Lending Articles

Using Technology to Improve the UX

Using Technology to Improve the UX

Recently, our product team was involved in a discussion about “user experience.” This topic has become very important in the world of technology, as we continue to create very sophisticated tools to advance how companies, including financial institutions, do business.  However, if the user can’t figure out how to use the technology they have, it…

Member Ease of Use, A Competitive Advantage For CUs

Member Ease of Use, A Competitive Advantage For CUs

Published in Lending

“TO REALLY WIN MEMBER LOYALTY, FORGET THE BELLS AND WHISTLES AND SIMPLY SOLVE THEIR PROBLEMS” (Filene Institute) In an increasingly digital world, where speed and efficiency are expected by consumers, credit unions face ever-evolving competition in winning, and keeping, member loyalty. Filene has introduced a new report, sponsored by CU Direct, that closely examines how…

Talking CECL — Success is a Process, Not a Destination

Talking CECL — Success is a Process, Not a Destination

According to the American Bankers Association, CECL (Current Expected Credit Loss) represents “the biggest change to bank accounting, ever.” The reality of these sweeping changes in the way we have done business for the last three to four decades, for some, is daunting.  Don’t make the mistake of believing that the five years given before implementation…

The Military Lending Act – What You Need to Know

The Military Lending Act – What You Need to Know

Published in Lending

If the MLA isn’t top of mind with your institution, it needs to be front and center on your compliance checklist. As many of you are aware, Congress passed the Military Lending Act (MLA) in 2006 providing specific protections for all active duty service members and their dependents in consumer credit transactions. The Department of…

CECL – Not Your Mom’s ALLL Calculation

CECL – Not Your Mom’s ALLL Calculation

CECL (Current Expected Credit Loss) is an ongoing, pervasive topic when I sit down and talk with credit unions. I believe this is partly because many are nervous and unsure of its potential impact, and how to start preparing for it. There is a ton of information floating around on the subject; some accurate, some…

Matters of Speed and Automation

Matters of Speed and Automation

CU Direct’s maxim “Getting to Yes Faster,” referencing quick yes decisions on loan applications, has a nice ring to it. But I’d argue this isn’t just about getting to a “yes” decision quickly.  It’s also about making fast loan decisions in general, regardless of whether the answer is yes or no.  Fast decisions overall are…

Transparency is Key to Protecting Members’ Assets

Transparency is Key to Protecting Members’ Assets

My wife and I are “owned” by two German Shepherd Dogs. These are by far the smartest dogs I have ever been around.  If they had thumbs, they would probably rule the world.  But, even the smartest dogs in the pack can be fooled when they are distracted by something they are passionate about.  In…

Six Essential Steps for Passing Your Next NCUA Examination

Six Essential Steps for Passing Your Next NCUA Examination

You want to pass your next NCUA exam with flying colors, but not sure where to begin? Here are six important steps that your credit union needs to follow to ensure that you are ready for the examiners when they show up on your doorstep. Start Preparing Early One of the biggest mistakes that I encounter…

Building for the Future

Building for the Future

When my brother and I were kids, we liked to build things. We built forts, ramps and anything else we could fashion out of scrap wood.  Typically, our projects served a specific function, to ward off rival “street gangs” of preteens from another block, to propel our dirt bikes into the air, or whatever else…

The Brexit Effect on Credit Unions

The Brexit Effect on Credit Unions

Published in Community, Lending

It has been over 240 years since Paul Revere rode to Lexington, Massachusetts and shouted one of the most infamous sayings, “The British are coming! Though his ride is well-noted in the history books, it was the words heard around the world “The British are leaving” that have many wondering who’s next. Historic to say…