Another year has gone by, and what an incredible year it has been for credit unions! Membership has reached an all time high, and the numbers continue to grow. Here is a look back at some important events that have happened in the credit union industry during 2015.
- The April riots in Baltimore caused credit union offices to close down. Read more here.
- In June, the CFPB announced that they will allow for a grace period for TRID enforcement. This update was originally set for August 1, 2015 but was pushed back to October to ensure a smooth transition. The extension was given to allow for real time testing of the closing process. Read more here.
- Transamerica announced that they are leaving the credit union market. Make sure your credit union forms are compliant while you choose a new insurance carrier by using Oak Tree Business Systems, Inc. credit union forms. Read more here.
- The U.S. Secretary, Jack Lew announced that a woman will be featured on the new 10 dollar bill in 2020. Read more here.
- In June, NAFCU held their 48th Annual Conference in Montreal where they announce that they will be opening membership to federally insured, state-charted credit unions. Read more here.
- In July, The NCUA made changes to implement automatic approval and regulatory relief to federal credit unions seeking to add associations to their field of membership in an electronic confirmation. In doing so, they created 12 additional categories for membership eligibility. Read more here.
- This year the iWatch was released. The release of apple iWatch grew the existing Apple pay. Many credit unions introduced apps for their members that allowed them to use Apple pay.
- In July, the FCC added new guidelines to the Telephone Consumer Protection Act that effect financial institutions. Read more here.
- The Michigan Credit Union League became the first league to allow credit unions to join the league without joining CUNA. Read more here.
- Credit Unions showed their support to the communities they serve with fundraisers set up for those affected by the California Fires. Read more here.
- Credit Union International Day was celebrated on October 15 this year. Credit unions participated around the world by celebrating their members. Read more here.
- New Military Lending Act Regulations were passed to further protect active-duty members. Read more here.
- In November, NCUA announced a proposed Commercial Lending Rule in an effort to allow for more business loans to be approved by credit unions. Read more here.
A list of the top ranked credit union was released on December 5, 2015.
- Alliant Credit Union
- Digital Federal Credit Union
- First Technology Federal Credit Union
- Kinecta Federal Credit Union
- Patelco Credit Union
- Lake Michigan Credit Union
- Pentagon Federal Credit Union
- San Diego County Credit Union
- The Golden 1 Credit Union
Source: "Best Credit Unions in the US (Top Ranking List and Reviews)." Best Credit Unions Opened to Anyiong. AdvisoryHQ., 5 Dec. 2002. Web. 10 Dec 2015.
Oak Tree looks forward to another great year for credit unions and will continue to provide exceptional forms to the credit union industry.