PSCU, the nation’s premier payments credit union service organization, has updated its weekly transaction analysis from its Owner credit union members on a same-store basis to identify the impact of COVID-19 on consumer spending and shopping trends. An infographic is also attached.
To provide relevant updates on market performance, experts from PSCU’s Advisors Plus and Data & Analytics teams today released year-over-year weekly performance data trends. In this week’s installment, PSCU compares the 32nd week of the year (the week ending August 9, 2020 compared to the week ending August 11, 2019).… Read more
AuditLink, the audit and compliance division of CU*Answers, is proud to announce a strategic alliance with Lillie & Company, a CPA firm that works exclusively with credit unions. The alliance was created for several reasons, but the most important was to ensure AuditLink’s clients will receive a quality audit by a well-known credit union audit firm that performs BSA, ACH, and SAFE Act audits with a deep knowledge of CU*Answers and CU*BASE®.
In 2019, AuditLink began to pare back these audits as emerging compliance regulations increased the time it took to adequately complete them, particularly BSA. To ensure AuditLink had the capacity to deliver other vital services that clients desperately need in a compliance-driven environment while also offering audit services many credit unions have used over the years, the idea was to partner with a firm with the same dedication to the industry as CU*Answers.
CU*Answers has worked with Steve Lillie, managing partner of Lillie & Company, and his team for several years.… Read more
PSCU, the nation’s premier payments credit union service organization (CUSO), has announced that Illinois Community Credit Union (ICCU) has joined the cooperative for credit and debit card processing support and services.
Headquartered in Sycamore, Ill., with more than $105 million in assets, ICCU set out to find a provider that truly understood and embodied the credit union model. As a CUSO dedicated to upholding the “people helping people” credit union philosophy for more than 40 years, PSCU was an ideal fit and was ultimately selected by ICCU as its new processing solution.
“Throughout the review process, we felt a great connection with the PSCU team and are confident they will be able to help us manage and grow our card programs in order to bring greater value to our members,” said Thor Dolan, president and CEO of ICCU. “We look forward to working with PSCU to provide the products and services our members have come to know and expect from ICCU, their trusted credit union since 1935.”… Read more
How COVID-19 is Shifting Member Spending Behavior and How to Prepare for the Future, July 1-31, 2020
July Spending Overview
By Beth Phillips, Director, Strategic Portfolio Growth at CO-OP Financial Services
Year-over-year spending during the month of July inside the CO-OP Credit and Debit portfolio increased for the first time since the COVID-19 pandemic began. Credit transaction volume increased 1 percent while the total dollar amount of those transactions increased 10 percent; meanwhile, debit transaction volume grew 1 percent while the total dollar amount was up 18 percent.
According to the U.S. Department of Commerce, the savings rates within American households hit record levels during the months of April and June, which may explain the increased spending among members. It may be too early to call this a recovery but it is definitely a good sign that members are resuming “normal” spending despite the continued uncertainty of COVID-19.
At the same time, spending within traditionally popular categories like air travel and in-person dining and entertainment continues to lag, while digital and essentials spending are on the rise.… Read more