Reaching young adults, expanding field of membership andpartnering with other cooperatives are expected to be the toppriorities among New York's credit unions over the next threeyears, according to a new membership survey released Friday bythe CreditUnion Association of New York.

The CUANY online survey of 115 credit union leaders asked whatwould be their top three priorities over the next three years.

Seventy-five percent of credit union leaders said they willfocus on young adults to keep and attract as members, while 42%said they will focus on expanding their field of membership.

“These responses validate our efforts to connect credit unionswith tools and resources for reaching emerging markets,” said CUANYPresident/CEO WilliamJ. Mellin. “From our statewide Young Professionals Commissionto various outreach workshops, we'll continue to support New Yorkcredit unions in attracting and engaging young adults and other keygroups.”

About 35% of credit union leaders said partnering with othercredit unions would be a priority over the next three years.

When asked to identify the most significant challenges facingcredit unions over the next three to five years, 51% of respondentssaid the threat of taxation and 47% said regulatoryburden/compliance-associated costs.

Marketplace competition (12 %) and aging membership/lack ofyoung adult members (10%) were other common responses, according tothe CUANY survey.

“When it comes to the issues they're most concerned about, Ibelieve New York credit union leaders are very representative oftheir peers nationwide,” Mellin said. “The 'Don'tTax My Credit Union' campaign is still a critical advocacyinitiative of ours, as is working with NCUA and the CFPB to reduceunnecessary regulatory burden.”

The survey also asked credit union leaders to identify the mostsignificant opportunities that could positively impact the creditunion movement over the next three to five years.

Twenty-nine percent of respondents said consumer dissatisfactionwith banks and/or opportunities to build credit unionawareness.

Potential loan growth (15 percent), technologicaladvancements/opportunities (12 percent) and increased credit unioncooperation/partnerships were other common responses among creditunion leaders.

“Our industry is in a great position to engage consumers andtell the credit union story, particularly as more and moreAmericans are becoming less willing to settle for financialinstitutions that put profits over people,” said Mellin.“Interestingly, the opportunities our credit union leadersmentioned most—from loan growth to technology to cooperation withone another—can all be connected to the primary opportunity ofengaging consumers.”

The online membership survey was conducted from Aug. 20 to Sept.5. The survey respondents represented 39% of CUANY's totalmembership from every asset category and region throughout theEmpire State.