The New York and Pennsylvania credit union leagues have agreed to share back-office technology and support. The Credit Union Association of New York and the Pennsylvania Credit Union Association said Wednesday they have finalized an agreement that calls for them to collaborate on customized network administration, association management support, help desk, training and data backup and recovery functions. “Information technology is a critical function for any organization, and it’s an area that can benefit greatly from shared expertise and resources,” said William J. Mellin, president/CEO of CUANY.
Credit union industry executives agree with new research that suggests young adults carry less credit card risk than their elders.
Credit unions would see a smaller percentage of loans fall into significant delinquency if they reached out to borrowers earlier, according to a firm which offers credit unions collection assistance.
The proposal to place new taxes on credit unions is being pushed on Capitol Hill by the banking industry’s K Street lobbyists, who tell politicians that credit unions’ nonprofit tax status gives them an unfair advantage, while at the same time letting credit unions off the hook in the effort to balance the budget.
The federal regulator of credit unions is suing 13 banks for the alleged manipulation of an international standard used to set rates on mortgages, car loans, student loans and credit cards.
Earlier this month financial news website, NerdWallet.com polled the Gen Y banking community about their financial preferences and where they felt most comfortable parking their dough.
The Credit Union National Association has launched a grass-roots campaign encouraging its 96 million members throughout the United States to contact Congress in a bid deter the removal of credit unions’ not-for-profit tax status.
The National Credit Union Administration won an appeals court ruling letting it pursue claims against big banks for allegedly making misleading statements to market mortgage-backed securities.