Credit Union News Blog by Oak Tree Business Systems, Inc. - Your fun and informative source for updates, regulations and more.
Credit unions know how important ATMs are to their members. The ability to withdraw cash instantly at any given time is something most people directly relate with their banking experience. The convenience of the Automatic Teller Machine wasn't always available, though. Here's an interesting and brief history of the ATM:
ATMs came into existence in the 1960s in Europe. The so-called “Father” of the ATM was John Shepard-Barron, who came to the idea in his bathtub after he ran late and missed the closing of his bank on a Saturday, unable to pull out money for the weekend. The invention came from that, and a combination of his love for chocolate. He believed pulling out money from his financial institution should be just as easy as purchasing a candy bar from a vending machine. At the time, Shepard-Barron was working for a global currency printing company and had the idea of simply switching chocolate for cash. He took the idea to his supervisors, who then presented the idea to Barclays Bank in London.
Credit unions serve various demographics across the United States and need to offer the appropriate loan products to best match their members' needs. Criteria such as age, income, and credit score all factor into what type of loan is offered to a member. These variants will help a loan officer decide whether to offer a member a secured or unsecured loan.
The difference between a secured and unsecured loan:
The National Association of Federal Credit Unions (NAFCU) held its 2016 Regulatory Compliance School in Arlington, VA on March 14 through 18. The compliance training allowed credit unions to gain knowledge and understanding of regulations and laws that will affect their credit unions. Many credit union employees, executive management, examiners, attorneys and counsel were in attendance and had the opportunity to learn about important regulations and federal regulatory agencies that work for credit unions, like the CFPB and NCUA. Attendees also had the opportunity at the school to be examined and certified as one of NAFCU’s Certified Compliance Officers (NCCO).