An increasing number of SEG credit unions have been convertingto a community charter, hoping that it will help lead to new growthand opportunities.
|But a new CUNA white paper suggests many credit unions are strugglingwith the many challenges that come with converting to a communitycharter.
|“Sporting a community charter means a credit union must appealto a much broader audience,” the white paper states. “As a singlesponsor or SEG-based institutions, a credit union once had whatcould almost be called a captive audience to members and potentialmembers. No so with community charters. While the new charter opensthe floodgates for potential new members and growth, the floodbrings with it a host of new challenges and responsibilities.”
|The 21-page white paper, “Developing Strategies forCommunity-Based Credit Unions,” highlights a number of ways creditunions can develop its niche markets, create unique memberexperiences, encourage employee involvement and become an activecommunity partner.
|The white paper includes detailed examples about how othersingle sponsor or SEG-based credit unions continued to expand afterthey converted to a community charter.
|The white paper is available from the CUNA MarketingCouncil.
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