10SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr State regulators are conducting sweeping audits of the credit unions financing the teetering yellow-taxi industry, which is losing business to app-based car-hail services such as Uber, The Post has learned.The state Department of Financial Services is digging through the books of the troubled Melrose Credit Union, the Progressive Credit Union and the LOMTO Credit Union, insiders familiar with the probe said.Regulators from the Cuomo administration have been quietly inspecting the records of the financial institutions — which make loans for the purchase of taxi medallions — since earlier this month.Many of these loans are now underwater. Even a millionaire financier who owns dozens of medallions, Gene Freidman, has filed for bankruptcy protection.DFS officials tipped their hand Friday, when they took possession of the Montauk Credit Union, the smallest of the taxi funders.Industry officials now worry about a domino effect leading to more government takeovers or mergers of the credit unions. continue reading »
9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr As millennials continue to dominate the workforce and control more than $200B in direct purchasing power, it’s imperative that credit unions understand this generation in order to attract and retain them as members, and communicate and engage with them effectively.Millennials are often described in generalizations, when in reality, they have a variety of needs. They’re single, married, parents, students, entrepreneurs, and so much more.On March 22, we released our What Matters Now: Insights from Millennials research, which focused on millennial motivations, worries and hopes, and how they define success.Here are some key insights from the research to help you better understand and serve Millennials: continue reading » Millennials under 30 are more apprehensive about debt and credit than millennials over 30. Younger millennials are more worried about paying off student loans and less likely to have a current car loan than their over 30 counterparts.
31SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Wendy Moody Wendy Moody is a Senior Editor with CUInsight.com. Wendy works with the editorial team to help edit the content including current news, press releases, jobs and events. She keeps … Web: www.cuinsight.com Details If a member of your team is falling down on the job, approaching them with your concerns can be challenging. Despite your hesitations, it’s important that as their leader, you step up and confront them directly. Below are three things to avoid when addressing an employee to help make that awkward encounter just a bit easier.Making it about youThe key to a successful encounter with the employee is to view the situation from their perspective. Remember that a sit-down with their superior is understandably a nerve-wracking experience for them. Helping them to feel at ease will allow them to feel more comfortable opening up to you which will make the experience more productive.Being meanNo matter how serious the confrontation may be, how many concerns you have, or how frustrated you are, take time before the discussion begins to collect yourself. Do not go into the encounter with a temper or with strong emotion. Being a leader means that even if tough situations arise, it’s up to you to remain professional and encouraging.Being secretiveMake sure that all parties involved are fully aware of the reason for the encounter and what will be specifically discussed. That leaves no room for unrealistic expectations and also gives everyone involved the opportunity to be fully prepared.
79SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Bots, powered by artificial intelligence, are poised to disrupt the financial industry. Are you ready for changes that may quickly take hold in your front and back office?In this video, learn how the bot economy is growing faster than the apps economy did – more than doubling every month. Embracing rather than fearing the change will open opportunities for financial institutions to enhance relationships with consumers. continue reading »
continue reading » Four incredible cities remain in CO-OP’s 2019 Roadshow tour: Chicago, Nashville, Houston and Washington, D.C.CO-OP Roadshows are designed to help you get ahead of the payment and fintech trends that will impact your credit union over the next 1-2 years. If you haven’t attended one of our complimentary Roadshows yet this year, here are five great reasons to put one on your calendar:1. Download the Latest Industry UpdatesTwo special presentations from renowned industry experts are on the docket this year:At our Chicago and Houston Roadshows, the Filene Research Institute will present their landmark research report, “The Credit Union of the 21st Century” uncovering the future of consumer finance that is being shaped by changes in membership needs, economic challenges and emerging technologies. It will provide a strategic planning guide on how to develop a more proactive and insights-based approach to your organizational strategy. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr CO-OP Roadshow in Seattle, WA
ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr While very few institutions return complete data in time, most can obtain the basic CECL data sets needed. Download this schedule of data elements summarized by the following categories: continue reading » On October 16, 2019, the Financial Accounting Standards Board approved the change in the adoption dates for several standards including CECL. This extension means more time for your credit union to gather important data. At ARCSys, we currently have clients loading data back to the year 2000, with most loading data back to 2008 or 2009. Clients are also sending their old optical files which we are converting to return data in time for the new adoption date.More data will allow you to have better control over your allowance, and reduce the volatility in your calculations. Spend this extra time getting your data; it’s that important!This data process has several key phases:ObtainLoadValidate, reconcile and report exceptionsModel Segment/Class risk structuresUnadjusted and adjusted dataForecast with External Q Factors
As we begin a new decade, I want to share three words that I believe will define the future of the credit union movement: primary financial relationship (or “PFR”). Do our members see credit unions as the first place they go to for all their financial needs? They should. Americans have at least five accounts with different financial institutions, and of those that belong to credit unions, only 20% see it as their primary relationship.1 With big tech and fintech actively engaging in our market and growing market share, deepening relationships with our members is critical!The good news? Credit unions are very much defined by the human-centered relationships we have with our members. Yet the question many of you are asking is: how do we take it from here? Where should my credit union invest to stoke this growth? We believe that owning more member moments through payments is the path to building a stronger economic index for each credit union. Credit unions that understand the correlation between payments and loans and focus on growing both can raise overall volume, engagement, and revenue. Designing for members’ lifestyle, not just their life stage, is the way forward.Today, payments represent almost 80 percent of a consumer’s interactions with their primary financial institution, and banks are surpassing credit unions in the payments to lending performance ratios.2 Credit card loan portfolios make up 21.6% of total loan volume for the country’s top three banks, in comparison to credit unions’ 6.5%, and they are outperforming our industry by more than $300 billion in total loans.3 Additionally, there is $500 billion of incremental interchange revenue up for grabs in the next five years that will drive overall loan growth.4 Think about the dozen times per day, year-round, that a member dips, taps or clicks to pay, and how that everyday interaction can lead to more opportunities within your credit union – from lending to selling other products and services. By focusing on payments, we’re not only driving engagement, but we can use that data to understand our members better and offer them the right financial products and services when they need them. When we do that, we become more than an institution; we become their trusted primary financial relationship.We all have a tremendous opportunity ahead of us and CO-OP is boldly investing to design and deliver the solutions that will give your credit union the scale, technology, and resources to grow. From securing top of wallet with latest digital wallet solutions and rewards programs to supporting them with consistently reliable member service through our Contact Center. All of this, backed by industry-leading security and risk management systems and easily accessible through a library of APIs (Watch: Learn about the new CO-OP Developer Portal). 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Todd Clark Todd Clark is President/CEO of CO-OP Financial Services (www.co-opfs.org), a provider of payments and financial technology to credit unions. Web: www.co-opfs.org Details Sources:1 Federal Reserve: “2016 Survey of Consumer Finance”2 McKinsey: “Global Payments Report 2019: Amid Sustained Growth, Accelerating Challenges Demand Bold Actions”3 CU Data from Callahan database; Bank balances from 10-Qs (BofA, Chase, Wells Fargo, Citigroup)4 Accenture: “Payments Pulse Survey: Two Ways to Win in Payments”
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A 37-year-old man was shot and killed in his hometown of Roosevelt on Wednesday afternoon, Nassau County police said.Officers responded to a 911 call reporting the shooting. Upon arrival, they found Royston Hall on Wagner Avenue at 3:45 p.m. suffering from a gunshot wound, police said.The victim was taken to a local hospital, where he was pronounced dead.Homicide Squad detectives are continuing the investigation and ask anyone with information to call Nassau County Crime Stoppers at 1-800-244-TIPS. All callers will remain anonymous.
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A 35-year-old man was killed and a second man was injured when they were struck by a van in Mastic Beach over the weekend.Suffolk County police said Thomas Pietsch was driving a Ford E-250 cargo van southbound on Mastic Road when he struck two pedestrians in the roadway just south of Riverside Avenue at 10:25 p.m. Friday.The victims, Billie Benetatos and 57-year-old Brett Locke, both of Mastic, were taken to Brookhaven Memorial Hospital Medical Center in East Patchogue, where Benetatos died from his injuries, police said.Locke was treated for a broken clavicle. Pietsch, 49, of Mastic Beach, was not injured and stayed at the scene.Seventh Squad detectives impounded the vehicle and are continuing the investigation.
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Suffolk County police are investigating a murder-suicide at Commack Motor Inn. (Photo: thecommackmotorinn.com)The two people found dead in an apparent murder-suicide at the Commack Motor Inn last week have been identified as 31-year-old Omar Torres and 29-year-old Yesenia Abreu, both from Glendale, Queens.Suffolk County police believe Torres killed Abreu before turning a gun on himself last Wednesday afternoon.Their lifeless bodies were discovered by a motel employee who went to inspect the room after the pair failed to checkout.Nearly a week into the investigation, police are only clear about how Torres died—a self-inflicted gunshot wound. Abreu’s cause of death remains undetermined, police said, adding that detectives are still awaiting autopsy results from the Suffolk County Medical Examiner’s office.A police spokeswoman said Tuesday that Torres and Abreu had gone through occasions in which they were romantically involved.Investigators are still trying to determine where Torres got the gun and how much time elapsed from when Abreu was killed and Torres committed suicide.Torres did not leave a suicide note, the spokeswoman said.Neither Torres nor Abreu were reported missing prior to their deaths, police said.