ICYMI (In Case You Missed It)

In Case You Missed It – 3.12.25

Credit union stability, member-confusing tech, cannabis banking, starting new credit unions, weird St. Patrick’s Day traditions, and how Americans spend their money. Here’s what we noticed, in case you missed it:

CUs as a “Beacon of Stability”

Spotted on CUInsight, this article from Jim Holt of CU Student Choice highlights one of the most vital roles credit unions play in turbulent times: stability. He uses a lovely phrase, “Beacon of Stability”, that really applies far beyond student loans. We probably don’t need to recap the absolute chaos in student loans over the last few years, and especially in the last few months, but as credit unions have proven throughout their history, bringing rational, sustainable options to the table is what they’re all about.

Do consumers want (or understand) credential transaction routing?

We’re wondering if these “credential” concepts (outlined here on Financial Brand) really answer a question anyone’s asked. Essentially, your “credential” is sort of a central railway switchyard for automatically routing payments between various sources of funds, based on criteria you set. For example, payments below a certain amount would hit your debit card, payments to certain merchants could hit your credit card to maximize points, payments above a certain amount might draw from your Money Market, or a personal LOC or HELOC. We love technology and automation as much as anyone, but we wonder…

Cannabis banking? Yep, still here.

Banking services for cannabis businesses seem to have quietly dropped out of the CU headlines, but guess what – yes, they’re still here, and a robust network of credit unions, banks, and service providers has been very busy quietly growing and gaining experience navigating the complexities of safe, compliant cannabis banking. (And a lot of credit unions are right in the thick of things). The PBC Conference in September is the annual meeting of the minds in this space.

How to start a new credit union

A funny thing happened over the last few decades; somehow, it’s no longer anyone’s job to help credit unions get started, and in fact the art of starting new CUs was nearly forgotten. The CU De Novo Collective is doing something about it by creating a repository and clearinghouse of everything needed to start a new credit union. (And at iDiz, we’re proud to help!)

It benefits all credit unions, even large established CUs, to have a vibrant, diverse, and growing movement where all consumers can find their financial “home”. Whatever your role in the credit union movement, please learn more and consider helping us preserve the knowledge and the art of starting new credit unions – nothing less than the future of the credit union movement is at stake.

Let’s get weird for St. Patrick’s Day

Anyone can wear green and talk like a cereal box leprechaun for a day. Why not try out one of these oddball 3/17 traditions? For example, at 5:30 am every March 17, brave souls in Portland Maine hit the water for the Paddy’s Day Plunge. And with average water temps around 37 degrees, the water hits back.

Where the money goes

This list of “American Households’ Average Monthly Expenses” from the Motley Fool folks is a great reality check for anyone working at a credit union. (Or, well, anyone who lives in the US and spends money, for that matter.) The “Monthly Spending by Age” charts further down are especially enlightening. How might these numbers vary for your family, your area, and your members?

Sam Dicken
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