SHREWSBURY, N.J. — Credit unions face a myriad of threats in 2007, but which ones loom the largest?
The bankers continue to push for the removal of the credit union tax-exemption. Many leaders agree that if it was removed, credit unions would cease to exist? But how real is that threat?
Credit unions of all sizes are under intense economic pressure. Spreads are tight. It's costly to add new members. Growth is slowing on loans. Complying with burdensome regs is straining budgets.
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Bank conversions still loom. Competition has never been stronger and 60% of credit union CEOs are expected to retire within the next 10 years. There is also growing sentiment that the credit union philosophy is waning. What is credit unions' greatest challenge? That is the subject of the newest voting poll. The question is as follows:
What is the greatest threat to the future of credit unions?
- Bank conversions
- Removal of tax-exemption
- Competition
- Economic pressures
- Leadership losses
- Erosion of CU philosophy
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