OVERLAND PARK, Kan. — As credit unions continue to navigate the murky waters of industry consolidation, an increase in regulatory compliance mandates and an aging membership, some may wonder if the traditional credit union business model is still working.
That's the focus of a new white paper titled "The Interdependent Credit Union–A Rationale and Blueprint for the Design and Development of a Collaborative Business Model for the Reduction of Common Operating Expenses" from the Rochdale Group, a consultation services CUSO. In it, the factors that have developed since the birth of the country's first credit union in 1909 that have led to the changing credit union model are explored.
"Today, we face urgent and compelling reasons to return to the tenets of 'people helping people' and helping each other," said Michael Hales, a partner with Rochdale Group. "A new business model is developing in which those credit unions that survive and grow will have become less independent and more interdependent."
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