New Voting Poll: Cast Your Vote for Top Story of 2006
SHREWSBURY, N.J. — 2006 was not an easy year for credit unions.
Credit union conversions to banks continued. Battles with bankers were as intense as ever. The industry experienced consolidation on the league, corporate, credit union and vendor level. A major subprime indirect lender went bankrupt leading to significant credit union losses. The Nationwide FCU merger with Nationwide Bank opened eyes on new ways CUs could go the bank route. The list goes on and on.
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Now is your chance to vote for the top stories of 2006. Which stories impacted the industry the most? Which stories have set a precedent? Vote for the story that you believe will go down as the story of the year.
What was the story of the year in 2006?
oCredit union-to-bank conversions continue (DFCU Financial, Lafayette, Marcy, Sunshine State, Think)
oCentrix goes bankrupt; credit union losses mount
oMerger of all State Farm FCUs into one
oNCUA data collection pilot/fallout
oNationwide FCU merger with Nationwide Bank
oIndustry consolidation (leagues, corporates, CUs, vendors)
oBanker attack causes CUs to lose underserved area expansion powers
oTough market conditions, tight margins, membership stagnation
oLeagues take on branding efforts (BizKid$, Bob the CU Guy, CCUL branding, etc.)
oPlastic card losses/fraud comes to the forefront –[email protected] Voting Poll Results: Many Factors Hurting Membership Growth
SHREWSBURY, N.J. — According to Credit Union Times' just expired voting poll, lack of consumer awareness and too many other financial options are the prime reasons credit unions are experiencing stagnate membership growth.
Readers pointed to too many financial options as the No. 1 reason for difficulties in adding new members. Following close behind was low consumer awareness of credit unions.
The question and results are as follows:
Why are credit unions having trouble adding new members?
oThe common bond that gave CUs a captive audience for new members is eroding 12.87%
oConsumers have too many financial services options these days 36.04%
oCredit unions are not doing a good job of "telling their story" in their marketing efforts 21.24%
oField of membership expansion has put pressure on marketing budgets 1.67%
oConsumer awareness of credit unions is low 28.19%
Total votes: 777 –[email protected]
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