CUNA On Fed Decision: Margin Compression To Continue To Mid-2014

CUNA On Fed Decision: Margin Compression To Continue To Mid-2014

http://www.cuna.org/WebAssets/Pages/newsnowarticle.aspx?id=63855&blogid=449

Survey: More Than 1/2 U.S. w/Smartphones Use Mobile Payments

A CUNA survey finds that among smartphone users, more than 1/2 use their phone to make some type of mobile payment (defined as "any payment done using a mobile phone"). The survey also revealed that regardless of whether a smartphone owner uses mobile payments or not, security remains the foremost concern.

More than 3/4 of respondents listed security as their most serious concern. Other concerns were much less significant. "The fact that the overwhelming majority of smartphone users listed security as a top concern is a reminder to financial institutions and others that offer mobile payments that users won’t sacrifice convenience for security," said CUNA Executive Vice President Paul Gentile. “While there have been many advances made with mobile security in recent years, respondents’ concerns over security indicate financial institutions and companies in the mobile space must continue to stress their focus on security with their customers.”

Among respondents who use mobile payments, 91.6% indicate that ease of use is the greatest benefit. The most common single transaction dollar amount for a mobile payment was over $50 (34%), followed by less than $25.01 - $50 (9.2%), $10.01 - $25 (7.6%), $5.01-$10 (3.2%), and $0.01 - $5 (1.7%); 44.3% indicated that they don't use mobile payments.

When it comes to rewards, traditional payment methods are still preferred over mobile payments. Mobile payments were viewed the least favorably with regard to rewards, bonus features, and points (6.1%). A plurality of respondents (41.8%) preferred credit cards, while 25.9% preferred debit cards, and 26.2% were unsure.

When broken down by age groups, the greatest use of mobile payments came from respondents ages 30-44 (59.6%), followed by 18-29 (57.9%), 45-60 (47.8%), and 61+ (24.1%). The survey also suggests that more women (54.5%) than men (47.6%) use mobile payments.

CUNA's survey polled 1,046 people via the Internet from a population of mobile phone users. Respondents were 51.3% female and 48.7% male. 18.2% of respondents reported household income of less than $25,000, 13.9% reported less than $50,000, 32.0% reported less than $100,000, 18.1% reported less than $150,000 and 17.8 % reported more than $150,000. 

Video: NCUA's 10/13 Economic Update

NCUA Chief Economist John Worth provides commentary on the effects of the recent partial federal government shutdown and mid-Ocotber budget agreement on labor markets, consumer confidence and the interest rate environment.

Why Banks Are Scrambling To Hear Your Complaints

Why Banks Are Scrambling To Hear Your Complaints

http://www.forbes.com/sites/investopedia/2013/10/25/why-banks-are-scrambling-to-hear-your-complaints/

Survey Shows New Mortgage Regs Could Force CUs To Reduce Programs

Survey Shows New Mortgage Regs Could Force CUs To Reduce Programs 
http://www.cuna.org/WebAssets/Pages/newsnowarticle.aspx?id=63447&blogid=451              

CUNA: CUs Must Redouble Efforts As Normalcy Returns In D.C

CUNA: CUs Must Redouble Efforts As Normalcy Returns In D.C                    

http://www.cuna.org/WebAssets/Pages/newsnowarticle.aspx?id=63399&blogid=451

Implementing a successful strategic plan involves a multi-level approach

Implementing a successful strategic plan involves a multi-level approach

http://www.cuinsight.com/implementing-a-successful-strategic-plan-involves-a-multi-level-approach.html

Fannie, Freddie ease lending crunch during shutdown

Fannie, Freddie ease lending crunch during shutdown

http://www.money.cnn.com/2013/10/08/real_estate/mortgage-lending-shutdown/index.html

Surcharge Away! Judge Invalidates Merchant Surcharge Ban.

Surcharge Away! Judge Invalidates Merchant Surcharge Ban.

http://newyorksstateofmind.wordpress.com/2013/10/07/surcharge-away-judge-invalidates-surcharge-ban/

ICU Day Nears, CUs Preparing Special Activities

ICU Day Nears, CUs Preparing Special Activities                    

http://www.cuna.org/WebAssets/Pages/newsnowarticle.aspx?id=63000&blogid=448

Newest 'Don't Tax' Rally Draws 9,000 CU Advocates To Website

Newest 'Don't Tax' Rally Draws 9,000 CU Advocates To Website

http://www.cuna.org/WebAssets/Pages/newsnowarticle.aspx?id=62950&blogid=451

Treasury Dept Issues Report on Effects of Debt Ceiling Crisis

The U.S. Department of the Treasury released a report today on the potential macroeconomic effects of debt ceiling brinksmanship, saying that a default would be unprecedented and has the potential to be catastrophic:

• credit markets could freeze,
• the value of the dollar could plummet, and
• U.S. interest rates could skyrocket.

The result, according to Treasury, is a financial crisis and recession that could echo the events of 2008 or worse.

According to Treasury Secretary Jacob J. Lew “postponing a debt ceiling increase to the very last minute is exactly what our economy does not need – a self-inflicted wound harming families and businesses. Our nation has worked hard to recover from the 2008 financial crisis, and Congress must act now to lift the debt ceiling before that recovery is put in jeopardy."

Key findings include:

• Even the possibility of a default could lead to sharp declines in household wealth, increases in the cost of financing for businesses and households, and a fall in private-sector confidence.
   
• Increases in perceived risk and investor risk aversion mean that investors will demand a higher return on money lent, which implies higher costs of borrowing for households and businesses, which results in lower consumption and investment spending and less hiring.
   
• In the event of a default, the U.S. economy could be plunged into a recession worse than any seen since the Great Depression.
   
• There may be signs that even current debate is affecting financial markets. Treasury bills that mature at the end of October are higher than bills that mature immediately before or after suggests nascent concerns about possible delays in payments on those bills. A loss of confidence in the United States’ willingness to repay its debts would push up yields on Treasury securities, which would raise the cost of financing the government’s debt and worsen the fiscal position of the government.

Download the full Treasury report here.

Is ‘Occupy’ debit card bad for the 99%?

Is ‘Occupy’ debit card bad for the 99%?

http://www.marketwatch.com/story/is-occupy-debit-card-bad-for-the-99-2013-10-02

Online Don't Tax My CU Rally Is Today

Online Don't Tax My CU Rally Is Today

http://www.cuna.org/WebAssets/Pages/newsnowarticle.aspx?id=62877&blogid=451