Curql Collective, a collective of credit unions jointly investing in fintech, proudly announced that Curql Fund II has surpassed yet another fundraise milestone: $150 million. The fund, which opened for investments in September 2023, reached its $100 million milestone in April 2024.

​In just four short months, continued strong interest has driven an additional $50 million in investments, with support from credit unions such as Abound, All In, Alloya, BankFund, Clark County, Everwise, First Mark, GESA, Great Lakes, Greater Iowa, In Touch, OneAZ, Service, SESLOC, Skyla, State Farm Federal Credit Union, TRUE Community and many more across the nation.

In recognition of its impact, Curql Collective has been named Fintech Strategic Investment Capital Firm of the Year 2024 by Wealth & Finance International. This award, part of the 2024 FinTech Awards, honors organizations that have made significant contributions to advancingcfinancial services through innovation and collaboration. Curql was recognized for its unique ability to unite credit unions and fintech partners to create solutions that benefit credit union operations and credit members.

“The success of Curql Fund II is driven by the forward-thinking credit unions that recognize the importance of investing in technology. Their dedication to serving members is what truly powers our work,” said Nick Evens, President and CEO of Curql Collective. The window to invest is still open for Curql Fund II, offering credit unions a unique chance to join a collective of over 120 credit union investors that brings together industry leaders to help every credit union, big and small, compete with big banks and large fintech to remain relevant. Curql continues to provide credit unions with a strategic path to innovation. With active involvement in its portfolio companies, Curql ensures that fintech solutions stay aligned with the needs of credit unions, helping them remain adaptable and responsive to member demands.

For more information about Curql Collective and how to invest in Curql Fund II,
visit www.curql.com/credit-unions.

Small and medium-sized business (SMB) lending fraud has increased by a double-digit percentage year over year, with most lenders expecting fraud levels to continue to increase in the coming months, as revealed by the latest edition of the LexisNexis® Risk Solutions Small and Midsize Business Lending Fraud Study. Overall, more than 80% of respondents said that SMB lending fraud has risen by nearly 14% over the last year, even as lenders are less willing to issue new credit.
 
SMB lending fraud is increasing at consistent rates but is gradually moving away from the influence of the pandemic. Notably, SMB lending fraud is typically caught within the first month of a new customer relationship.
 
Organizations recognize that reducing SMB lending fraud can lead to increased revenues and improved customer loyalty. With most fraud losses attributed to digital channels, 70% of organizations have adjusted their strategies for detecting and mitigating fraud. This shift highlights a proactive approach within the industry, with many lenders tightening their mobile and online transaction policies. While smaller banks and credit unions are balancing their policies, larger institutions are adopting stricter measures.
 
Key Findings on SMB Lending Fraud

• Top Methods of Fraudsters: In the period surveyed, stolen legitimate business identity and stolen consumer/owner identity have emerged as the most common type of SMB lending fraud, making detection particularly challenging. Recognizing that reducing SMB lending fraud can lead to increased revenues and improved customer loyalty, organizations are enhancing their detection capabilities. However, balancing fraud detection with minimizing customer friction remains a key concern.

 

• Shift to Tech-Driven Fraud Prevention: There is an anticipated shift from labor-centric to tech-driven fraud prevention as companies face a recurring challenge in managing and mitigating fraud risks. SMB lending fraud is a shared concern across industries, with most companies anticipating overall losses between 6% and 10%. About 17% of these losses are due to efforts to reduce friction in approval processes.

 

• Increase in Proactive Fraud Prevention: Businesses are enhancing their fraud prevention efforts by integrating advanced identity solutions like behavioral biometrics, geolocation and real-time transaction scoring to bolster their anti-fraud initiatives. Fintech/digital Lenders have shown remarkable improvement in this area.

 
"Though the perception exists that SMBs have complex structures, our annual study shows that lenders employing a multi-layered solutions approach, integrated with cybersecurity and digital channel operations, experience more positive outcomes when lending to small businesses," said Tom Hunt, director, business risk strategy, LexisNexis Risk Solutions. "These include reduced fraud losses as a percentage of annual revenue and a slower rate of increase in SMB lending fraud."
 
Top Four Recommendations for Preventing SMB Lending Fraud

• Enhance Identity Proofing: Identity proofing encompasses both verification and authentication processes. While verification is a critical step, it may not be sufficient on its own to detect sophisticated fraud attempts. Authentication solutions offer a more dynamic and advanced approach to fraud detection and prevention, especially in remote channel applications where the risk of fraud is higher. Additionally, businesses need advanced fraud detection systems beyond manual methods. Utilizing technology is essential for effectively identifying and addressing fraud while minimizing inconvenience to customers.

 

• Adopt a Multi-Layered Approach: Businesses should implement a multi-layered approach to authentication by combining different solutions to address unique risks from different channels, payment methods and products. This approach should integrate cybersecurity with fraud prevention efforts and employ advanced solutions like OTP/two-factor authentication, biometrics and behavioral biometrics. 

 

• Focus on Early-Stage Fraud Detection: New account opening is a crucial stage in the customer journey as well as fraud assessment at the point of origination. Maintaining robust screening solutions while managing the right amount of friction is key. This includes checks for fake or suspicious identification numbers, such as Social Security Numbers (SSN) and Tax Identification Numbers (TIN). A significant portion of fraud cases are identifiable and then prevented by enhancing the screening process.

 

• Share Intelligence: Businesses should leverage the power of collective intelligence through consortiums and digital identity networks. By participating in a consortium, companies can share valuable data, creating a peer-based intelligence layer that allows them to gain greater context, secure their digital channels against cybercriminal networks and make smarter, real-time risk decisions.

 
Methodology 

The study surveyed 135 individuals working at banks, credit unions, fintech/digital lenders and payment processors with responsibility for risk and fraud assessments or decisions for SMB customers. SMBs are businesses earning up to $10 million annually. The study set out to better understand SMB lending fraud, specifically its volume, how institutions identify and track fraud, the types of fraud experienced, what institutions are doing to combat fraud and whether there are differences in SMB lending fraud based on the size or type of organization.
​
Download the latest LexisNexis Risk Solutions Small and Mid-Sized Business (SMB) Lending Fraud Study

​Canvas Credit Union is pleased to announce the appointment of Chad Shane to Chief Executive Officer (CEO), effective today, September 5th.
 
With more than 30 years leveraging a people-focused business expertise, and 13 years serving at Canvas Credit Union, Chad Shane has been instrumental in driving Canvas Credit Union's growth and success, making him a valuable leader in the financial industry. Over the years, Shane has held several key positions within the organization, including Chief Lending Officer, Senior Vice President, Vice President of Lending, and AVP of Lending and Business Development. He embodies the credit union’s welcoming work culture and consistently demonstrates a commitment to serving the community.
 
"I am deeply honored to be selected as the CEO of Canvas Credit Union,” said Shane. “I have been a long-time leader at Canvas and have experienced first-hand how special this organization is. This team inspires me every day with their dedication to uplifting our members and communities. Together with our dedicated team, we will keep leading with our hearts, fostering a culture of care, and driving meaningful impact across Colorado."
 
Canvas Credit Union has a long-standing reputation for delivering outstanding financial services and fostering strong community relationships. The appointment of the new CEO further solidifies the credit union's commitment to excellence and its dedication to serving its members and the communities it operates in.
 
"We are thrilled to elevate one of our own to lead our Canvas Credit Union family," said Tom Lash, Board Chair at Canvas Credit Union. "With 13 years of dedicated service, Chad brings a wealth of experience from within our organization. I am confident that under Chad’s leadership, we will continue to drive innovation, influence the credit union industry, and support our members in achieving their financial goals.”
 
Canvas Credit Union remains focused on its mission of empowering its members to achieve financial success. With Shane at the helm, the credit union is poised to build upon its strong foundation and drive innovation in the financial industry.
 
 
For more information about Canvas Credit Union and its services, please visit https://www.canvas.org/.

Achieva Credit Union today announced the successful acquisition of Veritas Title and the launch of Achieva Title Services, its newly formed Credit Union Service Organization (CUSO). This significant milestone represents Achieva Credit Union’s mission to deliver the most exceptional and convenient service to both credit union members and the communities they serve, including borrowers looking to purchase or refinance a residential or commercial property. 

“This acquisition allows us to enhance our real estate services and provide our members and clients with a seamless, stress-free experience,” said John Wintermeier, Chief Business Officer at Achieva Credit Union. “With Achieva Title Services, we aim to be your reliable partner in real estate transactions, providing peace of mind from start to finish. We’re here to support you every step of the way.” 

Veritas Title is a prominent real estate title company, serving the entire state of Florida since 2005. With the acquisition, Achieva Title Services will partner with the credit union’s mortgage department to enrich service offerings, streamline operations, and make the loan closing process seamless for anyone purchasing or selling a residential or commercial property. 

"I am absolutely thrilled to join with Achieva Credit Union, an organization that truly embodies putting the community first and servicing its members above all else,” said Jon Coats, Jr., Founder & President of Veritas Title. “Together, we will deliver unmatched service and a quality product to buyers, sellers and realtors.”  

Achieva Title Services is attorney-managed and specializes in overseeing all real estate transactions, including title and abstract searches, preparing closing documents, providing title insurance, and resolving liens. 

To learn more, please visit www.achievatitle.com ​

​ASA, an embedded App Store as a Service provider, today announced a long-term strategic partnership with Sharetec,a web-based core processing platform for credit unions. Sharetec will be the first to integrate ASA’s embedded app store, ASA Vault, into its digital banking platform, allowing Sharetec’s nearly 300 credit union customers to boost deposits, interchange, member engagement, and growth.  
 
Through the partnership, Sharetec credit unions will be able to offer an app store of valuable fintech tools directly within their digital banking platforms while minimizing fraud exposure and giving users complete control over the sharing of their financial data. Using their current accounts, members can seamlessly activate the newest financial apps all from the privacy and security of their trusted credit union digital experience, avoiding the time-consuming registration and data connecting procedures common in conventional fintech solutions. This will allow Sharetec’s credit unions to enable members to explore and try the latest technology, while avoiding security and compliance risks.  
 
“Sharetec is proud to be the first to ever launch this type of innovative app store from within our digital banking ecosystem, unlocking new possibilities and growth for our credit union  partners,” stated Joe Viater, President of Sharetec. “With ASA, our credit unions can more effectively meet unique member needs at scale and offer flexibility, value, and support in a secure environment. This is one of the deepest integrations we’ve ever completed, and we are confident that ASA’s embedded app store will serve as a strong competitive differentiator for our credit unions now and in the years to come.” 
 
The ASA Vault operates within a cooperative model, allowing credit unions to share technology and select the most beneficial apps for their members, with new apps added at no additional cost.  
 
“We are paving the future of fintech integration that enables credit unions to power fintech for members while solving the risks and roadblocks associated with the Banking as a Service (BaaS) model,” said Landon Glenn, CEO and Founder of ASA. “We’re excited to partner with Sharetec and take a significant leap forward in innovation. Together, we’re setting new standards for digital trust and commerce, while allowing credit unions to remain central to their members’ financial and fintech experiences.” 

The newly released Q3 2024 Credit Union Market Perspectives Report from TransUnion (NYSE: TRU) found that balances continue to rise across all credit products, led by share growth among consumers in the super prime and subprime risk tiers.

Among credit unions, balances grew among all consumer lending areas in Q2 2024. Growth ranged from 2.7% in credit union auto balances up to 14.4% for home equity loan balances as borrowers continue tapping into the equity in their home to make home improvements, consolidate other debt, or pay for other large purchases like education expenses. Bankcards also saw significant YoY balance growth, up 8.6% over the period.

“Despite a consumer credit market in which originations for many products remain below levels we saw two years ago, credit unions continue to see their total balances increase as they continue to serve the needs of their members,” said Jason Laky, executive vice president and head of financial services at TransUnion. “It will be interesting to watch new loan growth as credit union deposits return to growth and interest rates likely begin falling later this year.”

Taking a deeper look at credit balances, growth has not been equal among all credit risk tiers. In fact, credit unions are now seeing a greater share of their overall balances being found among consumers in the super prime and subprime risk tiers, while other risk tiers saw their shares decline YoY. Each of these other risk tiers has seen their balance share decline for two consecutive years.

Among subprime, Q2 2024 represented the fourth consecutive YoY growth in balance share. On the origination front, Q2 2024 (the latest quarter available for origination data) saw increases in two key lending areas with personal loans up 7.0% YoY and mortgage finally seeing a slight uptick (+1.8% YoY) after following a long period in which higher interest rates have kept people waiting to buy. With the Federal Reserve’s recent signaling that the time has come to cut interest rates, other lending products may similarly see the beginning of an upward trend in loans among credit union customers.

“With the Fed all but confirming that their next meeting will finally be the time for rate cuts, it would not be surprising to see much of that pent-up demand for mortgages and auto loans begin to finally be realized as more people who have been on the sidelines finally engage,” said Sean Flynn, senior director of community financial institutions at TransUnion.

Delinquencies remain lower among credit union members as compared to other financial institutions
Delinquencies across most credit union lending products are no longer seeing the elevated growth rates of 2021 and 2022, leveling off for some products and even declining YoY for unsecured personal loans and HELoans. Additionally, credit unions continue to see delinquency rates lower than other lenders. Credit unions saw 0.8% account-level 60+DPD delinquency in Q2 2024. In comparison, FinTech/specialty lenders saw 3.0% 60+ DPD in Q2 2024 while other banks ranged from 0.9% to 1.6%.

Flynn concluded, "It's exciting watching the growth and innovation taking place in credit unions. As we look to 2025, it's becoming increasingly clear that to remain relevant and continue attracting today's consumers, credit unions need to have data-driven, modernized marketing strategies in place. Whether that's more optimized marketing spend in digital advertising or advanced acquisition tools that drive more targeted campaigns, credit unions will need to leverage data and technology to meet consumers where they are, with offers that mean something to them."

​Wellby Financial, the second-largest credit union in Houston, has announced a multi-year partnership with the Houston Rockets making them the team's official credit union.
 
Supporting the financial well-being of Greater Houston for more than 60 years, Wellby’s partnership with the Houston Rockets marks a significant milestone in growth and outreach to the Houston community and celebrates its Space City heritage.
 
“We have important, historical ties to the Rockets brand, and this partnership is foundational to who we are and how we serve our communities,” said Marty Pell, president & CEO of Wellby Financial. “Wellby Financial was originally created in 1961 to support the employees and families of NASA Johnson Space Center. Partnering with the Houston Rockets celebrates our shared space legacy and aligns with our unending quest to deliver unique value for our members. This partnership also provides a great opportunity to help even more Houstonians along their path to financial prosperity.”
 
As the official credit union of the Houston Rockets, Wellby’s member and community impact will be prominently showcased throughout the 2024-2025 season with in-arena and digital branding, in-market and gameday activations, and a multitude of interactive experiences. Among several other premier benefits, Wellby will provide members with access to exclusive experiences for Rockets home games and select Toyota Center events. On game day, fans will also have the opportunity to visit a permanent "Wellby Universe" activation on the Toyota Center Main Concourse.
 
“We’re excited to partner with Wellby and work together to provide our fans exclusive benefits and opportunities with a long-standing local credit union” said Rockets President of Business Operations Gretchen Sheirr. “With Wellby’s strong commitment to the Houston community, this partnership is especially meaningful, and we’re thrilled to bring the Wellby Universe to Rockets fans as we aim to make a lasting difference through our shared platforms and brand affiliation.”
 
Recently named one of America’s best credit unions by Newsweek, Wellby is dedicated to helping its members build, grow, and thrive on their journey to financial prosperity. With a personalized approach, Wellby provides the tools and resources needed for every step of the financial journey, rooted in a legacy of innovation and community.
 
Learn more about the new partnership by visiting wellbyfinancial.com and following us on social @wellbyfinancial as ticket opportunities, special offers, and events with the Houston Rockets are announced in the coming months.

​In the spirit of unity, the Credit Union League System, the American Association of Credit Union Leagues (AACUL) and America’s Credit Unions encourage credit unions nationwide to join our colleagues at the World Council of Credit Unions (WOCCU) and the Worldwide Foundation for Credit Unions (WFCU) to “educate, celebrate, and participate” in International Credit Union (ICU) Day on Thursday, October 17.
 
“International Credit Union (ICU) Day® celebrates the spirit of the global credit union movement. The day is recognized to reflect upon the credit union movement's history, promote its achievements, recognize hard work and share member experiences”, explains WFCU President Mike Reuter. “Ultimately, ICU Day is about unity and bringing our global credit union movement together.”
 
More than 82,000 credit unions and other cooperative financial institutions bring financial inclusion and a promising future to more than 403 million members worldwide. 
 
“We are excited to urge credit unions to join the League System in growing WOCCU and Worldwide Foundation for Credit Unions’ mission of advancing financial inclusion worldwide by educating, celebrating and participating in ICU Day on October 17,” shares AACUL President Brad Miller.
 
“This year’s theme One World Through Cooperative Finance is timely and encouraging,” offers AACUL Chair and CrossState Credit Union Association President/CEO Patrick Conway. “We are excited to align with our colleagues and showcase how our movement brings people closer together through democratic, member-owned financial institutions. I believe the theme is especially pertinent at this time in history when we seem increasingly divided.”
 
For more information about International Credit Union Day and to access promotional materials, visit the World Council of Credit Union’s site at woccu.org/icuday.

Bankjoy, a leading digital banking provider has been honored as a 2024 Finovate Awards finalist, alongside Panacea Financial, a nationwide digital neobank providing banking services designed to meet the unique needs of healthcare professionals. The Finovate Awards recognize the companies driving fintech innovation forward and the individuals bringing new ideas to life.
 
Panacea Financial and Bankjoy were recognized as finalists in the Finovate Awards’  “Best Fintech Partnership” category. The Finovate Awards’ “Best Fintech Partnership” is given to a financial institution and fintech company who are collaborating to build something new and groundbreaking, which is exactly what Panacea and Bankjoy have achieved. 
 
When doctors need financial support from a traditional bank, they often hit roadblocks. Additionally, doctors have limited time and atypical working hours, so traditional banking hours do not always work for their busy schedules. That’s why Panacea Financial is digital-only and offers access to bankers around the clock, so that even doctors working night-shifts can manage their finances quickly and easily. To facilitate this, Panacea Financial partnered with Bankjoy to provide a full suite of digital banking features, specifically geared for the banking needs of healthcare professionals. 
 
Since partnering in late 2023, Panacea Financial has continued growing its client base of physicians, dentists, and veterinarians with the help of Bankjoy’s suite of modern digital banking tools. Using Bankjoy’s end-to-end digital banking platform, Panacea’s clients have been able to easily manage their personal and practice finances on their preferred devices at any time. Panacea’s product and service offerings, which are accessible via Bankjoy’s online and mobile banking platform, are built to provide financial support to physicians, dentists, and veterinarians throughout their careers: from school, through residency training, and into their practice. 
 
“The medical field has distinct banking needs, which makes them different from other client demographics. Doctors typically have long periods of low income and high debt during school and training. Our business model is unique because we aim to serve these clients at the start of their training and foster lifelong relationships,” said Dr. Ned Palmer, COO of Panacea Financial. “ Bankjoy has been an instrumental partner with an incredible banking platform, and we continue to develop new features and technologies together to help us better serve our community of doctors.” 
 
“We’re honored to be recognized in this year’s Finovate Awards. We take pride in serving an organization like Panacea Financial, who is making a meaningful impact on the financial lives of healthcare workers across the U.S.,” said Mike Duncan, CEO of Bankjoy. “Our team is proud to support them with our suite of digital banking tools that make managing finances easier for busy doctors and other medical professionals.”