Postal Service Banking Limps On Despite Lackluster Results of Pilot Program
US Postal Service advocates are still pushing the USPS check cashing service despite dismal results from the initial pilot, which they blame on poor scope and planning. But those in the bank and credit union industries still feel it’s unnecessary reports David Baumann.
Next City’s Take on Credit Unions
Outsiders to the credit union industry can often see the impact credit unions have on their communities better than those in the industry can. Chip Filson details a few of those examples that spotlight credit unions that are truly serving their communities.
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.
New Chairman of Subcommittee on Financial Institutions Supports Cannabis Banking
Representative Andy Barr, a Republican from Kentucky’s 6th district, was chosen to lead the Subcommittee on Financial Institutions and Monetary Policy, which was previously known as the Subcommittee on Consumer Protection and Financial Institutions, reports Esteban Camargo.
Bill Expanding Credit Union Fields of Membership Passed by House
On Wednesday, June 15, the House passed the Expanding Financial Access for Underserved Communities Act which will give federal credit unions the ability to expand their fields of membership to include underserved communities, reports CUSO Magazine’s Esteban Camargo.
House Dem Credit Union Bill Has Bankers, CUs Fired Up
As the House Financial Services Committee prepares to consider legislation that would allow all federal credit unions to add underserved areas to their fields of membership, the war of words between banks and credit unions has ratcheted up once again, reports David Baumann of the Washington Credit Union Daily.
Underserved and Underbanked Communities Are Turning to FinTech
With the capabilities of modern technology, underserved communities are taking financing into their own hands and creating FinTechs tailor-made for their needs. Credit unions should reconsider how they’re reaching out, Emily Claus advises, or risk losing the communities they claim to serve.
Community Reinvestment Coalition: Subject Credit Unions to CRA Tests
The National Community Reinvestment Coalition said that if underserved areas of the U.S. are going to be revitalized, non-banks, including credit unions, should be subject to the Community Reinvestment Act, reports David Baumann of the Washington CU Daily.
