Inside Cornerstone

In advance of the November general elections, Cornerstone League encourages you to visit Credit Unions Vote, a one-stop website for voters.

Sign up for free and low-cost learning opportunities that will keep you and your teams up to speed with developments in the credit union industry.

The National Credit Union Administration has released a new tool to help small credit unions comply with the Financial Accounting Standards Board’s accounting standard on current expected credit loss, or CECL, which goes into effect for most credit unions at the start of 2023.

Financial performance data released by the National Credit Union Administration shows total loans outstanding in federally insured credit unions increased by $194 billion, or 16.2%, over the year ending in the second quarter of 2022, to $1.39 trillion.

A multicultural business strategy is essential if credit unions are to remain relevant to an increasingly diverse marketplace. Over the last five years, multicultural consumers accounted for 61% of credit union growth.