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Through a collaboration centered on values for financial education, innovation and community investment, Canvas will bring its industry-leading financial services to the campus. Structured similarly to its relationship with CSU in Fort Collins, the credit union will deliver exclusive benefits for university students, alumni, faculty and staff. Canvas will launch its student account services, designed to focus on the unique needs of college students and young adults. The partnership will also explore an alumni credit card, financial literacy programing, plus potential partnerships with CSU-Housing to provide financial assistance for homebuyers and special offers for CSU affordable housing.

Sara Ott is the Chief Retail Officer at Canvas Credit Union. Previously, she served the credit union as Senior Vice President of Mortgage Lending. She leads with a people-centered approach which empowers her team to open with empathy, build connections and transform how members experience financial services. Sara is passionate about helping members afford life and attain the dream of homeownership.

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When a local ad slot during the Super Bowl became available at a discounted rate, Canvas Credit Union leaped at the chance. The credit union, based in Lone Tree, ran a 30-second spot just after halftime to highlight its new zero-down mortgage.

The credit union already had completed a television ad shot by its in-house videographer. But it needed a way to get the word out to its target audience: first-time homebuyers along the Front Range struggling to save for a downpayment.

APR = Annual Percentage Rate. Rate based on creditworthiness and card type. Refer to Truth-In-Lending Terms and Conditions Disclosures (DuPage Inspire Cash Back Signature, DuPage Imagine Rewards, DuPage Thrive, DuPage Canvas) for details. Must have a credit union membership established and be in good standing.

The new branch design is a part of a larger transformation for the credit union. Following a rebrand in 2018 from Public Service Credit Union to Canvas Credit Union, the local financial institution is revolutionizing their branch experience to better serve members. These transformations started with replacing teller walls and barriers to encourage more one-on-one interactions, as well as bringing in couches, chairs, fresh coffee, caf-style work stations, and other amenities that a member would find in their own living rooms. The goal is to make the branch environment feel like home.

Financial apps and the mobile devices on which they operate are so ubiquitous that many younger consumers have never set foot in front of a teller to make a deposit or apply for a loan. Credit unions must maintain face-to-face banking for members who are accustomed to the traditional, personalized services they offer. Nevertheless, CUs must balance this with adopting more advanced digital services that meet the needs of clients who prefer not to step into a financial institution.

Credit unions have been especially under pressure to compete with larger financial institutions (FIs) as well as nimbler FinTechs. As not-for-profit institutions, CUs must balance fees, interest rates, personal service and profits. Therefore, this can often lead to having less capital to invest in digital transformation than their profit-minded counterparts.

Financial technology and what members expect from it are evolving quickly, and Jakubczyk said that credit unions need to be cognizant of what they can and cannot offer right away. For instance, while it is crucial to provide digital capabilities such as bill pay, instant transfers and no-wait account opening, technologies that allow transactions using cryptocurrency may have to wait a while.

Another issue that he says will impede cryptocurrencies is liability. NCUA regulations insure most credit union deposits, for instance. Given that cryptocurrency is highly speculative, what happens if a member loses that money? Is the credit union responsible, and what will that do for the reputation of the organization?

For the first 80 years of its existence, Englewood-based Canvas was the Public Service Credit Union. It started in 1938 as a credit union for the Public Service Company of Colorado employees. The name change was meant to avoid confusion over who could be members, Greiving said.

At the end of the first quarter of 2023, auto loans at credit unions totaled $493 billion, an 18% year-over-year increase, according to the National Credit Union Administration. But experts are already predicting a slowdown in auto lending due in part to rising vehicle prices and interest rates.

But the $302 million-asset credit union is planning for a significant reduction in loan demand for new vehicles over the next few quarters based on the economic forecasts, according to United Credit Union CEO Mario Aguirre.

"In Chicago, I typically keep track of the local area midsize banks and credit unions, as they seem to always offer the best loan offerings. And we need to be able to match or beat their product and service offerings," he said.

Todd Marksberry, president and CEO of the $4.3 billion-asset credit union, said he expects automobile loans "to pave the way" this year for Canvas, even though it is generally considered a lower-margin product. "Our philosophy at Canvas is to always play the long game," he said.

John Buckley Jr., Gerber's president and CEO, said the credit union's auto-lending growth has been mixed between indirect and direct. If a recession strikes the credit union's Michigan market, he expects recent growth numbers to decline.

Only 111 credit unions currently use The Clearing House's real-time payments platform, out of nearly 5,000 nationwide, but having the world's largest credit union in the system could lead more to join. ff782bc1db