Credit unions have historically seen growth during declining economic times, such as the Great Recession. While everything going on in today's world due to COVID-19 may seem frightening, there is also a significant opportunity for [...]
In the latest move in a long-running back and forth, the American Bankers Association has filed an appeal to the U.S. Supreme Court challenging the National Credit Union Association’s new field of membership ([...]
You may be surprised by the answer. As a marketing professional, I tend to notice advertisements and digital marketing more than the average person. Working for a company focused on expanding credit unions to reach [...]
While the growth and stability of a credit union is dependent upon many factors, perhaps one of the most pressing concerns currently is the quest to obtain core deposits. As 2019 wrapped up, the credit [...]
This question often plagues consumers’ decisions whether to choose your credit union as their financial institution. According to CUNA’s research, 40% of consumers believe they cannot join a single credit union. Over the last [...]
One cause near and dear to the hearts of many credit unions is to comprehensively support their local communities. One way credit unions can do this is to partner with small businesses and employees of [...]
Attracting a younger demographic can be challenging, especially with the competition of online-only financial institutions and fintechs. Do you feel like you have a good understanding of what it takes to market to a younger [...]
For many credit unions, the options to expand their field of membership (FOM) are limited and heavily regulated. Multiple-common bond credit unions, as a result, are increasingly turning to adding an open membership association to [...]
The NCUA’s TIP (Trade, Industry or Profession) charter offers credit unions the opportunity to serve a highly specific, narrowly defined group. Rules surrounding the charter are strict, stating this group must share a common [...]
Setting aside any arguments for brick & mortar expansion vs. online/mobile growth – I think we can all agree that it’s an exciting time when your credit union is ready to expand. Whether you’[...]
Choosing the right charter for FOM (Field of Membership) expansion is vital to a credit union’s strategy for growth. Institutions are offered the opportunity to operate under three specific types of charter: single common [...]
Marketing based on credit union field of membership can be challenging. Understanding the right platforms to use and their limitations on financial institutions can hinder marketing to your eligible audiences. There are a few different [...]
As the NCUA changes the rules around field of membership, more charter options are available for new and existing credit unions. For years, the dual charter system has featured more federal charters converting to state [...]
When considering a field of membership expansion, you may run into an overlap with another credit union's field of membership. Depending upon your charter type, you may need to submit an overlap letter to the [...]
The NCUA can be pretty restrictive about who’s eligible to join federal credit unions. That’s why it may surprise you how many groups are automatically allowed to be added to your field of [...]
