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[Editor’s note: This is a guest post from Vince Passione, CEO and founder of LendKey Technologies, Inc. LendKey is a bronze sponsor...
Sheltered Harbor began earlier this year and covers around 400 million accounts across banks and credit unions; members of the project are required to back up data so other banks can serve customers in the event that another bank becomes disabled; the project goes beyond concerns over customer data being stolen to address concerns that a cyberattack could destroy or lock data. Source
Small banks are unable to put endless resources into projects to test new technologies and must be more strategic in...
A beneficiary of the government shutdown are the small dollar lenders as more federal workers turn to them to make...
The Clearing House, which is owned by a consortium of the biggest banks, has extended an olive branch to smaller...
The "Facebook Initiative" has helped increase lending at Irish credit unions and now 15% to 20% of loan inquiries come through the social networking site; the program initially started out as a pilot project and has moved into a key source of new leads; half of consumers that used this program never borrowed from a credit union before; the process involves a 30 second inquiry online, then lending officers call the borrowers to ensure they understand what they are borrowing; this is part of a broader move by the Credit Union Development Association (CUDA) in Ireland to spur innovation in finance. Source
The Trump administration is looking to potentially name the chair of the National Credit Union Administration to lead the CFPB; J. Mark McWatters has been seen as being a bigger credit union advocate over banks; bankers are concerned because his public record has indicated he lobbies more for breaks that favor credit unions over banks; while a decision is yet to be made bankers are hopeful that the administration will consider those from the banking community as well. Source.
When it comes to laying the groundwork for success in 2019, and beyond, the only New Year’s resolution banks and...
The Vice President for Innovation at CU Direct shares how credit unions are responding to the growth of fintech and...
There is an intensifying battle for IT talent in banking and small banks need to start finding creative ways to...