The average credit union member is 53 years old. Reasonably affluent, well traveled down the journey of life’s financial goals — and well aware of the personalized and community approach of the credit union (CU) itself. But as is the case with any business, credit unions and community banks need to expand their accountholder base and gain ground with younger consumers who either are unaware of their local CUs, or may equate them with relatively staid business models.
In the wake of surpassing $1 trillion in credit card debt, Americans, particularly millennials and Gen Z, find themselves increasingly vulnerable to financial scams, according to a report released by BadCredit.org. The report revealed a staggering 78% of younger generations have been targeted by debt collection scams. With nearly half (46%) expressing concerns about becoming victims of financial fraud, the threat looms large over these demographics.
Today, the Consumer Financial Protection Bureau (CFPB) filed an order to resolve its lawsuit against James R. Carnes and Melissa C. Carnes for fraudulent transfers to avoid paying restitution and penalties. In April 2023, the CFPB sued James and Melissa Carnes for hiding money, through multiple fraudulent transfers over two years, in an effort to avoid paying more than $40 million owed by James Carnes.
A ceremonial signing for the Minnesota Debt Fairness Act was held Monday. Governor Tim Walz was joined by Attorney General Keith Ellison, bill authors Senator Liz Boldon and Representative Liz Reyer, and impacted Minnesotans to celebrate legislation intended to ease the burden of medical debt on Minnesotans.
For federally insured credit unions, assets and shares and deposits declined at the median over the year ending in the first quarter of 2024. At the same time, loans outstanding increased and delinquencies grew at the median, according to the latest Quarterly U.S. Map Review released today by the National Credit Union Administration.
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