6. Unite for Good. The credit union movement has identified a strategic vision to help all credit unions achieve shared goals. It’s a vision based on the shared values of collaboration, a member-centric focus, community involvement, and a dedication to consumers’ financial well-being.
The shared vision is: Americans choose credit unions as their best financial partner. To achieve this, the credit union movement must embrace a strategic vision called “Unite for Good.”
Visit the Unite for Good website for a checklist of action steps to help realize these goals.
7. Unbanked and underbanked consumers represent the last remaining “white space” in financial services—an uncharted territory where credit unions have a rare opportunity to serve an underserved market.
Approximately 68 million U.S. adults are either unbanked or underbanked. Revenue from serving unbanked and underbanked consumers totaled $78 billion in 2011 and will hit $85 billion in 2012.
8. The compliance burden will only get heavier in the coming year. In fact, 2013 will be busier than 2012 with the onslaught of new Consumer Financial Protection Bureau (CFPB) mortgage rules.
Your credit union should develop a compliance management system to address this overwhelming workload. CUNA and the leagues offer some helpful guidance on doing so.
9. CEO succession planning is becoming a top priority as the economy recovers, retirement savings rebound, and more CEOs retire. If your credit union has a succession plan (and two-thirds do), it’s time to review it to make sure it’s still relevant.
Succession planning is more than replacement planning. It’s a way to ensure the continuity of your credit union’s performance and culture.
CEO succession planning requires proactive management. Determine the scope of your succession process, and then assemble the players and define their roles to begin rolling out your process.
10. Gen Y and low awareness levels. Attracting the 100 million members of Gen Y will go a long toward determining credit unions’ future viability. To do that, we’ll need to raise Gen Y’s awareness of credit unions.
CUNA research from April 2012 shows that 48% of nonmembers ages 18 to 24 are “not at all familiar” with credit unions. Another 23% are “not very familiar” and 23% are “somewhat familiar.” Only 6% are “very familiar.”
To attract and retain Gen Y, credit unions need sophisticated mobile services, an effective social media strategy, and clear communication about their not-for-profit, cooperative business model.
STEVE RODGERS is editor of Credit Union Magazine.
A U.S. District judge Monday dismissed three lawsuits--including one by the National Credit Union Administration--brought against U.S. Bank National Association and Bank of America, National Association regarding their duties as trustees of residential mortgage-backed securities.