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Articles by Lynn Weirick
The importance of succession planning in credit unions
Succession planning is essential for any organization, but it holds particular significance in credit unions. These member-owned institutions rely heavily on stable leadership to maintain trust and continuity. As credit unions face increasing competition and regulatory demands, having a well-thought-out plan for leadership transitions is key to long-term success. Succession planning involves more than just finding a replacement for the CEO or other executives.
Empowering our communities through financial education
April marks an important observance: Financial Literacy Month. As credit unions, we recognize the critical role financial literacy plays in empowering individuals and communities to make informed financial decisions, fostering economic well-being and stability. Financial literacy is more than understanding how money works—it’s about learning how to manage financial resources effectively for financial security. It involves budgeting, investing, handling debt, and planning for the future.
How debit cards can empower the financial-wellbeing of underserved members
Fourteen percent of U.S. households are underbanked according to the FDIC’s most recent National Survey of Unbanked and Underbanked Households. The FDIC describes the underbanked as those who use transaction and credit services outside their financial institutions. Credit unions seeking to bridge the gap can make use of a well-rounded debit program to help their underserved members build stronger financial health and make the most of account services available to them.
Four reasons your employees need a strong mission, vision, values
“It goes without saying that no company, small or large, can succeed over the long run without engaged employees who believe in the mission and understand how to achieve it.” – Jack Welch In our last article, we provided six reasons for creating a strong Mission, Vision, and Values at your credit union.
US job openings rise slightly; labor market steadily easing
U.S. job openings edged up in February, though labor market conditions are gradually easing in support of expectations that the Federal Reserve will start cutting interest rates by June. The Job Openings and Labor Turnover Survey, or JOLTS report, from the Labor Department on Tuesday showed there were 1.36 vacancies for every unemployed person in February, down from 1.43 in January. The decline in the vacancy-to-unemployment ratio reflected a spike in unemployment at the start of the year.
THINK 24 Speaker Spotlight: David Mattin
From the frontlines of trend analysis straight to Nashville’s stage, David Mattin is ready to demystify AI and the evolving customer experience at THINK 24. Internationally recognized for his expertise in emerging technologies, innovation, and social change, he’ll bring a forward-thinking perspective to this can’t-miss event.
What is CFPB Section 1033 and how will it affect financial institutions?
In October 2023, The Consumer Financial Protection Bureau (CFPB) proposed a groundbreaking rule, commonly referred to as Section 1033 or the Personal Financial Data Rights rule, which will impact how consumers interact with their personal financial data. This rule, rooted in the Dodd-Frank Act, is a cornerstone of the open banking movement, granting consumers unprecedented control over their financial data.
Create "easter eggs" on your credit union social media
Easter egg hunts are always a blast. Whether you’re searching for carefully dyed eggs or plastic canisters with candy inside, the appeal is the same: you find something special in a normal environment. Unfortunately, your community financial institution’s social media often comes off as too “normal.” What you’d expect. Not attention-grabbing. It’s time to create some “easter eggs” on your community bank and credit union social media. It’s time to generate something special that attracts attention.
How to minimize delinquencies while increasing member engagement
Financial wellness tools, member engagement and deposit growth strategies in a microeconomic environment are dominating discussions for financial institutions, especially credit unions. Loan demand is slowing as interest rates rise. Delinquency rates are also ticking upwards amid inflation, . Many consumers are wiping out their savings to pay for bills. For those that lack or have exhausted their savings, credit card debt has seen the sharpest rise in decades.
CFPB overdraft proposal will harm credit union members, should be withdrawn
America’s Credit Unions vehemently opposes the CFPB’s proposed rule on overdraft fees, as it will harm community-based credit unions and their members, the organization wrote to the CFPB Monday. The comments were sent in response to the CFPB’s proposal on overdraft services charged by financial institutions with more than $10 billion in assets.
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Retirement planning — Napa style - CUInsight
Selecting the right retirement plan can be likened to the art of choosing a fine wine in the lush Napa Valley vineyards. Each variety, whether a Qualified or Non-Qualified Plan, presents its unique bouquet of advantages and disadvantages carefully crafted to meet the varied palates of employees and employers alike. Understanding these variances can help you make an informed choice which complements your financial goals as perfectly as a well-chosen wine complements a meal.
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