Emerging Risks Outlook

Keeping ahead of the complex array of ever-changing risks, litigation trends, and compliance issues that are impacting credit unions requires keen awareness, effective preparation, and loss control scrutiny.

When risk management is effective, typically nothing bad happens. But, if you’re blindsided by a problem, your credit union reputation takes the hit. Don’t let not knowing which emerging risks are around the corner take the blame.

While each credit union has its own unique risk footprint, this Emerging Risks Outlook introduces risks and trends that most likely should be on your radar.

Climate Change

Climate change and climate-related risks pose a significant challenge and offer opportunities for credit unions.
View the white paper

Overdraft/NSF Fee Litigation

Law firms continue to send demand letters threatening a lawsuit and/or file a lawsuit alleging members were improperly assessed around overdraft and/or NSF fees.


A ransomware incident is one of the most disruptive and costly attacks your organization can suffer.

Defective Post-Repossession Notices

Class action lawsuits against credit unions due to deficiencies in collection letters continue to be successfully brought forward by plaintiff attorneys.

ATM Smash & Grab Attacks

Criminals are increasingly turning their attention to the money inside automated and interactive teller machines.

Zelle/P2P Fraud

Fraudsters continue to target members of credit unions offering P2P (e.g., Zelle) by using a sophisticated scam.

Slip, Trips & Falls

Surprisingly, credit union slip, trip & fall claims are about 20 basis points higher* than the banking industry.

Wire Fraud/Business Email Compromise

Wire transfers are a high-risk activity frequently targeted by fraudsters.

Workplace Violence

Workplace violence can leave an indelible mark on an organization, and working through the risks and prevention controls can be a daunting task.

Remote Work & Technology

Unfortunately, poorly adopted flexible or remote work arrangement plans – especially as it relates to technology – can also lead to increased risks that impact more than your remote employee.

Vendor Program Management

Vendors play a key role in the success of credit unions; however, relying on vendors can also introduce added risk, and managing these relationships and agreements is critical.

CUSO Risks

Depending on the type of activities, CUSO involvement can be concerning without clear credit union understanding, due diligence, and oversight.

Mergers & Acquisitions

Even if you know your merger or acquisition partner well, you have a fiduciary responsibility to dig deep to ensure it aligns with your culture and your business goals.

Marijuana-Related Business Services

Credit unions considering offering services for marijuana-related businesses must clearly understand the many factors and risks before implementing these services.

Disruptive Technologies

New advances in technology are still disrupting our industry for the best, but don’t lose sight of the risks.

To discuss how to identify risk, mitigate losses, and receive insightful resources and tested practices, Ask a Risk Consultant or call 800.637.2676.

*The Hartford Claim Report (2017-2021), January 2022
This resource is for informational purposes only. It does not constitute legal advice. Please consult your legal advisors regarding this or any other legal issues relating to your credit union. Any examples provided have been simplified to give you an overview of the importance of selecting appropriate coverage limits, insuring-to-value, and implementing loss prevention techniques. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Insurance products offered to financial institutions and their affiliates are underwritten by CUMIS Insurance Society, Inc. or CUMIS Specialty Insurance Company, members of the CUNA Mutual Group.