WASHINGTON — While credit unions have been in the midst of a "growth stall" for some time, it hasn't stopped many of them from implementing innovative expansion strategies.

That was one of the sentiments shared at an Aug. 29 Webinar from Callahan & Associates and Open Solutions, Inc. on notable trends within the credit union industry. Some credit unions are sticking with traditional organic growth while others are going after niche markets such as younger members and the underserved. Then there are those credit unions that have left or are attempting to leave the system through bank conversions.

"The real problem credit unions are facing is an effectiveness challenge," said Chip Filson, president of Callahan. "The cost per member to run a credit union with $10 to $50 million in assets is not that much different for credit unions over $1 billion. The real difference comes with the amount of member participation."

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