We hosted our National Credit Union Roundtable earlier this week, where each session provided not only an opportunity for America’s Credit Unions to share updates, but for us to hear from our members about what they need from us so they can best serve their members and communities. Topics covered included: The future of credit union advocacy, including how to remain on offense when sharing the credit union difference; How credit unions can continue to disrupt the financial services industry to benefit current and future members; and   The post Advocacy, engagement, collaboration appear ..read more

Overdraft and nonsufficient fund fee revenue at the nation’s banks dropped 24% between 2022 and 2023, the Consumer Financial Protection Bureau reported this week. Income from those fees has decreased by $6.1 billion since before the pandemic, saving the average household that overdrafts $185 each year, the agency said in a “Data Spotlight.” The CFPB has lumped overdraft and NSF fees in the category of “junk fees” that the agency believes should be limited. The CFPB has proposed subjecting overdraft fees to the same regulatory requirements as consumer loans at the nation’s largest banks and cre ..read more

Inflation remained stubbornly high last month, but it hasn’t stopped Americans from spending. The Personal Consumption Expenditures price index — a closely watched inflation gauge favored by the Federal Reserve — accelerated to 2.7% for the year ended in March, according to data released Friday by the Commerce Department. That rate was above economists’ expectations for a 2.6% gain and landed above February’s reading of 2.5%. On a monthly basis, prices rose 0.3%, unchanged from the pace seen in February. The post The Fed’s preferred inflation gauge just moved in the wrong direction appeared f ..read more

If you’re like many people, you may have purchased term life insurance years ago to financially protect the people you care about. The right next step for you depends on where you’re at in life. The term insurance basics Term life insurance covers you1 at a guaranteed level premium for a specific period outlined in the policy (the “term”). Typical terms may range from 10 to 20 to 30 years. When your insurance term is about to end, you’ll need to decide what to do next. You may think that once the term ends, you’ll have fewer financial obligations and insurance won’t be as important. If ..read more

People are wary of artificial intelligence. They’re wondering if AI will turn out to be just another trend or buzzword that fades in time. They’re simultaneously worried that AI will take away their jobs. (In fact, 77% of people are apprehensive about AI-related job loss, according to Forbes) “The press is apoplectic about it,” said Joshua Gans, sharing such dramatic headlines as “How AI Could Change Computing, Culture and the Course of History” (from The Economist) and “Why I Welcome Our Future AI Overlords” (from Politico). Gans is a professor of strategic management and Jeffrey S ..read more

The Bureau of Economic Analysis Thursday released 2024’s first quarter gross domestic product (GDP) report, which showed an annual rate increase of 1.6%. “GDP fell shy of expectations in the first quarter, registering the slowest pace of growth in nearly two years. However, key components like consumption and business fixed investment remained strong, while volatile elements such as inventory growth and net exports accounted for the undershoot,” said America’s Credit Unions Deputy Chief Economist Curt Long. “This suggests that the economy remains on stable footing, and that the Federal R ..read more

The 2024-25 Free Application for Federal Student Aid (FAFSA)’s so-called simplification has been nothing short of a nightmare for families with college-age kids. The stress is palpable this year as critical information about financial aid packages has been significantly delayed.  Many students have been stuck waiting for clarification at a time when they normally would be selecting and committing to a college. Ask any member with teens and it will quickly become clear that credit unions need to be helping families navigate the confusing and stressful college planning process. And most imp ..read more

As credit unions contend with rising interest rates and evolving member expectations, understanding the dynamics of the loan payment market is more important than ever. In the webinar, 2024 Payments Landscape Strategies for Loan Payment Success, Stuart Bain, SVP and Product Manager at Alacriti, and Brian Riley, Co-Head of Payment Strategies at Javelin Strategy & Research, provided deep insights into the current trends in loan payments and the necessary strategic shifts financial institutions must consider. Market influences The webinar kicked off with an in-depth discussion led by Riley, w ..read more

Fran sat across the desk from her manager. He had just finished explaining to her that a co-worker had complained about Fran’s workplace conduct. Her co-worker felt bullied by Fran’s direct and (from the co-worker’s perspective) hostile communication style. Fran responded to her manager, telling him the problem was her co-worker’s thin skin. Why was this Fran’s fault? At the end of the meeting Fran was exasperated and said, “Fine, I’ll change how I talk to her.” Then, Fran’s manger made the situation worse. He said… “Moving on….” And continued with another item on his agenda. The problem with ..read more

Gold’s price has made a spectacular run for the top over the past several months against a backdrop of high demand led by unwavering inflation. According to American Hartford Gold, the commodity was trading at $1,821.35 per ounce on October 5, 2023. Fast forward just over six months later and today, gold’s price is $2,327.05 per ounce – over 27% higher. With price growth that significant, and considering gold’s current price above $2,300, you may want to buy your share of the commodity quickly. After all, if this growth continues, the cost of adding the yellow met ..read more