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Langley FCU Partners with Narmi to Open Accounts Online in 2.5 Minutes

There is a new player in the Online Account Opening space!

We’re excited to announce Langley Federal Credit Union, a $3.0 billion financial institution in Virginia, and fintech Narmi, partnered to launch a seamless digital account opening process which allows members to open new Langley FCU accounts in 2.5 minutes. Wow!

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Credit Union 2.0 Podcast 43: Caroline Willard Cornerstone League

Welcome to episode 43 of the CU 2.0 Podcast. Today is all about what credit unions need to do to survive and what leagues need to do.

Cannabis banking. Data breaches.  Taxation of credit unions. The disappearance of small credit unions.  The rise of $10 billion+ credit union behemoths. Welcome to the world of Caroline Willard, CEO of the Cornerstone League and, before that, she spent a decade at Co-Op in senior marketing slots.

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CU-2’s Credit Union Data Analytics Provider Guide 2019

Credit Unions are at a unique crossroads. We are behind on a handful of key trends. We must balance our technological needs with our focus on service, growth, and profit. At the same time, we have outside factors impacting us including fintechs, compliance, IT security, and ever-changing regulations.

One advantage shared by credit unions is their access to data. Individually, they generate quite a bit of data. Collectively, they generate tremendous sums. Even with all of that, we remain behind woefully in leveraging our data.

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A Quick Guide to Credit Union Member Acquisition Costs

In a perfect world, the reputation of any given credit union would precede it, and people would flock from far and wide to join. Not a dime would be spent on marketing.

Unfortunately, it’s not a perfect world: kids are eating Tide Pods, Firefly was canceled after one season, and it costs money to attract new credit union members. Acquisition costs are real.

Any credit union growth strategy is going to rely on marketing to get the message out about their services. The real question is, how much does a new member cost? And, just as importantly, is it worth it?

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The NYC Taxi Medallion Mess: Who Do You Trust? 

New York City Mayor Bill de Blasio has released a report that skewers the NCUA for failing to work with taxi medallion borrowers who owe much more on their medallion loan than the medallion is worth.  And stressed drivers, a few at least, are committing suicide in despair. 

The report did not pull its punch: “credit unions taken over by the NCUA are often the least willing to work with drivers struggling to afford their monthly loan payments.” 

Read that again. New York City is saying NCUA, sitting on a huge bucket of medallion loans that are backed by an asset – the medallion – that continues to trade at a small fraction of its highest prices, which often eclipsed $1 million. Lately, they have sold for $160,000.  Ouch. 

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