In the latest episode of 22 Minutes in Lending, we’re joined by Elizabeth Adcock and Darcie Morgan of MAC Federal Credit Union who have helped oversee transformational growth at the credit union, driven by a diligent approach to AI and digital investments. Discover how this credit union has bridged the gap between traditional and technical services while still keeping their communities loyal and engaged.

Key takeaways:

01.35: An overview of MAC FCU and how they strategically expanded their physical footprint to more effectively serve their members.

03.00: The rationale behind MAC FCU’s expansion into real estate lending, both commercial and residential.

05.36: How MAC FCU’s digital transformation addresses both the needs and wants of its membership.

07.34: The infrastructure roadmap and additional investments necessary to upskill and launch MAC FCU’s digital services.

08.30: What taking “a foundational approach to AI” means, and how credit unions can safely adopt open source solutions.

12.26: Navigating member perceptions, usage, and risks of newly launched AI solutions.

14.30: Working in primarily auto-lending to support people with “bumped and bruised” credit.

16.19: How credit unions can navigate increasingly high delinquency rates, and support personal and commercial members through financial difficulties.

17.42: Increasing process efficiencies and focusing on products-per-member growth are critical growth areas for 2025.

Resources Mentioned:

1. www.macfcu.org MAC FCU

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#CreditUnions #Lending #AutoLending #DigitalTransformation

In this episode, Capitol Hill insider John McKechnie takes an unflinching look at the Consumer Financial Protection Bureau's (CFPB) Rule 1033, unpacking what it means for credit unions, consumers, and fintech. In this top-level discussion, McKechnie and host Vince Passione discuss the liability risks posed by third-party data sharing, the rule’s black, white, and grey areas, and the roadmap for navigating further regulatory complexities in the year ahead.

Key takeaways:

00.47: Key implications for credit unions of the Consumer Financial Protection Bureau’s (CFPB) Rule 1033.

02.20: The origins of the rule’s intention date back to the turn of the last century with the dotcom boom, but were really brought to bear when the Dodd Frank Act passed in 2010.

04.15: The intent of the rule has long been contentious, with parties pointing out that consumers already have access to a wealth of data and can control it how they choose, therefore why would it now need regulating?

04.50: What party is obligated to protect consumer data remains vague, and the CFPB’s own director still seems elusive on details.

08.10: The day after the rule was announced in final form, the Kentucky Bankers Association filed a suit challenging the regulation.

09.10: The rule’s inclusion of major fintech providers like PayPal and ApplePay shouldn’t have come as a surprise–although it was widely reported as one.

10.45: How the objections to Rule 1033 are strong enough that we may see credit unions and banks working together to challenge the legislation.

15.08: The law doesn’t provide for oversight of third parties that have access to consumer data, which is a “huge legal sticking point.”

17.48: With the incoming political administration, there’s a high likelihood that the House and Senate will repeal the regulation and require a new iteration be presented.

19.00: Credit unions have cause to be nervous with so much potential change to the tax legislation in 2025.

Resources Mentioned:

• https://www.consumerfinance.gov/ Consumer Financial Protection Bureau
• https://www.consumerfinance.gov/about-us/newsroom/cfpb-finalizes-personal-financial-data-rights-rule-to-boost-competition-protect-privacy-and-give-families-more-choice-in-financial-services/ Rule 1033
• https://www.cftc.gov/LawRegulation/DoddFrankAct/index.htm Dodd Frank Act
• https://www.congress.gov/bill/118th-congress/senate-bill/1838/text Credit Card Competition Act

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#CreditUnions #Lending #Data

In this episode of 22 Minutes and Lending, host Vince Passione welcomes Juan Fernández Ceballos, president and CEO of Luminate, the credit union league for Louisiana. From helping smaller credit unions build economies of scale to challenging core providers to do better; addressing succession issues to navigating the incoming political administration, Juan Fernández offers a bold new vision for how credit union leagues can adapt and evolve their services to ensure every credit union can thrive. This conversation is a must-listen.

Key takeaways:

0:00 Intro

1:15 An overview of Luminate, the credit union league for Louisiana, and its three core pillars: Collaborate, Innovate, Thrive.

4:50 How complacency and an aversion to risk at the Board and executive level could be contributing to the credit union system’s contraction.

8:27 Why credit unions need to be more intentional and proactive in ensuring their Board of Directors reflect the type of members they are (or want to be) serving.

10:12 Fintech is omnipresent and necessary, but it cannot replace the personal connections and relationships that credit unions offer.

15:02 The important role that credit union Leagues play in helping smaller and medium-sized credit unions leverage economies of scale.

17:55 The core conundrum: How core providers are locking credit unions into long-term deals that can inhibit growth and innovation.

19:06 What the incoming political administration could mean for credit unions.

22:31 The state of the credit union league system–what they need to focus on to support the long-term growth and success of the credit union system.

Resources Mentioned:

• https://luminate.coop/ Luminate website
• https://www.lendkey.com/podcast/think-inside-the-box-the-growth-opportunities-staring-credit-unions-in-the-face/ Dr. Brandi Stankovic episode of 22 Minutes in Lending

Thanks for listening to the 22 Minutes in Lending podcast. If you enjoyed this episode, please leave a 5-star review to help get the word out about the show and be sure to subscribe so you never miss another insightful conversation.

#CreditUnions #Lending #Fintech #Advocacy