Credit Union Newsletter # 39
Anurag Mukherjee
Credit Union & Community Bank C-Suite Advisor | P&L and GTM | Data Scientist | Fintech Advisor & Podcaster
Earning improved for the second quarter in a row for the nation's largest credit unions, despite higher delinquencies and loan-loss provisions.
The results diverged among the Top 10, which account for 19% of credit union assets and provide an early indicator of trends.
A Credit Union Times analysis of NCUA second-quarter Call Reports filed in the past week showed Navy Federal of Virginia, Alliant of Chicago and BECU of the Seattle area had net income gains from both last year's second quarter and this year's first quarter. The other seven had a mix of often sharp declines with a few sprinkled weak gains.
?The chief operating officer at Great Lakes Credit Union told a House committee it has been able to use artificial intelligence (AI) to create “remarkable” results in areas such as member services and career paths.
Elizabeth Osborne , COO of $1.7-billion GLCU in Bannockburn, Ill., testified before the? hearing that reviewed AI applications in financial services and housing industries.
“AI is an important tool for credit unions, and it helps us enhance service to our members and provide services that economies of scale may not otherwise allow,” Osborne told the committee.
Osborne shared GLCU’s introduction of?Olive , a call center bot that leverages conversational AI to route calls, conduct phone banking transactions and decrease member wait times.?????
A Senate hearing on Tuesday focused on consumer fraud protection and specifically how the peer-to-peer payments platform Zelle and big banks might be failing in the fight against fraud.
Tuesday afternoon's hearing titled "Instant Payments, Instant Losses: Zelle and the Big Banks Fail to Protect Consumers from Fraud" was conducted by the Senate Permanent Subcommittee on Investigation and included testimony from representatives of the biggest banks.
Ahead of the hearing, America's Credit Unions President/CEO Jim Nussle sent a letter to committee leaders expressing the importance of having a credit union perspective included on this issue, in part, because credit unions, those that do and do not use Zelle, are working hard to mitigate fraud.
The Curql Collective CUSO has invested an undisclosed amount in a fintech providing extra insurance and other services for large-dollar depositors.
A news release Wednesday from Curql of Des Moines, Iowa, said its investment in ModernFi, a New York fintech, was its first through its Curql Fund II. The TechCrunch.com website for technology news reported in January that ModernFi had raised $23 million in funding.
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Florida's Space Coast Credit Union sold $669 million in auto loan securities Wednesday, its second launch in less than a year.
Like its $422.5 million sale in December 2023, the deal involved loans originated indirectly through dealer to borrowers with prime credit scores. The latest NCUA data showed Space Coast held $3.8 billion of indirect auto loans on March 31, the fourth-largest amount among all credit unions.
The amount rose from $485 million expected in S&P Global's July 11 pre-sale report. The credit union provided $691 million in collateral for the $669 million issue.
Shareholders of the $1.4 billion First Financial Northwest Bank (FFNB) in Renton, Wash., voted in favor of its acquisition deal by the $11.8 billion Global Credit Union in Anchorage, Alaska.
According to FFNB's Form 8-K filed with the U.S. Securities and Exchange Commission on Thursday, there were a total of 9,174,425 shares of the bank's common stock outstanding that had been entitled to vote at the special meeting last week, and 6,904,007 shares of common stock were represented in person or by proxy, which met the quorum requirement.??
The merger of Member One in Roanoke, Va., with Virginia Credit Union in North Chesterfield, Va., became legally effective today, creating the third largest financial cooperative in the Old Dominion commonwealth that will manage $6.9 billion in assets with more than 1,100 employees who will run 37 locations and serve 485,414 members.
During the opening ceremony for the Louisiana Credit Union League's annual conference Thursday, the league's President/CEO, Juan Fernandez, surprised the audience with an announcement by unveiling the league's new name: Luminate.
According to Luminate officials, the name represents a path forward for the 90-year-old league and for its member credit unions across Louisiana "enhancing their visibility and strengthening their impact on local communities."
Fernandez said, "We are thrilled to embark on this transformative journey as Luminate. This evolution embodies a new era for our organization, building upon our strong foundation to serve our members with unparalleled excellence
?Sources : CUtimes , CU Info, CUInsights
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