles of the credit union movement. That said, it is necessary to seek out and nurture profitable members in order to support the services and solutions credit unions use to serve their members who need the most help. In order to maximize these efforts, credit unions should identify their primary financial relationships (PFRs) and seek to maintain and grow them further.
Mesack: CFPB’s latest ‘guidance’ masks ‘major power grab’
The CFPB Wednesday released an advisory opinion for financial institutions it supervises – which includes credit unions with more than $10 billion in assets – to provide consumers with information about their accounts “in a timely manner” and without a fee.
CFO Focus: 3-step balancing act
Strategic plans are all about possibilities, but the possibility of risks getting in the way is also part of the equation. Knowing that there are risks and knowing that they can impact financial performance means that choices must be made. Those choices are better made after reaching as much clarity and alignment as possible, especially in a changing or uncertain environment.
Exciting Insights from the latest ABA survey on overdraft services
The American Bankers Association released a new survey that offers insights into how consumers perceive and value overdraft protection. To gain a deeper understanding of the findings, you can explore the full report here: https://www.aba.com/about-us/press-room/press-releases/consumer-survey-consumers-happy-and-competitive In a rapidly evolving financial services landscape, it’s essential to grasp what truly matters to consumers.
Threads and credit union social media strategy ... three months later
Meta’s new social platform, Threads, released on July 5, 2023, to much fanfare. According to Reuters, Threads saw a huge initial influx of 100 million people in its first five days of operation. Such an incredible performance set it up as a true rival to X (formerly Twitter). But it’s been slightly more than three months since launch…so where does Threads stand now? And what does it mean for credit union social media strategy?
3 Questions with WOCCU and Worldwide Foundation for Credit Unions' Lena Giakoumopoulos
CUInsight Publisher & CEO Lauren Culp is joined by Lena Giakoumopoulos, Program Director, GWLN at Worldwide Foundation for Credit Unions for a quick interview with just 3 questions about the Global Women’s Leadership Network… Three questions: (0:42) The UN recently released a report detailing how far behind the world is on true gender equality. What are your thoughts on the progress we’ve made so far, and the work we still need to do?
Cybersecurity Awareness Month: Protect your credit union and your members
Cyberattacks happen every 39 seconds in the United States, with 2,200 cyberattacks happening per day and 800,000 attacks occurring each year. This number is only expected to grow as time goes on, and the price of succumbing to these attacks is expected to grow along with it. There are many ways to try to prevent a cyber attack, but one of the best defenses against cybercriminals is education and awareness.
Wakeup call: Is BNPL setting up younger consumers for credit trouble?
Buy now, pay later credit may be prompting younger Americans to get in over their heads in debt. This is the conclusion of two separate studies, one from Morning Consult and another from the Federal Reserve Bank of New York. The Morning Consult study is based on a survey of 2,223 U.S. adults taken in August. The Fed surveyed 1,000 people in June for its study.
Financial inclusion dropping in 2023, solutions remain
Despite the gradual economic recovery experienced in the United States following the pandemic in 2021, according to the Financial Health Pulse’s 2023 U.S. Trends Report released in September the financial health of Americans declined to pre-pandemic levels while some financial health have actually broadened over the last year and a half.
How the right records management solution can streamline credit union operations
If a cluttered desk denotes a cluttered mind, what does a cluttered digital filing cabinet say about an organization? With various regulations in place that stipulate how and when financial institutions collect, keep and dispose of customer data, administrators are often left to manually manage large volumes of records. Unfortunately, complex and tedious tasks of this nature can bog down staff and take away time that should be dedicated to more valuable activities.
Step 2 – Make the case and build enthusiasm - CUInsight
Last month we covered Step 1 – Give your credit union’s employees a voice, check that out in case you missed it! In the article, we discussed how (and why) to involve your employees in strategic planning and the change management process – whether that’s a new branching model, hybrid working strategy, or any other major change that impacts how your employees support your mission.
Predatory lending in the digital world – using data to help members - CUInsight
In an era dominated by digital advancements, the credit union industry may face a new and intricate battle against predatory lending. Drawing insights from actual credit union data, our goal is to shed light on the specific segments of members who are most susceptible to these lenders. Once credit unions know which members are most vulnerable, they could intervene with tailored product offerings designed to help prevent members from entering a payday lender cycle.
Seizing the next big opportunity: A strategic blueprint to engage Gen Z
As credit union boardrooms buzz with discussions on immediate priorities like liquidity and income, there’s a tremendous opportunity that’s waiting to be tapped: Engaging the younger generation. Did you know that only 4% of credit union members are from Gen Z? And, surprisingly, nearly a quarter of millennials aren’t even familiar with what a credit union is. When we do manage to bring younger members on board, keeping them engaged is another challenge.
Leaders in Lending | Ep. 122: Combating financial fraud - Fintech’s game-changing role
For so long, new tech has been utilized by fraud artists, costing many unsuspecting victims countless dollars. Now, AI tools and strong fintech partnerships could be used to stop fraud in its tracks. With quickly evolving innovations, financial institutions must be at the forefront of tech. Kyle Hauptman, Vice Chairman at NCUA shares his views on the changes facing the industry and how they can be beneficial for everyone.
Poor productivity? Solve it with credit union working genius assessments!
When it comes to productivity (or lack thereof), it’s usually treated like a work ethic problem. A certain employee isn’t productive because they’re not diligent. So-and-so just doesn’t want to work. These new Gen Z employees want too much but work too little. But what if those assumptions are wrong? Research shows they are. According to Deloitte, Gen Z employees value salary less then every other generation – they’d much prefer a job that interests them.
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