Standing behind the "Unite for Good" shared vision for the credit union movement means "we can achieve great things together," CUNA President/CEO Bill Cheney told THINK Conference attendees this week in Chicago.
To achieve this vision—where all Americans choose credit unions as their best financial partner—credit unions must:
Remove barriers by actively participating in credit union grassroots activities and the political process.
Create awareness by expanding your credit union's outreach and image in the community.
Foster service excellence by offering a complete set of forward-looking and constantly improving financial services to members of all backgrounds and life stages.
Fostering service excellence might be the most difficult but the most important, Cheney says.
It's difficult because credit unions already deliver outstanding service, and surveys repeatedly support this. But consider these seven action steps:
1. Provide convenient locations.
2. Offer and promote reasonable fees and free checking.
3. Make easy online access and online banking services a priority.
CUNA compliance staff recently responded to a query if credit unions are required to disclose the numerical value of the military annual percentage rate to borrowers covered under the Military Lending Act.
Following its groundbreaking comprehensive study on regulatory burden, CUNA released its new Regulatory Burden Calculator that allows individual credit unions to assess the impact of regulation on their operations.
After months of advocacy by CUNA, the CFPB Thursday wrote to CUNA announcing it will initiate a rulemaking this summer to address issues with the bureau’s Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures rule.