The CUSO Mag team is here wishing you a Happy New Year! As we kick off 2023, we look back on the year behind us and the top 10 most read articles of 2022. So grab a cup of coffee and be sure to read all the best articles you might have missed! And a hearty thank you from all of us at CUSO Magazine for your ongoing support and interest in our publication!
1. Important Ratios to Understand Your Credit Union’s Performance by Esteban Camargo
In week one of this financial literacy for credit unions series I dove into some commonly seen acronyms in the credit union space. Last week, we learned the basics of financial statements so you can more confidently dive into your institutions numbers and not get lost. This (read more…)
2. Bold Vision for a Bold Future: A Case Study in Eliminating In-Person Teller Lines by John Beauchamp
Rick Preble, CEO of RVA Financial Credit Union in Richmond, VA started on a journey in late 2019 to champion an integration between his core processor, CU*Answers’ CU*BASE and Hyosung’s Branch Transformation solution. At the time, Preble owned three Hyosung model (read more…)
3. Mortgage Lending: Alleviate Interest Rate Risk by Jamie York
The NCUA recently sent a letter to credit unions regarding updates to its interest rate risk (IRR) framework (22-CU-09). With the recent increase in interest rates, the possibility of a drop in a credit union’s net economic value (NEV) has also increased. The NEV for a credit union (read more…)
4. Overdraft Class Actions: What Credit Unions Need to Know in 2022 by Patrick Sickels and Jim Vilker
Overdraft class action lawsuits remain one of the most serious risks facing credit unions. Overdraft class action lawsuits are relatively easy to file and can create multimillion-dollar payouts for law firms. Credit unions should not assume a small membership size or remote location (read more…)
5. How to Read Your Financial Statements by Esteban Camargo
Last week in my financial literacy series for credit unions, I got us warmed up with some commonly used and easily confused acronyms (looking at you, ALM/AML/ALLL). This week we will be taking a look at the basics of financial statements. What their function is, what they can (read more…)
6. Mount Stupid and the Valley of Despair by Liz Winninger
Think of a time when you learned something new. How to play an instrument, swing a bat, paint, or wrote an article or paper (like this one). When you began the process, the momentum was there. You were excited about your progress. With little effort, you made big improvements (read more…)
7. Increasing Financial Literacy in Students: Credit Union of Texas Opens SMART Branch by Emily Claus
Financial literacy is important for everyone, but there is a definite benefit and importance to teaching financial education at a young age. Whereas adults often need to unlearn poor spending and money management and may already have significant amounts of debt with high- (read more…)
8. Board Entrenchment and the Question of Compensation and Term Limits by Esteban Camargo
Since the dawn of time as we know it, credit unions have struggled to find candidates for board seats. Maybe it hasn’t been that bad. In fact, many credit unions have shown tremendous success in cultivating an interested pool of board candidates, and generating hotly contested (read more…)
9. The Credit Card Competition Act is Drawing Criticism from Credit Union Trade Groups by Esteban Camargo
A new bill from Senator Richard Durbin (D-IL) introduced in late July is drawing the attention of the credit union industry, and not in a good way. The Credit Card Competition Act of 2022 (S.4674), also known as the Durbin-Marshall Credit Card Bill, was written with aims (read more…)
10. The Struggle to Show Authentic Gratitude at Work by Alycia Meyers
We are all familiar with the concept of gratitude. It might be how we feel when our grandma makes our favorite meal, or when our friend does us a favor, or how we feel as we ponder our good fortune in life. We are taught by our parents, in magazines, and in self-help books that (read more…)
