To 10 Reasons Consumers Switch Banks - No Longer Fees Posted by Association of Vermont Credit Unions on 10:58 AM

A survey on FindABetterBank.com reveals an updated list of the top 10 reasons consumers switch financial institutions in 2013. And it's not the same as it was in 2012. High fees are no longer the primary reason, and the writer speculates that it may be because of consumer reaction to media hype more than actually reading monthly statements from their institution. The website is owned by Novarica and conducts research using 50,000 active bank shoppers that visit Novarica’s proprietary FindABetterBank.com site monthly.

Click on the graphic below to read the article in entirety.

Video Economic News Summary Posted by Association of Vermont Credit Unions on 10:50 AM

The fragile, consumer-led recovery continues albeit at a very slow pace Watch CUNA's Mutual's Dave Colby in his video recap of the state of the credit union movement for the month ended August 30.

Free Online Discovery Conference Posted by Association of Vermont Credit Unions on 10:34 AM

CUNA Mutual Group's 4th annual day-long Online Discovery Conference is coming on Tuesday, October 1st. This year's conference includes 13 credit union focused sessions from the convenience of your deks - all for free! The online event is designed for CEOs a
nd senior leadership teams at credit unions, but all employees are welcome.

The free online conference includes 3 learning tracks focused on remaining relevant to members, driving growth and managing compliance and risk. You'll have a choice of 4 sessions being broadcast simultaneously during most time slots of the 10 AM to 5 PM conference. Download an agenda to review what's available. 

Although this is a free online conference, advance registration is required.

Oct. 2 Is Virtual Rally On 'Don't Tax My CU' Posted by Bryan Kent on 9:52 AM

Oct. 2 Is Virtual Rally On 'Don't Tax My CU'

http://www.cuna.org/WebAssets/Pages/newsnowarticle.aspx?id=62361&blogid=451

CUNA Urges CUs To Take CFPB Mortgage Compliance Survey Posted by Bryan Kent on 8:49 AM

CUNA Urges CUs To Take CFPB Mortgage Compliance Survey                    

http://www.cuna.org/WebAssets/Pages/newsnowarticle.aspx?id=62314&blogid=451

Good Interchange News, If Only Temporary Posted by AVCU on 10:15 AM

District of Columbia U.S. District Court Judge Richard Leon has announced that existing Federal Reserve rules implementing the interchange fee cap and network exclusivity provisions required by the Durbin Amendment will stay in place throughout an appeals process as the Fed seeks to overturn a July court ruling that declared those rules illegal. Leon is the judge that ruled the Fed did an inadequate job of implementing the Dodd-Frank interchange rule in 2011.  He criticized the Fed for going beyond congressional intent when writing the rule by including too many items considered to be costs for card issuers. CUNA is part of a coalition that filed a brief with the court calling on Leon to maintain current interchange regulations as the Fed's appeal of his decision moves forward.

Read the complete story in CUNA's New Now here.


 

Critical strategies to ensure long term success in indirect lending Posted by Bryan Kent on 9:41 AM

Critical strategies to ensure long term success in indirect lending

http://www.cuinsight.com/critical-strategies-to-ensure-long-term-success-in-indirect-lending.html

Senate Judiciary Members Call For Patent Law Reforms Posted by Bryan Kent on 8:30 AM

Senate Judiciary Members Call For Patent Law Reforms                    

http://www.cuna.org/WebAssets/Pages/newsnowarticle.aspx?id=62180&blogid=451

We're almost break even on the bailout Posted by Bryan Kent on 9:16 AM

We're almost break even on the bailout

http://www.money.cnn.com/2013/09/15/news/economy/bailout-profit/index.html?iid=HP_LN

You Have To Have Heart(land) Posted by Bryan Kent on 9:08 AM

You Have To Have Heart(land)

http://newyorksstateofmind.wordpress.com/2013/09/10/you-have-to-have-heartland/#respond

White Paper: Fraud Trends Posted by AVCU on 11:55 AM

Whether it’s a new scam or a new twist on an old scheme, fraud continues to increase as the avenues for perpetrating it expand. At the same time that phone, email, and other traditional pathways continue to be used, criminals now have an ever-expanding menu of fraud delivery options—from online and mobile banking to remote deposit capture.

Fraud complaints reported through the Consumer Sentinel Network increased from 325,519 in 2001, to 2,061,495 in 2012. Online fraud losses, in particular, increased 8.3 percent in 2012, according to the Federal Bureau of Investigation.  Why is fraud increasing at the same time the tools and methods for preventing and detecting it are expanding and improving?

A new white paper from the CUNA Operations Sales & Service Council, “Fraud Trends: New and Repurposed Scams and Schemes,” examines some of the trends and forces behind the continued uptick—including the ease of online access, the “new mafia,” and economic factors. Many fraudsters employ a “multichannel” approach—making first contacts with victims through one channel, and finishing off their crimes through another.

CUNA Council members are eligible to receive complimentary copies of this, and over 300 other white papers; non-Council members may purcha
se white papers for $50 per copy.

The paper is available online in the white paper section of www.cunacouncils.org.

Bank Survey: Consumers Fed Up with Fees Posted by AVCU on 11:50 AM

TD Bank's recent survey of over 3,000 consumers shows that bank customers across the country are dissatisfied with the checking account fees they are being charged. The Checking Experience Index resulted in only 10% of account holders expecting to pay for their checking account.  The nationwide survey polled consumers with checking accounts at various banks.  Over 1/3 of respondents say they are extremely, or very likely, to switch banks to avoid fees. 14% have changed financial institutions because of the cost of their account. Among other highlights:

• 38% rank non-bank ATM fees as most frustrating
• 27% feel similarly about overdraft fees
• 13% ranked minimum balance fees as the most frustrating

The survey also asked respondents to rate their banks’ accessibility, responsiveness and day-to-day experience. 

Read TD Bank’s full press release on the survey.