The core system is the foundation of all credit union operations. However, one system or provider is not likely to last a credit union’s entire lifetime. As credit unions grow and change, their technology needs from a core provider might also change. And if their current provider isn't willing to grow with them, it might be time to start a core system review and consider alternatives. There are many factors to take into account when looking into core system providers, however, the best core platforms will have a few key features in common. When choosing the perfect core data processor for your credit union, ensure these four features are included.  

Switching core providers is a huge undertaking. Whether your existing system is outdated, or your credit union is simply dissatisfied with its capabilities, it may be time to consider a new core provider. With so many providers on the market, it can be difficult to narrow down the options to a list of key players. Here are three ways your credit union can identify, rank and choose a new core data processor.

Bank Secrecy Act (BSA) compliance is an integral part of credit union compliance. While large organizations are usually the ones under fire for BSA violations, CUs are just as liable for anti-money laundering laws, and in case of compliance mishaps, the penalties can be severe. According to the Federal Financial Institutions Examination Council (FFIEC), those facing money laundering charges can face up to 20 years in prison and a fine of up to $500,000. Any property related to the criminal activity, including property such as loan collateral, personal property, and even entire bank accounts may be subject to forfeiture. Banks and CUs also risk losing their charters, and their employees can be removed and barred from employment in the financial services industry. If the thought of these repercussions causes you and your credit union panic, fear not. Credit unions with a BSA compliance program in place are well-protected from BSA violations. Here’s how your credit union can better conform to BSA rules and regulations.

HMDA compliance has been looming over credit unions for many years. It was actually enacted by Congress in 1975 but wasn't transferred to the Consumer Financial Protection Bureau until 2011. The financial industry has been revamping their loan processes in order to ensure compliance with recent and more rigorous adjustments to the regulation, but what exactly does that entail? Here is the download on recent HMDA announcements and how your credit union can remain compliant.

Electronic documents are a mundane yet integral part of the financial industry, as they improve operational efficiency, reduce costs and save paper for banks and credit unions. Members also enjoy the convenience they offer, as they are able to sign disclosures and send the document back from their mobile phone or computer. Electronic Signing is a key feature allowing members to agree to the terms of documents without a trip into their credit union's branch. Electronic signatures carry the same legal weight as paper documents thanks to the Electronic Signatures in Global and National Commerce Act (ESIGN), which went into effect on October 1, 2000. For this reason, eSignature is the preferred method for both members and CUs alike for its convenience. However, there are particular rules and regulations regarding ESIGN to which credit unions must abide. Here are important compliance guidelines to keep in mind when implementing eSignature options.

Ambien and Lunesta have met their match, and its name is Credit Union Compliance. Compliance is a topic at the top of any credit union leader’s mind as there are a lot of looming questions and concerns when it comes to compliance, and many credit union CEOs have endured sleepless nights worrying about their state of compliance. In the digital world, there are a varied and vast amount of risk factors when it comes to data security and more rules and regulations too. Here are 5 questions that keep credit union leaders up at night.

Cyber security restrictions and regulations have been tightening as procedures become increasingly reliant on technology. In the past several years, the financial services industry has endured more than a few data breaches. In 2016, credit unions and banks with less than $35 million in assets accounted for 81% of hacking and malware breaches. The aftermath of these incidents has led to stricter policies and higher expectations for member data security. Credit unions have been working to build a culture of cyber security that is ingrained in every stage of data storage and transit including in-branch and over networks. The National Cyber Security Alliance outlines a recommended process for identifying, protecting and detecting potential security risks, but it is equally important to have a plan in place should a breach occur. Here are some considerations for responding to and recovering from cyber security scares.

There are a lot of considerations for any organization going through a merger. It takes cooperation and patience to combine cultures, assets and staff during a merger, but for credit unions, the effect on members is a major factor to keep at the forefront. Members often come to credit unions to experience a better value through more customization, better service and a more personal banking experience. A merger might be unsettling for members, so it’s important to reassure them that their experience will not be negatively impacted by the changes a merger will bring. To actually follow through on that, maintaining a tight lock on member information and data will be essential. Here are some tips regarding member data security that credit unions should know when embarking on a merger.

Member value is a credit union industry term thrown around to try to define the value members receive from their CU. But value itself is a subjective term, meaning different things to different people. There are many ways to evaluate member value, but Callahan & Associates have created a metric to quantify value, making it a more tangible goal. They call it Return of the Member (ROM), and this metric represents a CU’s demonstration of member value. The Credit Union of Vermont has been extremely successful in providing member value, so much so that they have been recognized by Callahan & Associates for their exemplary performance within the ROM metric. The Credit Union of Vermont has ranked at or near the top of Callahan’s Return of the Member metric for nearly a decade. As one of the best in creating member value, here is how the Credit Union of Vermont has achieved their success in the category.

In a previous blog, we discussed the importance of reducing friction in the onboarding process. One good way to do so is through integration to a robust onboarding solution that manages the process for members as well as credit union staff. Leveraging your core system's Application Program Interfaces (APIs) can provide a myriad of benefits that lead to increased efficiency and convenience, and ultimately reduce costs and boost revenue for your credit union. Here’s how APIs have become a popular tool in improving the member onboarding processes.