Student loan repayment can be complicated and difficult to navigate. With higher education costs continuing to trend upward, an increasing number of parents/guardians find themselves co-signing their child’s student loans, intertwining their financial futures. Parents need to foster open communication about the responsibilities and implications of handling this significant debt with their children. The information below aims to provide a comprehensive guide on engaging children in discussions about student loan repayment, setting clear expectations, and planning for the future. Understanding t ..read more

If at first you don’t succeed, reevaluate your culture. Culture is a key component that separates the highest-performing organizations from the also-rans. McKinsey & Co. confirmed the connection between culture and performance in a 2018 study of over 1,000 organizations. Those with top-quartile cultures, as measured by McKinsey’s Organizational Health Index, posted financial returns that were 60% higher than median companies and 200% higher than bottom-quartile firms. Unhealthy cultures led to lackluster performance, potentially portending an organization’s downfall. At credit unions ..read more

What if banks stopped caring about crafting the perfect customer experience? What if, instead, some banks focused on delivering banking services such as checks, bank accounts or automated clearing house infrastructure through an open application programming interface (API) — and let someone else worry about customer interaction? Headless or sponsored banking — service-focused banks without branches, apps, or any sort of customer-facing user interface — is a budding trend in banking-as-a-service that is poised to help redefine the way smaller, community banks go to market and generate revenue ..read more

Led by a people-before-profit philosophy, we invest in our members, employees and communities every day. We’re committed to offering you essential financial services and resources that help you achieve your financial dreams. These ^ statements are part of the mission, vision, and values of First Tech Federal Credit Union, headquartered in Portland, Oregon. First Tech serves over 700,000 members throughout all 50 states and 95 countries around the world. They also offer financial services for businesses and their employees through partnerships with employers such as Microsoft, Agilent, Intel, C ..read more

New accounting rules for credit unions dictate that they must record losses in their investment accounts as a loss on their Profit and Loss statements monthly. That can be incredibly stressful on a credit union board if they have investment accounts that are heavily correlated with the publicly traded stock market—which has been volatile over the last several years. The stock market can be quite volatile, and, in my opinion, the large surge of retail investors and the ease of getting started in investing via apps over the last several years, can make the public markets even more volatile. Mix ..read more

Today’s consumers expect immediacy and a frictionless experience, especially around less complex and higher frequency processes like acquiring a new credit card. While many credit unions have modernized their in-branch and contact center processes to meet this demand for immediacy, other experiences still lag behind. This includes digital account opening and credit card loan origination, both of which are currently associated with a number of challenges that often result in consumer dissatisfaction and frustration. Let’s take a deeper dive into the market landscape, expectations and opportunit ..read more

I just finished a keynote in Milwaukee, Wisconsin, speaking for the American Foundry Society, an organization whose members, like you,  are vital to the growth of our economy. They are also an organization, like the financial services industry, who are struggling with issues around labor. Challenges such as lack of skilled labor, attracting talent, and of course succession planning. Everyone seems to think it is a generational issue, like there is something wrong with this younger generation. And while there are always challenges navigating from one generation to the next, the majority of ..read more

For credit unions of all sizes, strong governance practices are fundamental for building and sustaining long-term success. Robust governance processes and practices help your organization foster transparency and accountability, ultimately gaining the trust of prospective customers and current members. More credit unions are using software to enhance their governance processes including board governance. Board management software can be used by both executive leadership teams and the board of directors to help manage corporate governance risk. From supporting compliance to decision-ma ..read more

Hundreds of community bankers arrived in the nation’s capital this week to deliver a familiar message to Congress: rein in those out-of-control credit unions. The Independent Community Bankers of Americas’ “Capital Summit,” the community bankers’ equivalent of America’s Credit Unions’ “Governmental Affairs Conference,” is being held this week. Just like the “Hike the Hill” efforts by the credit union trade group, bankers are being shuttled to Capitol Hill to meet with lawmakers and their staffs. As part of the summit, the ICBA outlined its lobbying objectives. Many of the objectives are simila ..read more

The best thing about working in a members-first industry is that when we invest in our members, we invest in ourselves. Credit unions who prioritize the financial wellbeing of their members build on that success over time to create a healthier outlook themselves. So, what makes a healthy member, and how can your credit union aid in financial wellness for its membership? Understanding financial wellness The first step to creating healthier members at your credit union is understanding what a healthy member looks like. Healthy members: Have a nest egg​ of savings Spend within their means​ Do ..read more