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Three Additional Rules From CFPB
July 20, 2012
The Consumer Financial Protection Bureau addresses mortgage originator standards, high-cost mortgages, and escrow accounts.
Credit Cards: Learn From the Best-Run Programs
July 11, 2012
CUs can improve their card programs by boosting efficiency, improving marketing, and avoiding common mistakes.
Why Do CUs Offer Green Loans?
July 10, 2012
The decision to finance green initiatives involves the convergence of several factors, says a Filene report.
Small Business Owners Hike the Hill
July 09, 2012
More than 500 credit unions will reach the legislated 12.25% business loan cap within three years.
Some CU Lenders Thrived During Recession
July 05, 2012
How did some CUs grow their loan portfolios during the Great Recession while others floundered?
CUs Growing Green
July 01, 2012
Green lending is relatively new at credit unions, and data about it is limited.
CFPB Considers Mortgage Origination Rules
July 01, 2012
The CFPB plans to publish a Notice of Proposed Rulemaking this summer, and a formal comment period will follow. Expect final rules by January 2013.
Serving Small Biz Important to Latino CUs
June 17, 2012
Sixty percent of small businesses can’t get needed credit.
Know Before You Owe Mortgages: A Game-Changer
June 11, 2012
By proposing rules after soliciting feedback, CFPB has changed the rules of the rulemaking game—and spectators need to pay attention.
The Strategy of Hope
June 05, 2012
We've all been there: A member applies for a small loan. “Start-up money,” she says, “for a new business venture. Not much, I only need a few thousand.”
Credit Union Magazine
July 2014 digital edition
Slide Show: The Daily Duties of a Home-Based CU Manager
Regulators Focus on Interest-Rate Risk
Where Does it All Go?
A Social Media ROI Success Story
Happy 25th Birthday, Filene!
David, good point about the "recovering comfortably" comment. That was an editorial addition--which I'll remove.
Many good points but too rosy? Will the "Federal Reserve raise short-term interest rates 1% per year for the next three years, starting in 2015—“probably next year at this time” ? I have heard from other economist that the US government will go bankrupt if that happens due to the QE the fed has done for several years. Also it seems an exaggeration to say “We survived a heart attack,now the economy is recovering comfortably." Comfortably recovering is too ignore the economic stress that many members still live with daily that will eventually affect many credit unions.
Karan, Great article and insight. I would also recommend that you start getting those credit cards into the hands of the youth BEFORE they are in college. One of the best ways to reach this young generation is through mom and dad. Before the student goes to college, get them started with a credit card (even if mom and dad are joint on it). It's never too early to start marketing credit cards. Mark
I would respectfully disagree that transactional data is a good place to start. In my opinion, relationship data is a much better starting point. Transactional data tends to require more "mining" of thousands/millions of transactions to identify opportunities or threats. Relationship data, however, involves identifying and profiling your high-value relationships (those profitable relationships with multiple products/services, for example) and leveraging that information to attract/cross-sell similar members. Generally involves a bit less effort and quite a bit higher return.
Congratulations on a fine article. Perhaps the best advise is unsaid but exemplified throughout the article - namely avoiding the use of the term "Financial Literacy." The term is insulting and counterproductive because it implies that those who take the training are "Illiterate."
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