Reaching young adults, expanding field of membership and partnering with other cooperatives are expected to be the top priorities among New York’s credit unions over the next three years, according to a new membership survey released Friday by the Credit Union Association of New York.
The CUANY online survey of 115 credit union leaders asked what would be their top three priorities over the next three years.
Seventy-five percent of credit union leaders said they will focus 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 unions with tools and resources for reaching emerging markets,” said CUANY President/CEO William J. Mellin. “From our statewide Young Professionals Commission to various outreach workshops, we’ll continue to support New York credit unions in attracting and engaging young adults and other key groups.”
About 35% of credit union leaders said partnering with other credit unions would be a priority over the next three years.
When asked to identify the most significant challenges facing credit unions over the next three to five years, 51% of respondents said the threat of taxation and 47% said regulatory burden/compliance-associated costs.
Marketplace competition (12 %) and aging membership/lack of young adult members (10%) were other common responses, according to the CUANY survey.
“When it comes to the issues they’re most concerned about, I believe New York credit union leaders are very representative of their peers nationwide,” Mellin said. “The ‘Don’t Tax My Credit Union’ campaign is still a critical advocacy initiative of ours, as is working with NCUA and the CFPB to reduce unnecessary regulatory burden.”
The survey also asked credit union leaders to identify the most significant opportunities that could positively impact the credit union movement over the next three to five years.
Twenty-nine percent of respondents said consumer dissatisfaction with banks and/or opportunities to build credit union awareness.
Potential loan growth (15 percent), technological advancements/opportunities (12 percent) and increased credit union cooperation/partnerships were other common responses among credit union leaders.
“Our industry is in a great position to engage consumers and tell the credit union story, particularly as more and more Americans are becoming less willing to settle for financial institutions that put profits over people,” said Mellin. “Interestingly, the opportunities our credit union leaders mentioned most—from loan growth to technology to cooperation with one another—can all be connected to the primary opportunity of engaging consumers.”
The online membership survey was conducted from Aug. 20 to Sept. 5. The survey respondents represented 39% of CUANY’s total membership from every asset category and region throughout the Empire State.