A death sentence for credit unions? An impetus to change the business model? Depends on who you ask.
Reality Check was the aptly chosen name for the New Jersey Credit Union League’s one and one-half day Atlantic City conference. Over the densely packed schedule of deep-dive presentations on topics of current interest to credit union executives, the several hundred attendees heard over and over two stark realities.
ATLANTIC CITY, N.J. — Where can credit unions find new revenue streams? Bob Larson of CUNA told attendees at the “Reality Check” conference to accept the importance of noninterest income.
While credit unions weathered the recession better than large banks, they are searching for new sources of revenue to counterbalance slow loan business and potential losses on the debit card side resulting from the interchange fee cap.
The Maryland/D.C. Credit Union Association has vowed to help its members cope with the assessment and a depressed economy by extending a 10% dues rebate for 2010.
A group of small Maryland/DC credit unions under $500,000 is getting a free pass on their league dues this year thanks to the payoff of a CUNA Mutual Group incentive program.
Members of the $14.7 billion Pentagon Federal Credit Union will have access to a range of investment and insurance products through a new partnership with USAA.
Technology can be both a benefit and a curse. The right system offers today's credit union marketers a wealth of information. But too often, that information is spread out across departmental silos, with little transparency and access.
For what seems like an eternity, credit unions had been used to working with an insurance broker model that some in the industry said prevented more revenue from flowing their way.
The boards of the $3.5 billion Kinecta FCU and $1.2 billion NuVision FCU have announced their intent to merge.