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Nov 30, 2023 | 
cuinsight.com | MaryAnne Colucci |Dana Bacon |John Dearing |Greg Mesack
Over seventy percent of small financial institutions are experiencing an increase in fraud rates (PYMNTS). Fraud attacks are not only increasing, but they are also becoming more sophisticated. Even some old threats are being revived with new tactics. At Envisant, our fraud team has identified six trends in 2023 that credit unions should watch. These are outlined below along with some best practices for addressing them.
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Nov 30, 2023 | 
cuinsight.com | John Dearing |Greg Mesack |John Janclaes |Dana Bacon
Once again, we have reached that stage of the calendar year. Along with cooler temperatures, shorter days, and planning for the holiday season comes a focus on 2024 and predictions for the year ahead. If you are expecting prophetic statements regarding the Super Bowl, the stock market, or the Powerball, I’m afraid you will have to look elsewhere. The focus of my crystal ball is strictly some happenings we might see concerning the ever-evolving credit union industry.
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Nov 29, 2023 | 
cuinsight.com | Greg Mesack |John Janclaes |Dana Bacon |Tru Treasury
CUNA is concerned the Department of Labor’s overtime proposal—while it attempts to strike a balance between the 2016 and 2019 overtime rules—will have negative impacts on credit unions in rural and low-cost areas, it wrote to a House subcommittee Tuesday. The House Education and Workforce subcommittee on workforce protections conducted a hearing on the rule, which would increase the salary level test to be exempt from overtime rate of pay for working more than 40 hours in a given week.
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Nov 29, 2023 | 
cuinsight.com | Greg Mesack |John Janclaes |Dana Bacon |Tru Treasury
The CFPB Tuesday announced a $12 million order against Bank of America for submitting false mortgage lending information to the federal government under the Home Mortgage Disclosure Act (HMDA). The bureau’s order requires Bank of America to pay the full $12 million to the CFPB’s victims relief fund.
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Nov 29, 2023 | 
cuinsight.com | Sean Galli |Greg Mesack |John Janclaes |Dana Bacon
The credit union website development process sounds quite intimidating, especially if you lack an IT background. Words like “programming” and “code” make the process seem completely inaccessible. But don’t let it scare you!You can get help creating your website, and the process is simpler than it first appears. Let’s look at the three phases of credit union website development and discuss what happens when you redesign your digital branch.
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Nov 29, 2023 | 
cuinsight.com | Greg Mesack |John Janclaes |Dana Bacon |Tru Treasury
Are you ready to see what artificial intelligence can really do for your Credit Union or Community Bank, beyond the buzzwords and the hype? Forget the jargon and the tech-speak; this episode is tailored for Credit Union and Community Bank professionals who want to harness the power of AI without getting bogged down by complexities. We’re cutting through the noise to focus on what AI really means for you, the backbone of our local financial institutions, and the communities you serve.
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Nov 29, 2023 | 
cuinsight.com | Rich Jones |Greg Mesack |John Janclaes |Dana Bacon
Before I discuss this dysfunction between the board of directors and leadership at OpenAI and SECU, we must understand that today, a credit union is a technology company, not just a place to make deposits and take out loans. Almost everything in a credit union is built on multiple technology platforms and applications. The recent happenings at OpenAI and SECU have a lot of similarities.
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Nov 29, 2023 | 
cuinsight.com | Greg Mesack |John Janclaes |Dana Bacon |Tru Treasury
The Federal Reserve (Fed) met late last month to discuss debit interchange fees and routing under Regulation II. During that meeting, the Fed issued a request for comment to dramatically reduce debit interchange fees for non-exempt issuers. This is not the first attempt to bring down interchange fees – and it won’t be the last. But just like previous efforts, this is a proposed solution to a non-problem. In 2010, Sen.
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Nov 29, 2023 | 
cuinsight.com | John Janclaes |Dana Bacon |Tru Treasury |Kristen Jason
My friend and colleague April Clobes, President and CEO of MSU Federal Credit Union, has a background in marketing. She’s creative, driven and tenacious. Most of all, she’s a darn good listener. Listening is an art form in which CUs excel in the retail space. Asking questions and offering solutions is central to the consumer experience: Buying a house? Starting a college fund? Saving for a beach vacation? There’s a solution, and it’s easy to achieve online.
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Nov 29, 2023 | 
cuinsight.com | Dana Bacon |Tru Treasury |Kristen Jason |Jenni Speth
For many, the holidays can be ‘the most wonderful time of the year’. Unfortunately for most businesses, it can also be the most fraudulent time of the year. Why is that, when so many are looking forward to sharing time-honored traditions with loved ones? Because while we’re exchanging gifts and attending social events, we’re also very distracted.
