Some financial service firms are “freely acknowledging” they stand to make more money servicing fewer clients as a result of the Labor Department’s fiduciary rule, which is expected to result in more retirement investors being moved to fee-based...
Credit Union Industry News & Updates
The Credit Union & Banking worlds are changing faster today than they ever have. Keep informed about what’s going on in the industry.
WHAT’S GOING ON AT CREDIT UNIONS?
Have We Reached Mobile Banking App Saturation?
Is consumer mobile banking app growth starting to level off? For the second consecutive year, overall growth did not show a substantial gain according to the Austin, Texas-based Malauzai Software. However, even though there was only a 6% growth in mobile banking apps...
CFPB Asked to Delay Arbitration Rules
The regulatory battle between the CFPB and the Office of the Comptroller of the Currency over the consumer agency’s final arbitration rule raged on Monday, with the OCC asking that the rule not be published until it conducted an independent review of the...
BECU, Hopewell FCU, Redwood CU Hire & Promote
This past week, 10 credit unions across the nation revealed news about staff hires, promotions, professional designations and appointments. Check out the latest People news below. WEST The $3.4 billion Redwood Credit Union based in Santa Rosa, Calif., named Sandy...
Fintech, Cybersecurity Among Key Risks to Banks: OCC
The Office of the Comptroller of the Currency recently issued its Semiannual Risk Perspective for Spring 2017, identifying areas where technology is increasing the strategic and operational risks the financial industry faces. Increased competition from fintech firms...
Fiduciary Debate Rages On as Wagner Pushes DOL Rule Alternative
Lawmakers and industry officials debated the merits Thursday of draft legislation put forth by Rep. Ann Wagner, R-Mo., that would repeal the Department of Labor’s fiduciary rule and apply a best interest standard to broker-dealers when providing investment...