To turn around recession-related increases in repossessions, CUs have beefed up their loan-assessment processes, initiated faster action on collection procedures, and worked diligently to help members avoid repossessions.
Although NCUA’s final rule on corporate credit unions eliminates some onerous provisions from previous versions, it limits retail credit unions’ choices and increases the need for financial scrutiny. And with fewer corporates left, some credit unions are looking outside the credit union movement for services.
The Office of the Inspector General for the U.S. Postal Service has issued a report examining the possibilities of the USPS offering affordable financial services products, with credit unions included in the mix.