June News: AI Success in Small Credit Unions, Partner Spotlight & Digital Updates
This month in InfoNews, we explore practical AI adoption for credit unions, celebrate meaningful community impact, and share key updates from across the sector.
Tech Trends
What Getting AI Right Looks Like for Small Credit Unions
In the final article of his “AI Worth Having” series, our CEO Tucker Sholtes shares a real-world example of how a smaller credit union successfully adopted AI. Rather than chasing complex solutions, the focus was on practical applications that delivered measurable efficiency gains, such as significantly reducing loan document processing time and giving staff faster access to information.
The key takeaway? AI can create real value for smaller institutions when it’s implemented thoughtfully, supports existing teams, and is adopted organically rather than forced from the top. Read the full article here
Industry News
Canadians Embrace Banking Apps Across All Generations
Recent data from the Canadian Bankers Association shows a clear shift toward mobile banking across all age groups. The How Canadians Bank in 2026 survey found that 78% of Canadians used a banking app in the past year, up from 44% in 2016, with 37% now naming it their primary method. The trend spans generations: 47% of Millennials, 45% of Gen Z, 41% of Gen X and 19% of Baby Boomers conduct most of their transactions via apps. Overall, 82% of Canadians use digital channels (online or app) for the majority of their banking, up from 68% ten years ago. While average branch visits have declined slightly, many Canadians continue to value in-person support when needed. Read the full article here
Tip of the Month
Validate Your Data Before Filing to FSRA EDC
FSRA's Enhanced Data Collection (EDC) initiative is changing how credit unions report their data, and getting it right the first time saves everyone time. The Regulatory and Risk Data Standard (RRDS) defines all EDC data requirements in a standardized format, covering both the data points and how to report them. With onboarding now phased so that Phase I covers the first six schedules of instrument-level data and Phase II adds the rest, the accuracy of what you submit matters at every stage.
Before you file, take the time to validate every data point against the current RRDS. The standard is a living document, updated as of March 2025 (Enhanced Dataset V5.1.7), so start by confirming you are working from the latest version. From there, verify each schedule applies to your institution, or use the nil return template where a schedule does not apply, and cross-check your instrument-level data for completeness. A few minutes of validation upfront prevents rework and keeps your submission clear of complications with FSRA.
Product Updates
Equifax Credit Lock Compliance Now Live
We're excited to share that InfoLend now supports Equifax's Credit Lock, deployed in June ahead of the July 1 compliance deadline.
For some context, Ontario's Better for Consumers, Better for Businesses Act gave Ontario residents the right to place a digital lock on their Equifax credit report starting July 1. It's a free consumer protection tool designed to prevent identity theft. When a lock is active, Equifax is legally blocked from sharing a member's credit report or score with any lender until the member removes it themselves.
For lending teams, this matters. If a member has a Credit Lock on file and a lender tries to pull credit mid-application, InfoLend will display that Equifax has a lock on the file so your team knows exactly what is happening and why.
We strive to keep up with industry changes and stay compliant with any updates that affect lending operations.
To see how InfoLend can streamline your operations, book a demo with our team here .
Bay Credit Union Launches Mobile Wallet!
We're excited to share that Bay Credit Union went live with Mobile Wallet this June! Working closely with CUCC throughout the rollout, the Bay CU team brought tap-to-pay convenience to their members, and we couldn't be happier for them - congratulations to everyone involved in the launch!
Mobile Wallet lets members add their credit union card to Apple Pay, Google Pay, or Samsung Pay and pay securely with their phone or watch — no physical card required. It's quickly becoming an expectation rather than a nice-to-have, and launches like Bay CU's are a great example of credit unions meeting members where they already are.
If you're looking to bring Mobile Wallet to your credit union, let us know, and we'll get your slots scheduled!
Partner Spotlight
Oshawa Community Credit Union Sponsors Fiesta Week 2026
Oshawa Community Credit Union has once again demonstrated its deep commitment to the local community by serving as a Platinum Sponsor of the 2026 Oshawa Fiesta Week. The annual multicultural celebration, organized by the Oshawa Folk Arts Council, brings together residents from all backgrounds to celebrate culture, food, and traditions. By supporting this longstanding event, the credit union reinforces its dedication to fostering connection and pride within the community it has served since 1939.
Staff and members actively participated in the festivities, highlighting the credit union’s ongoing role not only as a financial partner but also as a proud supporter of local initiatives that strengthen Oshawa’s vibrant spirit.