LAS VEGAS — CUNA Chairman Allan Kemp McMorris, president/CEO of Oakland County Credit Union, held up Navy Federal Credit Union as an example of a credit union working to combat slow membership growth.
“This low growth is not just affecting any one asset size. It’s across the board,” McMorris said.
Navy Federal has a global membership, but found that when members ended their tour of duty, they also ended their membership. To stop this cycle, Navy Federal has taken steps to expand is online services and call centers, and bolster its branding. The credit union is working on the philosophy of a former CEO: “If we take care of the member, the bottom line will take care of itself.”
He also announced that CUNA’s new Membership Growth Task Force held its inaugural meeting during America’s Credit Union Conference & Expo. The task force, chaired by Texas Credit Union League President/CEO Dick Ensweiler, will consider issues of member retention, pursuing existing potential members, does the credit union difference mean anything to members, and are there regulatory issues that should be addressed, among other things. The task force will take look at branding, research on various market segments, cost efficiencies, and peer comparison for potential solutions.