Abrigo

MARCH 24, 2023

Best practices for your BSA/AML risk assessment Learn top tips for creating a risk assessment to capture your credit union's risk. Has your credit union started your annual process for updating your anti-money laundering/countering the financing of terrorism (AML/CFT) risk assessment?

Credit Unions 78

Credit Unions Cybersecurity Credit and Collections Transactions 78

Abrigo

JULY 14, 2023

Leapfrog competition, reduce risk How to develop banking strategies using your data Everywhere bank and credit union leaders look, it seems, someone is talking about how financial institutions should leverage their data and analytics to develop strategies for leapfrogging competition and reducing risk. Learn more about Abrigo Connect.

Credit Unions 78

Credit Unions CECL Dashboards Revenue Recognition 78

Abrigo

APRIL 1, 2022

Preparing for 2023 Credit unions have a 2023 deadline for CECL implementation, leaving limited time to refine their processes. Takeaway 1 "Analysis paralysis" and the pandemic put CECL implementation on the backburner for many credit unions. This timeline will help plan the transition. Get CECL compliant.

Credit Unions 78

Credit Unions CECL Default 78

Abrigo

AUGUST 29, 2022

E-signature capabilities benefit both customers and staff Banks and credit unions that leverage electronic signature capabilities reap the benefits of a more efficient lending process. Lending & Credit Risk. 3 Electronic signature benefits for banks and credit unions. Lending & Credit Risk.

Credit Unions 78

Credit Unions Credit Risk Credit and Collections 78

Abrigo

JUNE 28, 2023

They wear many hats, especially in smaller community banks and credit unions. Why regular reports matter Board reporting on AML compliance activities BSA Officers have a lot of responsibilities. One essential obligation of BSA Officers is reporting to the board of directors.

Credit Unions 78

Credit Unions Dashboards Credit Risk Transactions 78

Abrigo

FEBRUARY 28, 2020

Large SEC filers have officially adopted the current expected credit loss standard, or CECL, for recognizing credit losses, and other financial institutions are eager to learn from their implementation efforts. While credit unions have until 2023 until they must comply with CECL, there is likely less time than expected.

Credit Unions 78

Credit Unions CECL 78

Beyond Capital Blog

JANUARY 7, 2022

Presenting 5 of the best credit unions for small business. The post Best Credit Unions for Small Business appeared first on Fast Capital 360. Learn about the benefits, account features and financing options each one offers.

Credit Unions 52

Credit Unions Small Businesses 52

Abrigo

SEPTEMBER 22, 2021

Boards, shareholders, and auditors alike will want to know CECL’s impact and how the bank or credit union has determined the impact of the expected loss model. Banks and credit unions have latitude on exactly what to say in these disclosures, so it’s been a learning curve so far among those that have made the CECL transition.

Credit Unions 78

Credit Unions CECL Credit Risk 78

Abrigo

JANUARY 27, 2020

Key Takeaways Make sure your credit union is filing SARs and CTRs properly. Strengthen credit risk by improving your credit union's loan underwriting standards. We made important strides in 2019 towards updating regulations, easing burdens on credit unions, as well as modernizing our examination process.

Credit Unions 78

Credit Unions Cybersecurity CECL Credit Risk 78

Abrigo

JULY 5, 2020

Key Takeaways Credit unions participating in the Paycheck Protection Program (PPP) found that the right technology helped them serve business members when they needed help and also gain new members. Technology can facilitate delivery on credit unions' brand promise of relationship-based services.

Credit Unions 78

Credit Unions Credit and Collections Credit Risk Small Businesses 78

Abrigo

DECEMBER 27, 2022

The post 2023 Fraud trends: What banks and credit unions can expect appeared first on Abrigo. Fraud Prevention. Combining AML and fraud teams at your financial institution: Benefits & logistics. Learn More.

Credit Unions 78

Credit Unions Cybersecurity CECL Credit and Collections 78

Abrigo

JULY 20, 2021

In a recent survey of more than 250 bankers representing banks and credit unions, 61% of respondents said their financial institution plans to maintain or increase SBA lending this year and beyond. One requirement of many SBA loans is that the business is otherwise unable to access credit on reasonable terms and conditions.

Credit Unions 78

Credit Unions Credit Risk Credit and Collections Small Businesses 78

Abrigo

JUNE 11, 2021

Because the size and complexity of banks and credit unions can vary, the processes and systems used to measure interest rate risk in order to assess exposures relative to an institution’s established risk tolerances can also differ dramatically. How to Measure Interest Rate Risk Effectively in Banks & Credit Unions.

Credit Unions 78

Credit Unions CECL Credit Risk 78

Abrigo

JULY 20, 2021

In a recent survey of more than 250 bankers representing banks and credit unions, 61% of respondents said their financial institution plans to maintain or increase SBA loan origination this year and beyond. Lending & Credit Risk. 5 Reasons to Increase SBA Loan Origination at Your Bank or Credit Union.

Credit Unions 78

Credit Unions Credit Risk Credit and Collections Small Businesses 78

Abrigo

JUNE 26, 2019

While credit unions have some additional runway after the November 2018 CECL delay, there is likely less time than expected. If you’ve kind of been dragging your feet on this, now is the time,” said Brandon Quinones, Manager of Credit Consulting. Your credit union may be considering a third-party vendor to assist with CECL.

Credit Unions 60

Credit Unions CECL 60

Fundera

OCTOBER 8, 2019

8 Best Credit Unions for Small Business Owners in 2019. America First Credit Union. Alliant Credit Union. Navy Federal Credit Union. First Tech Federal Credit Union. Self-Help Credit Union. Consumers Credit Union. Digital Federal Credit Union.

Credit Unions 81

Credit Unions Small Businesses Credit Card Payments Transactions 81

Abrigo

JULY 28, 2017

In a recent webinar for credit union executives, Danny Sharman a risk management consultant with Sageworks addressed loan data for these institutions, especially as they look toward the currect expected credit loss model (CECL) that will be required for the allowance for loan and lease losses (ALLL).

Credit Unions 60

Credit Unions CECL Credit and Collections 60

Fundera

SEPTEMBER 16, 2018

8 Best Credit Unions for Small Business Owners in 2018. America First Credit Union. Alliant Credit Union. Navy Federal Credit Union. First Tech Federal Credit Union. Self-Help Credit Union. Consumers Credit Union. Digital Federal Credit Union.

Credit Unions 81

Credit Unions Small Businesses Credit Card Payments Transactions 81

Abrigo

JULY 6, 2017

It’s been more than six months since the National Credit Union Administration (NCUA) issued its revised member business lending (MBL) rule in January 2017. However, instead of broadly issuing regulatory requirements, the NCUA offers credit unions flexibility in establishing their own policies and program controls.

Credit Unions 68

Credit Unions Credit Risk 68

Abrigo

SEPTEMBER 1, 2020

SBA loan programs may provide a way to restructure existing loans for some current clients while ensuring greater portfolio stability for the bank or credit union. In addition, banks and credit unions can sell the guaranteed portion of SBA loans they make on the secondary market yet retain servicing rights and some fees.

Credit Unions 78

Credit Unions Credit Risk Small Businesses Transactions 78

Abrigo

SEPTEMBER 1, 2020

SBA loan programs may provide a way to restructure existing loans for some current clients while ensuring greater portfolio stability for the bank or credit union. In addition, banks and credit unions can sell the guaranteed portion of SBA loans they make on the secondary market yet retain servicing rights and some fees.

Credit Unions 78

Credit Unions Credit Risk CECL Small Businesses 78

Abrigo

JUNE 13, 2019

Business borrowers really like credit unions – when they use them. In fact, credit unions have some of the highest business-borrower satisfaction rates among all types of lenders, according to the Federal Reserve’s latest Small Business Credit Survey. Credit unions in fiscal 2018 originated just 1.2%

Credit Unions 60

Credit Unions Small Businesses Credit Risk 60

Abrigo

JULY 25, 2016

Credit unions often prioritize providing that security blanket through a positive banking relationship. Following the release of Sageworks Bank Information’s list of America’s healthiest banks by region in March of 2015, the company recently examined the health of their credit union (CU) counterparts.

Credit Unions 60

Credit Unions Bad Debt 60

LendingFront

FEBRUARY 22, 2021

Community banks and credit unions are a long-established source of those loans. For many smaller banks and credit unions, the process can take anywhere from a few days to multiple weeks. How can community banks and credit unions level the playing field? More efficient lending practices.

Credit Unions 52

Credit Unions Small Businesses Transactions 52

Abrigo

AUGUST 23, 2017

“When considering member business lending and the consumer portfolio where many credit unions focus, change management to prepare for CECL can be even more difficult with a credit union,” says Danny Sharman, risk management consultant at Sageworks during a recent CECL webinar – Data Quality for Credit Unions.

Credit Unions 60

Credit Unions CECL Credit and Collections 60

Abrigo

AUGUST 11, 2016

According to the Credit Union National Association (CUNA) , credit unions had a record year in 2015, with 3.7 This impressive growth is not surprising when you consider these three ways credit unions are excelling. banks and credit unions.

Credit Unions 60

Credit Unions Law Firms Credit and Collections 60

Abrigo

MAY 31, 2017

In a recent article from Credit Union Insights , Frank Koechlein discusses the need for credit unions to grow into their analytical solutions. Antidotal evidence indicates that only 20% of all credit union analytic solutions are still in place after 5 years.”

Credit Unions 60

Credit Unions Credit Risk 60

Abrigo

AUGUST 1, 2017

In order to prepare for FASB’s Current Expected Credit Loss (CECL) model, credit unions are currently relying on different methods to collect and store data. Limited Data Collection Method In this method, credit unions leverage core system(s) to capture data. This may require third party IT resources. “The

Credit Unions 60

Credit Unions CECL Credit and Collections 60

Abrigo

SEPTEMBER 26, 2014

What’s been mostly out of the mainstream news cycle, though, is the effects of regulation following the financial crisis on the community banks– specifically, credit unions. Dan Berger, the president and CEO of the National Association of Federal Credit Unions (NAFCU). So what’s next?

Credit Unions 76

Credit Unions 76

Abrigo

SEPTEMBER 15, 2015

Credit unions are on the rise, as indicated by the NCUA in the second quarter of 2015. Last week the NCUA reported that the total number of credit union members had surpassed the 101 million mark, and overall lending was up as of the close of Q2. For example, Navy Federal Credit Union, the largest credit union in the U.S.

Credit Unions 60

Credit Unions 60

Abrigo

DECEMBER 15, 2014

A bank or credit union with an excellent reputation for customer service can bridge the gap and ease the worries that come along with having to entrust your money to an outside party. This accolade for NFCU is particularly impressive, considering the credit union serves more than five million members from six branches of the U.S.

Credit Unions 76

Credit Unions 76

Abrigo

DECEMBER 26, 2014

But home ownership is not off the table, as more consumers are turning to credit unions to finance their home mortgages. Utilizing the Bank Information platform, Sageworks recently released a ranking of the top mortgage lending credit unions in the U.S. Image via Mapcustomizer.com.

Credit Unions 74

Credit Unions 74

Abrigo

JANUARY 6, 2016

Glatt Consulting, a leading credit union consulting firm, publishes a proprietary Credit Union Industry HealthScore each quarter. According to Q3 2015 data released by Glatt Consulting , the overall strength of the credit union industry is up 2.92 For credit unions rated between 1 and 2 (22.7

Credit Unions 60

Credit Unions 60

Abrigo

JUNE 22, 2015

On June 18th, the board of the National Credit Union Administration (NCUA) unanimously approved five items , including a proposed rule aimed at modernizing member business lending (MBL). The rule would provide greater flexibility and autonomy for credit unions to better meet the needs of their members.

Credit Unions 60

Credit Unions Small Businesses 60

Fundera

SEPTEMBER 22, 2018

There are many reasons why business owners choose to bank with credit unions. Credit unions generally provide better customer service than larger banks and are known for an added personal touch. Below you’ll find the best credit union business credit cards on offer. The full list can be found here.

Credit Unions 45

Credit Unions Credit Scoring Transactions Small Businesses 45

Abrigo

MAY 20, 2017

Earlier this month, John Holt, CEO of Nutmeg State Financial Credit Union appeared on Better Connecticut to discuss how Nutmeg FCU was fulfilling its commitment to helping small businesses in their community by implementing a new digital loan application process.

Credit Unions 60

Credit Unions Small Businesses 60

Abrigo

MARCH 13, 2024

How to respond to CRE loan distress Use these tips for banks and credit unions to identify and handle commercial real estate loans that are showing signs of being problem CRE credits. Would you like other articles like this in your inbox? Is the above scenario another pandemic akin to our recent COVID experience?

Credit Unions 88

Credit Unions CECL Default Credit Risk 88