THE 'tude

FinCEN believes that more explicit customer due diligences (CDD) rules are necessary for financial institutions to clarify and strengthen CDD within the Bank Secrecy Act regime.

For most credit unions, the added expense was justified by the risk of losing their most prized members, the transaction-rich and less-loyal millennials.  Committing to Apple Pay was more of a defensive move, because numerous studies indicate more than half of the millennials are likely to switch their primary financial institution relationship for a mobile wallet.

It is a well-known fact that if you are seeking a new job, a government appointment or looking to get something accomplished, you want it to be on the short list.


Michael Fryzel

It is also generally believed that the shorter the list you give to someone, the greater the chance of getting done what is on that list.

It’s hard to exaggerate the fears and rumors that have surrounded the terrible outbreak of Ebola.

Some have called for stopping all travel, for mass quarantines, and not just suggested but claimed to know that the whole tragic sequence is. in fact, a government conspiracy.

The NCUA approved 20 mergers in September 2014, which is down slightly from the previous two months. The combined assets of the merged credit unions are $393 million.  The mean and median assets of merged credit unions are $19.6 million and $8.7 million respectively.

Another technology-enabled member service has entered the credit union branch space: mobile appointment booking. On-line Branch Appointment Booking is driven by the use of mobile devices, the availability of internet connectivity and member expectation of ever greater convenience.

When the Terracotta Army of talking heads in Washington is blathering about the balance of power in the capital, the yammering most frequently centers on “control” of Congress or the White House, and which states might be players in the seat count. It doesn’t get the same attention, obviously, but a much quieter states vs. federal tug-of-war has been playing out in Washington, especially over the past decades, and that is state CU supervision vs. federal supervision. In an industry where there is approximately a 60/40  federal/state split, and nearly every CU is federally insured, the latter spend much of their time working for redemption from federal preemption.

Rumor has it that over half of credit union CEOs will retire in the next 10 years. On average, a credit union is lost in a merger every day. One of the leading reasons credit unions merge is loss of leadership. To me, leadership continuity is like leaving the dinner table. No CEO should leave the post without making sure that everything is in order. Every board should make sure that there is someone, or at least a formal process in place, to insure leadership continuity.

I’m a believer in ‘paying it forward’ – if you do good things to others, then good things will happen to you.” This is how Melissa McKenney approaches her relationships with the members of Akron, Ohio-based GenFed Financial CU.

As the branch manager of GenFed’s Shelbyville, Ind. office, McKenney views her work this way “because it makes me feel better as a person.” Prior to joining GenFed, she worked for a payday lender.

The CUNA board has made pretty clear where it believes the trade association needs to be headed with its hiring of a former congressman as its new CEO. Or perhaps that was just the default position of a board borrowing a page from the American Bankers Association and choosing to focus on a (real or perceived) external threat rather than the bushel basket of thorny durian fruit that is the internal challenges.