An increasing number of SEG credit unions have been converting to a community charter, hoping that it will help lead to new growth and opportunities.
But a new CUNA white paper suggests many credit unions are struggling with the many challenges that come with converting to a community charter.
“Sporting a community charter means a credit union must appeal to a much broader audience,” the white paper states. “As a single sponsor or SEG-based institutions, a credit union once had what could almost be called a captive audience to members and potential members. No so with community charters. While the new charter opens the floodgates for potential new members and growth, the flood brings with it a host of new challenges and responsibilities.”
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