X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PONTIAC, Mich. — If necessity is the mother of invention, then the on-going margin squeeze at credit unions is helping them to find more creative ways to add to the bottom line without gouging members with added fees for services.

“Every time the Fed cuts rates we take a haircut, so alternative sources of income have become more important” said Tom Miller, CEO of Affinity Group CU here. One new way AGCU has found is providing management services to smaller CUs through its wholly owned CUSO, Affinity Group Services LLC. Because many smaller credit unions cannot afford the salaries required to court and keep a highly trained CEO, the CUSO can do it for them, he said. “We have the capacity within our executive team to assist with compliance, strategic goals and other needs that are time consuming, so that the operating officers are free to do the day-to-day operations, which we don’t do,” said Miller.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.