Credit Union 1 Alaska’s Post

Four New Mexico credit unions have been recognized as the best in state by Forbes. This prestigious designation results from an independent survey where consumers rate credit unions they currently use or have used. The evaluation considers overall satisfaction and specific areas such as trust, digital services, customer experience, and more. What makes this recognition even more meaningful is that credit unions cannot pay to be on this list; results are entirely authentic and reflect the true opinions of members. This underscores the exceptional services and trustworthiness of these institutions. Congratulations Kirtland Credit Union, Sandia Area Federal Credit Union, Del Norte Credit Union, and Nusenda Credit Union #CreditUnions #ForbesRecognition #BestInState #MemberSatisfaction #CustomerServiceExcellence #NewMexicoCreditUnions #CreditUnionPride #CreditUnionMovement #ConsumerRatings #FinancialServices #IndependentSurveyResults #TopRatedCreditUnions

In an era when public and private institutions are finally acknowledging the generational economic harms to Black people by racist financial practices, the federal government has just missed a prime opportunity to advance economic justice. On October 24, new guidelines for the Community Reinvestment Act (CRA) were issued. This landmark legislation was enacted in 1977 to address systemic inequities in access to credit and financial services and has been critical in the fight against redlining and opening access to capital for low- and moderate-income (LMI) communities. The CRA uses the power of three institutions – the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation – to encourage federally insured banks to meet the credit needs of the communities in which they do business. https://lnkd.in/eU7m_5s5

Introducing our new weekly roundup for NY credit unions! 🗽 Dive into John Prumo's lasting legacy, insights from the latest Credit Union Trends Report, the historic NCUA Board nomination, and more.

The 10 largest credit unions in the nation all saw surges in credit card charge-offs in the third quarter, as a growing number of consumers struggle to make ends meet. In a story for American Banker, Darlene Johnson said Suncoast Credit Union's members are facing inflationary and economic pressures, and the increase in charge-offs is reflective of this environment. “Members will see relief as economic stressors begin to improve in 2024," she said. The world's largest credit union -- Navy Federal Credit Union -- experienced a 68% year-over-year increase in credit card charge-offs, to more than $1.1 billion, through the third quarter. But some smaller credit unions have been able to avoid a huge uptick in charge-offs by keeping a close eye on the credit-score composition in their portfolios. The $566 million-asset Nutmeg State Financial Credit Union had $242,000 in charge-offs through the third quarter compared to $238,000 a year earlier. “We've seen a decline in the average credit card balance for members with higher credit scores, while balances increased for members with lower credit scores,” President and CEO John Holt said. https://lnkd.in/gg22aKP3

On this date, June 26, a significant historical event for credit unions in Florida occurred in 1934 when President Franklin D. Roosevelt signed the Federal Credit Union Act. This legislation established the foundation for the federal credit union system, allowing credit unions to operate across state lines and providing a legal framework that has enabled their growth and development ever since. This act was pivotal in promoting financial stability and security for millions of Americans, including those in Florida, by making credit available to individuals who were often underserved by traditional banks (MyCreditUnion.gov) (NCUA). #creditunionhistory #Floridacreditunions #Credituniondifference #Creditunions #Americascreditunions #Federalcreditunionact Additionally, the passage of the Federal Credit Union Act led to the creation of numerous credit unions across the state, helping to build stronger, more financially stable communities. This day marks an essential milestone in the history of credit unions, highlighting their role in fostering cooperative financial services and supporting local economies (NCUA). For more detailed information, you can explore resources at NCUA and MyCreditUnion.gov (MyCreditUnion.gov) (NCUA).

Madness. NCUA and the Consumer Financial Protection Bureau are focused on destroying consumer freedom and taking another step to control everything they can. Combined this with liberal "cancel culture" the media loves to feed on and we get this ridiculous news report. The media and the government are n lockstep in their stupidity. This ridiculous story casting doubt on an outstanding CU who serves our military is typical of the narrative being pushed by Todd Harper and NCUA along with the CFPB. "Systematically enrolls?" Everyone who opens a checking account wants Courtesy Pay and MUST OPT IN! The only "systematic" thing about it is - people want it. "Frontwave easily could have lost money in recent years without income from overdraft fees." Yes, stupid, we make money on overdraft and give it back to members through better rates and dividends and other free services. If we don't have overdraft (which remember a very few members use) then everyone will pay more. The few that pay OD fees appreciate the SERVICE and pay for it. It's cheaper for them than payday lenders and other unscrupulous lenders. We MUST stand up to this insanity and implore our trade associations and all credit unions to push back (harder!) on this FALSE NARRATIVE. Say it enough times and people start believing it! America's Credit Unions Frank Diekmann #CreditUnions

The unique credit union system advantage is birthed.

Helping people rebuild credit has been a specialty of my company for years.

No surprise that Fair Lending is a 2024 supervisory priority for NCUA. 50 to 60 credit unions, as indicated by NCUA staff during its February 8th webinar covering supervisory priorities, will be chosen this year for a fair lending examination. There are some resources worth reviewing within this article. #archer #creditunions #fairlending #exams

Last week the NCUA released their 2024 Supervisory Priorties. This week ViClarity - US's Senior Director of Client Solutions Jovilyn Herrick and Senior Director of Audit Services Carrie Dudley Helmle break down what credit unions should know, next steps to take, and resources for those who need a helping hand. #NCUA #RegulatoryCompliance