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Courting Underserved Continues as CUs Innovate to Expand Membership, Callahan Says

WASHINGTON - Innovation is still the key for credit unions looking for new ways to serve their members, according to Callahan & Associates, Inc. "Although the industry continues to experience slow share and member growth, credit unions continue to develop innovative ways to serve the unmet financial needs of the...

By Staff Writer | Updated on June 06, 2006

WASHINGTON – Innovation is still the key for credit unions looking for new ways to serve their members, according to Callahan & Associates, Inc. “Although the industry continues to experience slow share and member growth, credit unions continue to develop innovative ways to serve the unmet financial needs of the marketplace, said Chip Filson, president of Callahan & Associates. The $40 million Hope Community Credit Union in Jackson, Miss., which collaborates with churches and other nonprofit organizations to reach underserved communities, is just one of many examples of “credit unions fulfilling their mission to provide services other financial institutions cannot or will not provide,” Filson said.

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