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Anatomy Of A Credit Score

Anatomy Of A Credit Score: What?s in a credit score? You probably know that your credit score helps determine whether you get approved for a loan or credit cards, and at what rates you qualify. The better your credit score, the better your chances of getting credit with favorable terms. But the elements that factor into your score may seem ...

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Twenty-Five Years of Showing Up

www.NCOFCU.org/Tucson-AZ-2026    Attendee Registration Schedule at a Glance ...
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NCUA Issues Final Rule to Revise Record Preservation Requirements

ALEXANDRIA, Va. ― The National Credit Union Administration has issued a final rule revising record preservation requirements for credit unions in the event of a catastrophic act. This rule is codified at 12 CFR 749.   “Maintaining vital records is essential to the safety and soundness of any federally insured credit union’s operations and its ability to best serve members,” NCUA Chairman Kyle Hauptman said in a statement. “But NCUA, unlike other regulators, didn’t have a limit on how long records had to be kept. This led to unnecessary cost, hassle and uncertainty. This final rule will ease unnecessary and overly prescriptive preservation requirements, while ensuring that credit unions retain the critical documents needed in instances of disaster”  According to the agency, the vital records preservation program rule was first created in 1972 to ensure that federally insured credit unions keep duplicate records that can be used for reconstruction purposes in the event of ...
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Boston Firefighters Credit Union Becomes First Responders Credit Union

New name reflects nearly 80 years of service and a growing commitment to first responders across Massachusetts BOSTON, MA, June 15, 2026 — Boston Firefighters Credit Union today announced that it has officially changed its name to First Responders Credit Union , reflecting the broader first responder community the organization serves while honoring the firefighters who founded it nearly 80 years ago. Founded in 1947 by members of the Boston Fire Department, the credit union was established to serve the financial needs of firefighters and their families. Over the decades, it has grown into a trusted financial institution serving firefighters, law enforcement professionals, EMS personnel, civilian employees of first responder agencies, and their families throughout Massachusetts. Today, more than 12,000 members rely on the credit union for banking, lending, and financial guidance tailored to the unique demands of first responder life. While the name is new, the mission is not. ...
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Facial recognition to secure payments will exceed 1.4 billion globally by 2025

BASINGSTOKE, U.K.– The number of users of software-based facial recognition to secure payments will exceed 1.4 billion globally by 2025, from just 671 million in 2020, according to a new study from Juniper Research. “This rapid growth of 120% demonstrates how widespread facial recognition has become; fueled by its low barriers to entry, a front-facing camera and appropriate software,” Juniper said, noting the research identified the implementation of FaceID by Apple as accelerating the growth of the wider facial recognition market, despite the challenges to facial recognition during the pandemic with face mask use. The research recommends that facial recognition vendors implement robust and rapidly evolving AI based verification checks to ensure the validity of user identity, or risk losing user trust in the authentication method as spoofing attempts increase, Juniper reported. Fingerprint Sensors The new research, Mobile Payment Authentication: Biometrics, Regulation & Market Fore...
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Update from TruStage - Forecast for CU, Economic Performance for Remainder of 2026, 2027

MADISON, Wis. — Credit unions are expected to post stronger loan, deposit , and asset growth in 2026 despite a slowing economy, persistent inflation, geopolitical uncertainty, and continued pressure on consumers, according to TruStage’s latest  Credit Union Trends Report . The report, prepared by TruStage Chief Economist Steve Rick and based on December 2025 data, forecasts credit union loan growth will accelerate to 5.5% in 2026 from 4.6% in 2025, while savings growth is projected to increase to 6.5% from 5.5%. Asset growth is expected to improve to 6.2% in 2026 from 5.4% in 2025. Credit union membership growth is forecast to reach 1.8% in 2026 and 2.0% in 2027. The CU Daily has separate reporting on credit union performance by category here .  According to TruStage, a changing global economic environment has altered its outlook for both the U.S. economy and the credit union system. The report noted disruptions stemming from the closing of the Strait of Hormuz have created su...
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47-Second Loan Décisions. Underwriting in Minutes. How AI is Revolutionizing Turnaround Time in Mortgage Lending

May 27, 2026 CU Today TORONTO–While AI has been deployed across a host of back office functions, on the consumer-facing side its promise is increasingly being seen in mortgage lending, where lenders are promising mortgage approval decisions in as little as 47 seconds, reporting that up to a third of inquiries are now being handled by chatbots, and slashing underwriting time to just minutes. Toronto-based TD Bank Group said it has also deployed its first agentic artificial intelligence system in mortgage lending, reducing the time required to prepare applications for underwriting from an average of roughly 15 hours to less than three minutes. According to a statement from TD Bank, the new AI model automates mortgage pre-adjudication — the process that occurs before a human underwriter reviews an application. The bank said the system classifies borrower documents, extracts and validates financial information, calculates income, performs policy and consent checks, identifies discrepancie...
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FFIEC Proposes Biggest CAMELS Overhaul In 30 Years, Citing Need For Greater Transparency

  W ASHINGTON —The Federal Financial Institutions Examination Council is seeking public comment on a proposed overhaul of the CAMELS supervisory ratings framework, marking what regulators said would be the first comprehensive revision of the bank and credit union examination system in approximately 30 years. Michelle Bowman The proposal would revise the Uniform Financial Institutions Rating System—better known as CAMELS—to place greater emphasis on material financial risk and improve the transparency and predictability of supervisory ratings. Regulators said the framework would continue to evaluate institutions on capital adequacy, asset quality, management, earnings, liquidity and sensitivity to market risk, while modifying certain composite and component rating definitions and evaluation factors. In announcing the proposal, FFIEC Chair and Federal Reserve Vice Chair for Supervision Michelle Bowman said the revised framework is intended to create “a decisive shift toward transpar...
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NCUA Board Approves Final Rule on Dependent Care and Board Member Reimbursement

Alexandria, VA (June 8, 2026) ― The National Credit Union Administration today issued a final rule for Dependent Care and Board Member Reimbursement. The NCUA Board amended its regulations concerning the reimbursement of reasonable expenses for federal credit union officials to remove potential barriers to volunteer service. This final rule provides flexibility for a federal credit union’s board to adopt more family-friendly policies tailored to its size, region, and operations. Previously, dependent care costs had not been considered reasonable expenses under NCUA regulation 12 C.F.R. 701.33.  The final rule applies to all federal credit unions, including corporate federal credit unions. It will not apply to federally insured, state-chartered credit unions, which remain subject to state law. The final rule is effective 30 days from the date of publication in the Federal Register and takes into consideration public comments received from the proposed rule that was issued on Januar...
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Credit Where Credit's Due

  Credit Where Credit's Due   Credit reports 101 Used to calculate credit scores   and determine creditworthiness, credit reports are comprehensive documents that detail the credit history of a person or business, including current and former lines of credit, bankruptcy records, and more.  Credit assessments actually started in the 1700s   as a way to evaluate businesses’ financial standing rather than consumers’. The early 1800s brought efforts to standardize the credit reporting system as more businesses were started that needed loans, and the labor movement’s success in the second half of the 1800s led to an increased need for standardized c...
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