DES MOINES, Iowa—The sheer number of community banks in this state has always led to banker assaults on the credit union tax exemption, including the ongoing attacks in the legislature.
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SAN FRANCISCO–In a world in which nearly three-quarters of one sought-after demographic say they would consider moving their financial relationships to Amazon, Google, Square or PayPal, credit unions are making a number of common—and critical—mistakes in how they are seeking to capture that market.
SAN FRANCISCO–Social media and even a new national brand awareness initiative may get much of the attention, but old-fashioned on-site events at companies and in communities remain a less sexy but fundamental membership building strategy for many credit unions. One CU that does more than 900 such events each year, has shared its successful approach to driving growth from the trenches.
SAN FRANCISCO–When it comes to your brand, above all, a credit union can’t become stale. And it really helps if you have fun along the way and avoid the haters, according to skateboarding legend Tony Hawk.
ROYAL-OAK, Mich.—With seven credit union acquisitions of banks during 2017, one analyst is forecasting that the number in 2018 should be even higher as the result of several trends.
BIRMINGHAM, Ala.—Credit unions that have never had to worry about the IRS will soon have to do so—and many CUs and execs who believe new rules around compensation don’t apply to them are likely in for a surprise, according to analysts.
ROYAL OAK, Mich.—Now that five ADA lawsuits against credit unions have been dismissed, is momentum building for a wave of dismissals among the hundreds of lawsuits brought against CUs nationally?
MIDLAND, Mich.—Many members of Dow Chemical Employees’ CU effectively paid about 1.2% APR for their 30-year mortgage in 2017, thanks to a patronage dividend program that returned 70% of interest paid to borrowers in good standing.
KENT, Wash.—Mergers among credit unions will continue, but the real trend will be in consolidation of larger CUs, according to one merger expert.
WASHINGTON–There’s no shortage of attention in credit unions to best practices, but what about “worst practices?”According to three people, those “worst practices” include not living up to the reasons for the CU tax exemption, the 30-year mortgage, and forgetting about the “soul of the owners,” among other approaches they believe credit unions need to change.