This year, six state credit union leagues formed new partnerships, launching a new chapter of industry collaboration, competition and survival.
In late October, the CEOs of the League of Southeastern Credit Unions and the New York Credit Union Association signed a letter of intent that they say will create the nation's largest league collaboration project. And in January, the Ontario, Calif.-based Plexcity, a collaborative organization formed by the California, Nevada, New Jersey, Maryland and District of Columbia state associations, launched its operations.
These two entities will inevitably compete to attract the remaining 33 state leagues. More importantly, however, is whether these collaborations will enable the trade associations to survive the unrelenting credit union industry trends of mergers, dwindling membership dues and other revenue sources.
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