ICYMI (In Case You Missed It)

In Case You Missed It – 6.18.25

A look at the GENIUS Act. Making your CU’s mission the a priority. Helping members through the ups and downs of real life. Putting an end to penny production. The importance of social media and AI. Here’s what we noticed, in case you missed it:

So, uh, is the GENIUS Act good or bad or what?

It looks likely that the spiffily-named GENIUS Act, seeking to establish a regulatory framework for stablecoins, will be passed (or may have passed by the time you read this), but reactions in the CU-sphere are, shall we say, mixed. Overall, CUs seem to support it, but… Will it change everything forever? Is it an incredible opportunity? Or is it full of hidden traps for CUs? Is it actually good for members? As the saying goes, the only constant is change, and although retailers are 1,000% on board with anything they think will reduce interchange fees, consumer acceptance and impacts on credit unions are very unclear.

Doubling down on mission

A few stories caught our eye recently about some of the innovative ways credit unions are setting themselves apart by living their mission. For example, Alternatives FCU in New York offers their TransAction Program featuring loans for gender-affirming care. cPort Credit Union in Maine supports their community with the Indus Fund, low-interest small business loans for immigrant business owners, as well as Citizenship Loans to help new Mainers finance their path to U.S. citizenship. Or consider Clean Energy CU’s mission to expand access to clean energy financing.

Stories about credit unions meeting member needs with sensible, nuts-and-bolts solutions are everywhere. Differentiation is pure gold, and your members expect you to put their money where your mission is. Credit unions that focus on their mission, purpose, and uniqueness, even when it’s hard, are the winners.

Loving and living real life

Here’s another reminder (if you needed one) from Corey Wrinn of Rivel Banking Research that your members are real people with real lives that have real needs that really vary as they move through life. Another way to put this is that credit union services are like “utilities”; they’re more or less invisible day-to-day, but should be be top of mind and ready to shine when those big life events come along; buying a car or home, getting married, having kids, retiring, etc.

It’s also important to remember: life is a roller coaster with downs as well as ups, and members need you more than ever when things aren’t going so great. Make sure your website and your people are ready for the tough questions, too.

No more pennies?

Apparently, the humble US penny really is going away, and the US Treasury Department will stop minting pennies when their current supply of blanks is gone. How long the current supply of pennies will last, and when they’ll disappear from cash drawers for good, is unknown.

Like any change (heh), no matter how minor, there are surprising effects and unintended consequences. This CU Daily article, featuring CFO Christine Messer from Heritage Family CU in Vermont, outlines how the shift will affect credit unions. Careful with those spare pennies – it’s not as easy as just rounding everything to the nearest nickel. And there are some surprising upsides as well, besides a little extra cash drawer space; for example, members doing cash transactions might be open to donating those few spare pennies to a worthy cause, and over time that can add up.

Social Media’s power keeps growing

It may, or may not, surprise you to hear that the majority of Americans get their news from social media, according to this recent BBC article. Another interesting tidbit is that people are using AI chatbots to get the news, and this is twice as popular among under 25’s, compared to the rest of the population. But what does that mean for credit unions?

Well, for now it means you really can’t ignore your social media channels, because so many people are there already. And as we learn more about AI, new strategies will be developed and adjusted to fit the way the technology develops. The digital marketing world has always been fast-paced, and that’s not going to change any time soon.

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