Consumers Charged Nearly $3 Billion in Fees Annually from Predatory Lenders According to Study
In a study released June 2023 by the Center for Responsible Lenders, analysts found that borrowers are charged nearly $3 billion annually for single-payment, payday installment, and car-title loans, reports Esteban Camargo.
Takeaways from the 2023 CU*Answers Leadership Conference
CU*Answers held its Annual Leadership Conference discussing the future of the industry and of CU*Answers as it moves forward into 2024. Check out the key takeaways from each section of the event!
Credit Unions Should Harness AI to Boost Inclusive Lending
Try as we might, standard lending methods can often be fraught with bias—unintended or otherwise—which can negatively impact underserved communities. Nidhi Panday of Zest AI shares the benefits of using AI decisioning to increase lending inclusion.
Supreme Court Agrees to Review Ruling Declaring CFPB Structure Unconstitutional
In light of the Supreme Court’s decision to review the ruling declaring the Consumer Financial Protection Bureau unconstitutional, Emily Claus reports on the history of the CFPB and its controversial structure, funding, and Payday Rule.
Why Credit Unions Should Offer Interest-Only Loans
Coming out of a year of significant growth for credit unions’ real estate loan portfolio, AVANA’s Shivan Perera discusses why credit unions might consider offering interest-only periods on their loans.
Get to Know Ashley Melder of Lender*VP
Get to know Lender*VP’s new Vice President of Professional Services, Ashley Melder, as she sits down with CUSO Magazine to discuss her experience, her role in Lender*VP, and how she and her team help credit unions daily.
Payday Lenders Oppose Quick Supreme Court Review of CFPB Ruling
David Baumann of CUCollaborate reports on whether the U.S. Supreme Court should rush a decision about whether to consider a federal appeals court ruling that found the funding mechanism for the CFPB unconstitutional.
A Case Study in Friction-Free Lending
Once upon a time, credit unions thought shuttered lobbies and closed branches would mean a steep drop in loan activity, only for loans to actually increase. Danny Phillips discusses how one credit union saw the opportunity to keep growing that loan portfolio during the pandemic and beyond.
The Housing Market Nightmare: How We Got Here and How Credit Unions Can Help
It’s no secret that the current housing market in the US is a nightmare. With limited inventory and skyrocketing prices, competition is steep and affordability is a struggle. So where do credit unions come in? Vivian Colligan has a few ideas.
Federal Housing Administration Gains Support for Forty-Year Mortgage Proposal
As the comment period for the 40-year mortgage proposal made by the Federal Housing Administration drew to a close, NAFCU and CUNA voiced their support, reports Esteban Camargo.
