​Velera – the nation’s premier payments CUSO and an integrated financial technology solutions provider – published the May edition of the Velera Payments Index, which includes a deep dive into digital payments:
 
Even as consumer sentiment and confidence continued to erode, consumer purchasing behavior remained positive in April, with increased growth in debit activity and ongoing consistent growth in credit activity. Consumer goods led the charge, perhaps signaling early purchasing ahead of expected tariff impacts. On May 11, negotiations with China resulted in a temporary pause on tariffs, reducing the effective rate of Chinese imports to 30% for the next 90 days. In our May 2025 edition of the Velera Payments Index, we revisit the consumer card payment ecosystem with a focus on digital payments.
 
The Consumer Confidence Index posted another substantive decline for April, dropping 7.9 points to 86.0. “The three expectation components – business conditions, employment prospects and future income – all deteriorated sharply, reflecting pervasive pessimism about the future,” said Stephanie Guichard, senior economist, Global Indicators at The Conference Board. The decline was across all age groups and most income levels. The University of Michigan Index of Consumer Sentiment dropped 8% from March to 52.2 in April. There was a much larger drop-off in the Index of Consumer Expectations, with the area of personal finance and business conditions dropping 32% since January. Weaker income growth in the year ahead was cited by consumers, which can lead to a slowdown in spending.
 
In the Labor Department’s May 13 update, the Consumer Price Index (CPI) increased 0.2% in April, bringing the cumulative 12-month rate of inflation up to 2.3%. Shelter, which accounted for more than half of the monthly increase, was up 0.3% for April. The energy index increased, up 0.7 percent, as increases in natural gas and electricity more than offset a decline in gasoline. The food index fell 0.1 percent in April.
 
Jobs grew by 177,000 in April, with increases in healthcare, transportation, warehousing, financial activities and social assistance. This increase was mainly in line with the average monthly increase over the past 12 months of 152,000. While the BLS reported that federal government workers declined by 9,000 in April, new reporting from outplacement firm Challenger, Gray and Christmas cited that half of all layoffs year to date through April were the result of “DOGE actions” and accounted for the reduction of 283,000 jobs in 2025. March’s job growth numbers were downwardly revised by 43,000 to 185,000, and February was revised downward by 15,000 to 102,000. The U.S. Bureau of Labor Statistics (BLS) reported the overall unemployment rate was unchanged for April at 4.2%, or 7.1 million people.
 
On May 7, Federal Reserve Chair Jerome Powell indicated that interest rates would remain unchanged for the benchmark overnight rate of 4.25% to 4.5%. The Fed Chair indicated a more wait-and-see approach given the uncertainty in the economy stemming from the implications of tariffs, employment and potential inflation. Stagflation, the concurrence of higher inflation and slower economic growth, has been topical and presents unique challenges for the Federal Reserve to navigate. The next scheduled Federal Open Market Committee (FOMC) meeting concludes June 18, where subsequent rate adjustments would be communicated.
 
“The digital wallet landscape is becoming increasingly fragmented, with offerings ranging from hardware-based options like Apple Pay and Google Pay to app-based wallets such as PayPal and even proprietary solutions from retailers and financial institutions. Each type has strengths and limitations, but all depend on widespread consumer adoption and broad merchant acceptance to succeed,” Thad Peterson, Strategic Advisor, Datos Insights. “With one in five digital wallet users now regularly leaving home without a physical wallet, coupled with usage projected to surpass debit cards at the point of sale by 2027, credit unions must act decisively. Ensuring credit unions’ cards and accounts are fully integrated with the most widely used digital wallets – Apple Pay, Google Pay, PayPal, Amazon – is essential to maintaining relevance, convenience and top-of-wallet status with members in a fast-evolving payment ecosystem.”
 
Key takeaways for April include:

• Growth rates improved for debit in April and remained consistent for credit. Debit purchases were up 5.8% and credit purchases were up 1.9%, while debit transactions were up 3.7% and credit transactions were up 2.3%. The Goods sector was again the top contributor to growth in both credit and debit purchases, which may indicate consumers buying now to avoid potential upcoming tariff impacts. The Service sector remained a top contributor to year-over-year growth, with insurance sales/premiums having notable increases, up 6.8 for credit purchases and up 6.9% for debit purchases.
• Growth in digital payment transactions was up 6.4% on credit and 10.9% on debit for April, while growth in physical card transactions was down 0.8% for credit and down 1.1% for debit. Within digital payments, the growth was attributable to increases in tokenized transactions. Within physical card transactions, growth in contactless transactions was offset by declines in chip/EMV and mag stripe activity.
• The 12-month CPI through April increased by 2.3%, down 0.1% from March. Half of the increase was attributable to the shelter index. Energy increased, influenced by natural gas and electricity, offsetting drops in gasoline. Core inflation, which excludes food and energy, remained at 2.8% for April.

 
The full report is available for download here or can be shared as a PDF upon request. Please let us know of any questions or additional needs, or if you’d like to coordinate an interview.

​Mahalo Banking, a CUSO specializing in digital banking solutions for credit unions, today announced that Aspen Federal Credit Union (Aspen FCU) has selected its Thoughtful Banking® platform. The partnership underscores Aspen FCU’s commitment to delivering a modern and member-focused digital experience.
 
The credit union chose Mahalo’s platform for its emphasis on member usability and scalable platform architecture. Aspen FCU also emphasized Mahalo’s credit union-specific development model as a differentiator, allowing for customization, alignment with operational workflows, and ongoing adaptability.
 
“Member needs continue to shift toward more mobile access and intuitive interactions, and we recognized that our digital presence needed to evolve as well,” said Pamela Brown-Graff, President and CEO of Aspen FCU. “Mahalo stood out as we began exploring partners for its deep understanding of the credit union mission, strong focus on user experience, and flexibility to grow with us.”
 
Aspen FCU will go live with Mahalo’s platform in tandem with its Corelation KeyStone core conversion, ensuring a seamless and unified transformation across both digital and core banking systems.
 
The platform provides a unified user experience across devices to ensure consistency and ease of use, whether members are accessing accounts from a desktop, tablet, or mobile phone. Mahalo’s integrated security features and robust personalization tools further align with Aspen FCU’s focus on empowering members to manage their finances with confidence.
 
Brown-Graff added, “The Thoughtful Banking platform’s adaptive interface will enable us to meet members where they are, especially younger generations who expect convenient, mobile-first solutions. Mahalo equips us to remove friction, boost member satisfaction, and remain a trusted financial resource within the communities we serve.”
 
This partnership represents a strategic investment in digital agility—a key market advantage as credit unions face increased competition from fintechs and larger banks accelerating their digital transformation efforts.
 
“Credit unions like Aspen FCU are navigating a crucial inflection point,” said Denny Howell, COO of Mahalo. “They must meet rising digital expectations while preserving the personal service that defines the credit union difference. Our platform is designed to support that balance, offering modern capabilities and the flexibility that credit unions need to sustain long-term momentum and match pace with the future of banking innovation.”

​Nook, a Credit Union Service Organization (CUSO) specializing in marketing strategy, automation, and execution for the credit union ecosystem, has achieved Gold Tier status in the HubSpot Solutions Partner Program. This milestone underscores Nook’s growing impact in regulated industries, where organizations are increasingly seeking automation tools to scale smarter and engage more meaningfully.
 
“In a short period of time, Nook has differentiated themselves from many other agencies—not just because of their technical expertise, but because of how deeply they understand the unique challenges of niche, regulated industries like credit unions," said Darren Shelton, HubSpot Partner Development Manager. “Nook’s rapid rise in our partner program reflects the marketing results our customers are seeing from their investments in technology and expert partners. Their unwavering commitment to customer success stands out, and we’re excited to continue working with Nook and their talented team.”
 
Gold Tier status is awarded to HubSpot partners who meet rigorous benchmarks in sales, client success, and overall impact. For Nook, it marks a significant milestone in the firm’s mission to modernize how credit unions, fintechs, and wealth firms approach growth.
 
“Achieving Gold status is a reflection of the results our clients are seeing and the talent we have on our team,” said Austin Wentzlaff, Co-Founder & CEO of Nook. “Our clients aren’t just investing in software—they’re partnering with a team that knows how to turn technology into real growth. HubSpot gives us the flexibility, but it’s our team’s strategic thinking and execution that deliver measurable outcomes. This recognition is just the beginning of what’s ahead in our journey with HubSpot.”
 
As a Gold Tier HubSpot Solutions Partner, Nook helps organizations:

• Collect and understand customer behavior data
• Streamline and automate member and client journeys
• Leverage AI-powered content and workflows to boost engagement
• Align CRM tools with long-term growth strategies
• Implement and optimize HubSpot faster, with less friction

 
Nook’s strategic and technical approach is helping mission-driven organizations adopt modern marketing and sales tools with confidence. With Gold Tier status, Nook is positioned to bring even greater value to clients seeking personalized, scalable, and compliant growth solutions.

​The House Ways & Means Committee wrapped up its markup on its reconciliation bill moments ago, which secures the credit union tax status. America's Credit Unions' advocacy team was on-site for the markup, and monitored through the night for any amendments that could impact credit unions. No amendment was offered that would change credit unions' tax status. The bill now heads to the House Budget Committee, which will compile the full reconciliation package for House consideration.

Here is a statement from America's Credit Unions President/CEO Jim Nussle, please don't hesitate to reach out if you have any additional questions.

“Thank you to Chairman Jason Smith and the House Ways and Means Committee for recognizing the immense value credit unions have on communities and securing the credit union tax status. This is a major victory for 142 million hardworking American families and small businesses who rely on credit unions, as it allows these community-first institutions to continue to serve Main Street America without limitation. America’s Credit Unions remains committed to protecting its members from tax hikes that will hurt them and the U.S. economy.” – Jim Nussle, America’s Credit Unions President/CEO

America's Credit Unions has been preparing a unified advocacy strategy for tax policy discussions for the past year, recognizing that many of the 2017 Tax Cuts and Jobs Act provisions would expire in 2025. America's Credit Unions PAC, in partnership with leagues, identified credit union champions to support during the 2024 election cycle. Following the presidential election, the credit union industry came together to further develop its tax strategy.

Through the Don't Tax My Credit Union campaign, which began laying the groundwork with lawmakers during swearing-in events in January, America's Credit Unions, leagues, and credit unions have:

• Met with every Republican member of the House Ways & Means Committee, including Chairman Jason Smith several times
• Met with the White House National Economic Council, Office of Management and Budget, and Treasury Department (5x)
• Met with Senate Majority Leader John Thune, Speaker of the House Mike Johnson, House Majority Leader Steve Scalise, Senate Finance Committee Chairman Mike Crapo, House Financial Services Committee Chairman French Hill
• Generated more than 771,000 grassroots letters directly to lawmakers
• Contacted all 535 Congressional offices with key data on the credit union difference
• Placed several op-eds and LTEs, at the national and local level, to raise awareness of credit unions' impact on their members and communities
• Commissioned an independent economic study on the national and consumer benefits of the credit union tax status
• Launched digital ad campaign targeting key tax writers and congressional leaders that has generated over 73 million ad impressions and engaged over 100,000 activists

 
America's Credit Unions and the credit union industry will continue these unified advocacy efforts throughout the reconciliation process to ensure the Trump Administration and lawmakers recognize the value of and secure the credit union tax status in final legislation.

​Digital banking provider Tyfone today announced Caro Federal Credit Union (Caro FCU) selected the nFinia® Digital Banking Platform as its digital experience provider.  
​
Headquartered in Columbia, S.C., with $129 million in assets and 7,400 members, Caro FCU was looking for a digital banking platform that offered innovative and creative digital features, not a standard digital banking template. Additionally, the credit union is focused on growing its touchpoints for members and sought more robust features to meet small business owners’ needs.

Anne Shivers, CEO of Caro FCU, said, “With members across the U.S. as well as countries across the world, we needed a solution that could enable us to be at the forefront of technology and would expand our members’ financial capabilities from wherever they are located. We wanted a digital banking platform that would not limit us or our members in their financial journey. Tyfone’s nFinia platform empowers our members and small business consumers to access banking services from any touchpoint, helping them manage their money and plan for the future.”

Tyfone’s open, API-driven platform enables the credit union to build an omnichannel experience for Caro FCU’s members, ensuring they can access the mobile platform any time, from anywhere. Additionally, nFinia’s fraud protections proactively prevent fraudulent activity, rather than detecting it after its happened, offering a seamless user experience while continuing to mitigate risk and fraud.

The credit union partners with Brookland Federal Credit Union (Brookland FCU, $4.7 million in assets, 1,200 members), a minority credit union in the greater Columbia area. Given this unique relationship, it was important to Caro FCU that the new technology provider would support Brookland FCU members as well.

“Part of our mission as a CDFI credit union is to support other organizations that support their communities. Any partner that works with us needs to work with Brookland, and Tyfone was incredibly excited and supportive to extend the most innovative digital capabilities to our partner institution,” stated Shivers. “Tyfone is well-equipped to offer the best tools possible to both Caro FCU and Brookland members and we are thrilled to offer new digital solutions, helping both credit unions flourish and grow.”

Siva Narendra, CEO of Tyfone, said, “We are proud to partner with Caro FCU to enhance their technology offerings for their members as well as Brookland FCU’s members. Our solution will empower their members to improve their financial lives and strengthen the Columbia community.”  

MD|DC Credit Union Association has partnered with Metallicus, the core developer of Metal Blockchain, to offer its members access to a collaborative Innovation Program focused on incubating blockchain-driven solutions for fraud prevention, digital identity, and operational efficiency in the credit union industry.

The Metal Blockchain Innovation Program provides a secure, compliance-forward infrastructure to support credit unions in evaluating blockchain technology across several strategic use cases, including:

Metal Pay for Credit Unions - A white-labeled Crypto-as-a-Service wallet solution utilizing tokenization and stablecoins to support compliant digital payments.

Metal Identity – A digital on-chain identity solution offering secure member authentication through verifiable credentials and Single Sign-On (SSO).

Fraud Prevention & Risk Mitigation – Blockchain-enabled tools using private subnets and advanced access controls to reduce risk and enhance security.

“We're bringing best-in-class, innovative products to help credit unions meet their members where they are—whether through crypto wallets, fraud prevention, or advanced member protection solutions. This partnership makes it easier for our members to explore and adopt transformative technologies like blockchain.” – John Bratsakis, President & CEO, MD|DC Credit Union Association.

To guide development and ensure practical outcomes, MD|DC CUA and Metallicus will form a steering group of participating credit unions. This group will collaboratively explore real-world applications and help define scalable models for industry adoption. Participants will benefit from access to technical support, educational resources, and early implementation opportunities.

“Credit unions are uniquely positioned to benefit from blockchain, and we’re excited to work with MD|DC Credit Union Association to bring these innovations to life,” said Frank Mazza, Director of Blockchain for Institutions & Fintechs at Metallicus. “Our goal is to make blockchain real and relevant for credit unions—and this partnership is a major step forward in doing just that.”

Through this partnership, the MD|DC CUA and Metallicus are making the Innovation Program available at no cost to all member credit unions as part of their membership benefits.

An informational webinar will be hosted this month for MD|DC CUA member credit unions interested in learning more about the Innovation Program, its current use cases, and how to get involved. MD|DC CUA member credit unions will receive an email with further details and registration information.

For questions or to express interest in joining the program, MD|DC CUA credit unions can
​visit metalblockchain.org/mddccua

Taking a proactive step to protect members from growing fraud risks, Oregon State Credit Union has partnered with Illuma, the leading provider of voice authentication and fraud prevention solutions for financial institutions, to deploy IllumaSHIELD™ voice authentication technology. This cutting-edge solution enhances identity verification in contact centers, dramatically reducing the risk of fraud and improving the member experience.
​
IllumaSHIELD™ leverages passive voice biometrics to authenticate account holders seamlessly and securely during contact center interactions. Unlike traditional knowledge-based verification methods, voice authentication verifies members in just a few seconds using the unique characteristics of their voice—eliminating the need for personal questions that can be compromised or spoofed.

“Oregon State Credit Union is proud to announce a new partnership with Illuma Labs, a leading innovator in fraud prevention and member security,” said Jim Gibson, Chief Operations Officer at Oregon State Credit Union. “This collaboration underscores our commitment to providing a seamless and secure experience for our members while optimizing efficiency for our team.

By integrating Illuma Labs’ advanced security solutions, we are enhancing fraud detection and identity protection, ensuring that our members can interact with confidence and peace of mind. This partnership aligns with our ongoing dedication to delivering cutting-edge financial security while streamlining operations for both our credit union and the community we serve.”
By implementing IllumaSHIELD™, Oregon State Credit Union is:

• Reducing fraud risk by using proprietary AudioPrint™ technology that is nearly impossible to replicate.
• Improving efficiency with faster member verification—typically over 87% reduction in verification time.
• Enhancing member satisfaction by removing intrusive security questions and minimizing wait times.

“We’re thrilled to support Oregon State Credit Union in delivering secure and frictionless experiences for their members,” said Milind Borkar, CEO and Founder of Illuma. “Our shared vision of using advanced, member-centric technology to fight fraud is helping financial institutions across the country stay ahead of cyber threats.”

Oregon State Credit Union joins a growing list of forward-thinking financial institutions adopting IllumaSHIELD™ to protect account holders and streamline service operations. As cybercrime continues to evolve, partnerships like this ensure institutions are proactively defending against fraud while elevating trust and service quality.

The Defense Credit Union Council (DCUC) has urged the House Ways and Means Committee to reject any late-breaking attempts to study—or weaken—the federal tax-exempt status of credit unions. In a letter ahead of the committee’s expected markup, DCUC Chief Advocacy Officer Jason Stverak opposed the Independent Community Bankers of America’s push for yet another review as a “thinly veiled attack” on credit union, member-owned financial cooperatives. See DCUC’s recent opinion piece from CU Today: The Tax Bill Is Silent, But We Cannot Be: Why the Credit Union Movement Must Stay Vigilant.
 
“Credit unions reinvest every dollar into members through lower loan rates, higher savings returns, and financial education—especially in military communities where our institutions support readiness and protect against predatory lending,” Stverak says. In the letter, Stverak reiterates that a 2025 economic study showed credit unions delivered $26.9 billion in direct member benefits last year and that repealing their exemption would shrink GDP by $266 billion and cost 822,000 jobs over the next decade.
 
DCUC reaffirms credit unions already contribute substantial payroll, property, and sales taxes, and that their cooperative mission makes them vital financial lifelines wherever banks have departed. Stverak adds, “Instead of diverting scarce legislative time to pitting financial institutions against one another, Congress should focus on policies that expand consumer choice, promote inclusion, and strengthen community resilience.”
 
“As leaders of the defense credit union movement, we know that vigilance off the battlefield is just as crucial as on it—especially now as Congress rewrites the tax code. Though the House draft is silent on our tax-exempt status, we cannot mistake that for safety: bills can shift at a moment’s notice under pressure from bank-backed interests seeking to undermine our not-for-profit mission,” says Stverak.
 
Yesterday, DCUC announced the long-anticipated tax package drafted and unveiled by House Republicans contained no mention of credit unions or proposals that would alter their longstanding federal tax exemption. Regardless, DCUC will continue its advocacy and vigilance as official deliberations and markups press forward.
 
“This is our moment to rally—to reaffirm that our exemption is a public good, counter attacks on our model, and showcase how defense credit unions deliver essential support to military families. More than protection, we must seize this opportunity to unify our system, amplify our voice in Washington, and strengthen our identity as mission-driven financial institutions. DCUC stands ready to lead—let’s read, share, and act together so that credit unions not only survive but thrive for generations to come,” Anthony Hernandez, DCUC President/CEO echoed.
 
For more information, please contact Jason Stverak at [email protected] and visit dcuc.org/advocacy.