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."
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