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Articles by Paul Kundert
I lead UW Credit Union. Exploitive overdraft fees trouble me. | Opinion Original
A Consumer Financial Protection Bureau rule to cap overdraft fees was overturned by Congress. Overdraft fees can range from $25 to $35 and disproportionately affect struggling consumers. Some financial institutions in Wisconsin collect over $1 million per month in overdraft and NSF fees. The author encourages consumers to review a bank's specific fees and practices, such as daily fee caps.
Friend or foe? Examining the impact of prepayments on loan returns
Loan portfolio management requires a keen understanding of various factors that impact returns. Yet far too often, credit union boards and decision-makers focus primarily on only one element: charge-offs. While loan losses are certainly important, another critical, but often underestimated element that can have as much, if not more, of an impact on returns is prepayments.
Spring financial fitness
It takes hard work and practice to be financially fit. A professional baseball player attends spring training to prepare for the long season ahead. And there are things you can do this time of year to prepare financially for the year ahead. A good goal is exciting and can make your life better. Financially speaking, maybe it’s to buy a house, pay for school, or retire early. Or something as simple as embarking on your dream vacation.
Take care of borrowers and keep regulators at bay
Let’s talk regulatory compliance. Governing bodies are cracking down on ancillary product refunds and more. Allied’s Peter Krall joins us to dissect the regulations and discuss how financial institutions can keep their borrowers protected. In this episode… [:27] Meet Peter Krall [4:20] What is Product Refund Liability? continue reading »
The watchdog continues to rob the henhouse
If your credit union is federally insured, have you been paying attention to recent statements coming from NCUA Chairman Harper? The February board meeting included a report on the 2023 year-end financials for the NCUSIF and a very healthy report it was. Total assets now exceed $21 B. The really good news was that there were only three credit union failures that resulted in losses to the fund of $1.4 M.
Schumer again calls for enactment of marijuana banking measure
Senate Majority Leader Charles Schumer, D-N.Y., said on Friday that he wants the Senate to tackle marijuana banking legislation during the next few months.
The key to successful commercial banking lies in consumerization. Here’s why
In today’s rapidly evolving commercial banking landscape, community banks and credit unions face many challenges and opportunities as they strive to meet their business clients’ changing needs and expectations. To shed light on the latest trends and strategies for success, The Financial Brand’s Jim Marous was joined by two industry experts from Alkami Technology on the Banking Transformed podcast: Jacob Leick, director of product management and Mandy Lopez, lead product manager.
Abandon ship? Why frequency is your brand’s lifeboat
When a credit union leader says they want to do a short run on a campaign, my initial response is, “Are we swimming or treading water?” Unfortunately, too many credit unions are only looking to dip their toe in the water. Let me explain. As someone who lives in the Carolinas, I’m very aware that FanDuel and DraftKings have arrived in North Carolina.
House, Senate resolutions would void CFPB credit card late fees rule
Resolutions to nullify the CFPB’s credit card late fees rule via the Congressional Review Act (CRA) were introduced in the Senate by Sen. Tim Scott, R-S.C., and Rep. Andy Barr, R-Ky., Monday. America’s Credit Unions supports the resolutions as it strongly opposes the rule from the CFPB, which caps credit card late fees at $8. The CFPB’s misguided final rule on credit card fees clearly demonstrates a misunderstanding on how credit cards work.
The illuminated path to a digital "aha moment"
As a whole, people are more distracted than ever. A study in 2004 measured the average attention on a screen to be 2 ½ minutes. Some years later it was found to be 75 seconds while in 2023 it diminished further to an average of 47 seconds.[1] A lot of time has been spent talking with leaders about how to break through the noise and earn just a few minutes of their members’ attention.
Am I emotionally intelligent?
Isaac Newton is said to have said, “Tact is the knack of making a point without making an enemy.” With this statement, Newton, famous for inventing calculus and for his work on forces during the 1600s, seems to have been well ahead of his time in understanding emotional intelligence.
Transparency key to healthy credit union movement
Credit unions are financial cooperatives, mutually owned by their members. They are a special kind of financial institution organized and operated for the benefit of their membership. This unique structure is different from for-profit corporations which typically fall into categories of public company or privately held companies. According to Investopedia, an aspect of private company status is privacy.
Nussle pledges America’s Credit Unions will be strategic, responsive
CUNA President/CEO Jim Nussle, who will lead America’s Credit Unions should CUNA and NAFCU members approve the merger, sent a message to members after the vote opened Monday pledging that “America’s Credit Unions will serve you.” “We will be strategic. We will be decisive. We will be cost and value conscious. We will listen and adapt to your needs. Most importantly, we will be responsive,” Nussle wrote. The member vote on the merger will be open until 5 p.m. ET Nov. 1.
NAFCU hosting ‘junk fees’ webinar
NAFCU is offering a webinar to discuss the increased regulatory scrutiny over fees, what may qualify as a “junk fee,” and the ways a credit union can evaluate their current fees. The webinar, happening Sept. 8 at 2 p.m. Eastern, will also discuss the current status of the proposed Junk Fees Prevention Act. Register now to attend. Registration also offers on-demand access to the recording of the webinar for one year.
Why can't I see my credit score on my credit report?
Credit reports and scores are so closely related, you might think that where you find one, you’ll find the other. But that isn’t always the case: You won’t find a credit score on your free annual credit reports. If you pulled your reports looking for a score but don’t see one, you’re still on the right track. Reviewing your credit report gives you valuable insight into your credit standing. This can help you make sense of your three-digit credit score.
AFTs offer new opportunity—and risks—for credit unions - CUInsight
Account funding transactions (AFTs) are growing in usage as consumers increasingly embrace digital payment services offered through PayPal, Venmo, Starbucks, Apple Pay and even Uber. For members, AFTs are a more efficient and convenient method of transferring funds, but they have some downsides for credit unions, including reduced interchange revenue and fewer chargeback rights.
St Cloud Financial Credit Union builds a bridge between TradFi and DeFI
When people think about digital assets, distributed ledgers, crypto, or the new world of tokenized payments, top of mind are “the fraudsters, the start-ups, the fly-by-night FTX-type situations.” Yet, “those examples have solidified why St. Cloud Financial Credit union has decided it needs to be involved in decentralized finance!” For many industry executives, the chaos and volatility that St. Cloud Financial Credit Unions’ Chief Lending Officer, Chase Larson, describes are the same examples...
Biller solutions: The difference easy bill payments make
As the financial sector continues to evolve, modern fintech solutions, such as Electronic Bill Presentment and Payment (EBPP) systems, have emerged as game-changers. They streamline billing and payment processes, offering significant convenience for consumers and improved efficiency for financial institutions. Amidst a crowded fintech marketplace, the challenge is finding the right partner to navigate this digital transformation. This article will provide insights into all things EBPP.
Excitement and gratitude: Lessons learned over 20 years
Certain milestones get you thinking about the past. In August 2003, when I arrived at the UW Credit Union corporate office in Madison on my first day as CEO, I didn’t know the city, and smartphones were still years away. With no “fastest route” recommendation, I made the rookie mistake of taking Campus Drive on what turned out to be UW-Madison student move-in day. Family vans stuffed to the brim with belongings, confused drivers and excited students jammed the streets.
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