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How One Financial Institution Increased Their Payment Transactions By 43%

Posted by Brad Young   |  October 5, 2017 at 12:44 PM

When a financial institution expands its products and services in one area, the residual effect in other parts of the institution likely requires a reaction. This was the case at USALLIANCE Financial. Their team saw rapid growth as a result of increased indirect lending efforts, which required the team to react to their members' needs. The need to support these new borrowers with an effective loan pay platform became a challenge for USALLIANCE.

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CU Industry Stats and Performance Trends: Q2 2017

Posted by Michael Dippo   |  September 28, 2017 at 9:02 AM

Analyzing data is a critical component for planning for the future. CUData.com has recently released their Credit Union Industry Statistics and Performance Trends Report for Q2 2017. I'd like to share some highlights of the report with you and your financial institution. There's a lot of positives in the data below. Although the number of credit unions fell slightly, credit unions with $500M+ in assets grew slightly. Direct and indirect auto lending continues to be a bright spot and looks to be the greatest opportunity for growth for credit unions. We are also happy to see credit union membership continues to be on an upward trend. 

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Gain a New Perspective on Credit Life Insurance

Posted by Joan Cleveland   |  September 18, 2017 at 10:41 AM

In the financial services industry, it is widely known that credit life insurance pays off the outstanding loan balance to which it is attached. But have you ever really realized how credit insurance is a key component in serving American households who may have no life insurance at all—that is, up until the point where you, the lender, offer it. According to LIMRA’s 2016 Life Insurance Ownership Study, 37 million households don’t own any life insurance coverage whatsoever. In addition, more than 10% of all U.S. Households said they would have trouble covering everyday living expenses after several months if the primary wage earner died. I think it would be safe to assume that the primary wage earner was definitely the borrower or co-borrower on their existing loans.

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How the Housing Market Could Impact Your Credit Union

Posted by Ted Robinson   |  July 7, 2017 at 5:11 PM

The housing market is constantly fluctuating. As a lender, knowing ways to maximize your home equity portfolio and extending loans to qualified borrowers is of the utmost importance. But, it can be difficult and frustrating when you are having to turn away quality candidates due to stringent loan approval standards. A solid understanding of the housing market AND working with partners who allow for more flexible lending guidelines can help increase your financial institution’s home equity portfolio.

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Credit Card Compliance: The Military Lending Act

Posted by Lisa Alvarez   |  June 22, 2017 at 10:08 AM

The Military Lending Act (MLA) was created to protect active duty members of the military, their spouses, and their dependents from certain lending practices that could pose a risk and a possible threat to military readiness as well as affect the retention of military service members. Since the inception of the MLA in 2006, there have been a number of changes to the program’s rules and regulations. In 2015, the final rule was announced which involves expanding the types of credit products that are covered by the 36-percent rate cap and other military-specific protections covered under the MLA. These changes can have a major impact on financial institutions if they are not compliant to rules that affect this act and credit card accounts.

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Prepare for New HMDA Reporting Requirements

Posted by Lisa Alvarez   |  May 26, 2017 at 5:47 PM

The deadline for expanded reporting requirements for the Home Mortgage Disclosure Act (HMDA) is coming soon, and it is important that your financial institution is prepared. More credit unions will have to report data to comply with this act and the data points will become more numerous. For some, the reporting will come every three months, instead of annually. So, it is important to know about this act, the new reporting requirements, and how it will affect your financial institution.

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Delinquencies Are Increasing: What it Means for You

Posted by Jonathan Barkley   |  May 24, 2017 at 8:48 AM

The auto loan industry is massive and chances are that if you are a financial institution, you are also in the auto loan lending game. For the first time in first-quarter history, open auto loans have surged past $1 trillion per market research firm, Experian Automotive. Due to their findings, they have advised lenders to “keep a close eye on delinquency trends to ensure the market remains healthy.” Should consumers keep making timely monthly payments, the market has a greater chance of maintaining affordable financing options. While auto loans can offer profitability for a financial institution, there are also some downfalls and risk when it comes to the lending industry. In recent years, the auto-loan industry has seen a rise in delinquencies. And, of course, this is never a good thing for financial institutions. 

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Essential Tips for Accepting Loan and Credit Payments Online

Posted by Jason O'Brien   |  May 5, 2017 at 10:03 AM


As consumers continue to move toward a completely digital life, they are embracing different forms of online billing and ways to accept payments, including EMV or chip card use, and an increase in mobile connectedness. Customers use an average of 3.6 different payment methods each month for their bills, according to the 2016 Annual Billing Household Survey. Mobile payment use increased dramatically, with 33% of online households reporting to have paid a monthly bill through their mobile phone, a 22% increase compared to last year’s survey. 

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Four Payment Processing Best Practices to Deploy with Your Employees

Posted by Brad Young   |  March 16, 2017 at 4:13 PM

We all know that any process involving humans is subject to human mistakes. When your staff works with and processes credit and debit card payments, as many employees in financial institutions do, there's room for human error—in addition to intentional fraud—in the event that employees mishandle card data with no ill intent. However, these careless actions are data security violations, which can lead to fraud and improper charges to your customers' accounts.

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Detecting Suspicious Activity in Loan Payments

Posted by Brad Young   |  March 2, 2017 at 10:38 AM

It's an unfortunate fact of life that as we proceed through our days and focus on our to-do list, we may get so engrossed in our work that we miss other items that need our attention. Also, unfortunately, in the financial institution world, missing the importance of a transaction or two can cost our businesses big money.

When it comes to finding ways to move money, opportunists are nothing if not inventive, continually devising new ways to infiltrate accounts and bring financial benefits to the perpetrators. As you update your practices and payment methods, individuals move just as quickly to adopt new ways to exploit those new opportunities. To stop these activities and retain the streams of money pilfered from our systems and account holders, we must be militant—not only when it comes to our own side of the loan and payment process—but watchful on our many partners' and vendors' sides as well.

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About the LenderHub Blog

SWBC's LenderHub blog is a one-stop resource for lenders. Come here to learn tips and best practices for risk management, income generation, marketing, operational improvement, and customer retention, as well as to learn about industry trends and SWBC news.