In Case You Missed It (v12)
An overdue moon reunion, a VISA-less Amazon, a potentially huge new CU, why Bankthink is destroying credit unions, yet more overdraft news, and drones that look alive. Here’s what we’ve seen lately, in case you missed it:
It’s been 50 years since we last visited the moon.
Back in 1972, Apollo 17 launched from NASA’s Kennedy Space Center. The mission included three days on the lunar surface, and we haven’t been back since. What happened to that relationship? Was it something we said?
What if your FOM was 24m + 60K members a month?
An estimated 24 million Americans have a felony record, and every month, 60,000 people are released from state and federal prisons, returning to everyday life. But that permanent record makes it almost impossible to get credit or achieve long-term financial well-being. First Step Alliance is working to change that, trying to launch a new credit union for returning citizens. They’ve brought together an experienced group of financial services professionals, along with support from government regulators, Congress, the credit union industry, reentry programs and other mission-aligned organizations. But they could still use your help!
Door of Opportunity is Closing on Eliminating Overdrafts
People hate, detest, and loathe overdraft fees, and the issue is getting more and more attention, perhaps even rumblings from Washington. Instead of fleeing in terror, run toward the opportunity while you still can. Maybe there’s still time to make the news for being the first credit union in your state or city to stop flogging your members with NSF fees. This article from Financial Brand is one of thousands on this topic, but a pretty good summary of today’s state of play. Get into this pool before the big nationals take away your ability to make a splash.
If Amazon stops taking VISA, what does that mean for you?
Amazon announced last month that they would no longer accept VISA cards on their UK site because of high interchange fees. They’ve even offered customers a discount (about $27 US) to use anything besides a VISA. While negotiations are still underway, and Amazon hasn’t threatened to do the same in the US, the ecommerce giant is certainly flexing its muscles. What does that mean for your CU’s VISA program? I guess we will see just how much power Amazon has.
The drones are coming! The drones are coming!
These unnerving, organic-looking drones are filled with helium so that they float in the air. It’s both exciting and scary at the same time, but I still can’t look away.
How Bankthink begins at Credit Unions
Chip Filson’s blog is required reading for everyone in the credit union movement. (You DO know who Chip Filson is, right?) In this thought-provoking, uncompromising article (and many others) he calls out, in detail and with examples, one source of the financially focused bankthink that’s destroying credit union purpose and differentiation. Spend some time with this one.
Who knew there was a maple syrup reserve?
Low yields this year, plus a 21% spike in demand, has apparently convinced the Quebec Maple Syrup Producers to release 50m pounds of syrup (½ of their supply) from its strategic reserve. Apparently Quebec produces 70% of world’s supply of the sweet stuff, with the US as its biggest customer. Another reason to love our neighbors to the North.
- In Case You Missed It (v28) - March 13, 2023
- In Case You Missed It (v27) - February 14, 2023
- In case you missed it (v26) - January 9, 2023