WASHINGTON — In his new role as CUNA's chairman, Oakland County Credit Union (Mich.) President/CEO Allan Kemp McMorris stressed the need for outreach to the younger generations to cultivate new credit union members.
"Over the past quarter century, there have only been three years where asset growth was actually slower," he said. Four of 10 credit unions experienced shrinking membership. "It's membership growth that, in my opinion, is the foundation of the credit union movement."
It is critical that the "next generation of Americans have access" to credit unions, he said. To reach the Gen Y and X-ers, credit unions need to consider marketing in new ways, incorporating online venues like YouTube and MySpace.
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Additionally, credit unions need to look to the unbanked that represent approximately $2 trillion in economic activity. HLPR–CUNA's home loan program targeting low-income consumers–is one way to reach that audience, McMorris suggested.
Credit unions have a couple things working in their favor including the affinity they already enjoy with their current members, he said. While credit unions are not tattooed on anyone's chest, McMorris said, "We are the Harleys of the financial services industry."
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