The Trump administration is looking to potentially name the chair of the National Credit Union Administration to lead the CFPB; J. Mark McWatters has been seen as being a bigger credit union advocate over banks; bankers are concerned because his public record has indicated he lobbies more for breaks that favor credit unions over banks; while a decision is yet to be made bankers are hopeful that the administration will consider those from the banking community as well. Source.
The "Facebook Initiative" has helped increase lending at Irish credit unions and now 15% to 20% of loan inquiries come through the social networking site; the program initially started out as a pilot project and has moved into a key source of new leads; half of consumers that used this program never borrowed from a credit union before; the process involves a 30 second inquiry online, then lending officers call the borrowers to ensure they understand what they are borrowing; this is part of a broader move by the Credit Union Development Association (CUDA) in Ireland to spur innovation in finance. Source
Sheltered Harbor began earlier this year and covers around 400 million accounts across banks and credit unions; members of the project are required to back up data so other banks can serve customers in the event that another bank becomes disabled; the project goes beyond concerns over customer data being stolen to address concerns that a cyberattack could destroy or lock data. Source
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[Editor’s note: This is a guest post from Vince Passione, CEO and founder of LendKey Technologies, Inc. LendKey is a bronze sponsor...
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