Cybersecurity threats, staffing challenges, fintech partnerships, and falling fee income are among the top challenges facing credit union leaders, according to a panel of CUNA Councils Executive Committee members.
In a typical year, average credit union loan growth is 8%. Through the first half of 2022, credit unions were on pace for 20% loan growth—the fastest pace since 1984, says CUNA Chief Economist Mike Schenk.
The pandemic led to an employee market that saw many people leave their jobs. The reasons for this include uncertainty, low wages, a lack of career opportunities, and the need to stay home to take care of children.
Credit Union of Southern California (CU SoCal) in Anaheim ended 2021 by giving out a pair of bonuses to every employee. The $2.1 billion asset credit union issued a holiday bonus in November followed by an inflation bonus in December.
Cryptocurrency is a digital asset designed to work as a medium of exchange or store value. It exists on a decentralized digital ledger known as blockchains. Three-quarters of global financial executives believe failing to provide digital asset services will harm them competitively, according to a 2021 Deloitte study. These services include holding keys for members, trading on mobile devices or online banking, creating rewards programs, and issuing stable coins.
Idaho Central Credit Union partnered with NYDIG to offer bitcoin services through the Alkami Technology platform. Members of the $8.3 billion asset credit union in Chubbuck, Idaho, will be able to buy, hold, and sell bitcoin within its mobile app and online banking platform.
An early financial services trend of 2022 involved big banks announcing plans to eliminate or dramatically reduce overdraft fees. But many positive actions by credit unions, including Amplify Credit Union, University Credit Union, and Westerra Credit Union, haven’t generated the same headlines.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
