MADISON, Wis. (11/19/13)--To mark the 10-year anniversary of its Lender Development Program (LDP), CUNA Mutual Group has studied the average payment protection participation lift its program provided for its 61 charter credit unions. CUNA Mutual reported that they have experienced an average payment protection participation increase of 20 percentage points.
Potlatch No. 1 FCU (P1FCU), in Lewiston, Idaho, was the first credit union to serve as a pilot LDP credit union in 2003. CEO Chris Loseth recalled, "Before LDP, we'd just throw out a payment protection goal and try to figure out how to meet it. LDP brought focus to the credit union. It helped us build an understanding of how the protection products benefit our members and why they are good for the credit union."
The results the 61 charter credit unions have achieved also include:
"LDP was developed on the best practices of high-performing, results-driven credit unions," said Karim Habib, director of lending, CUNA Mutual Group. "As changing needs arise, the program's multi-discipline approach continues to evolve to help enhance credit unions' financial results through deeper member relationships that uncover and meet more member needs."
According to CUNA Mutual, today more than 900 credit unions use LDP techniques and resources to increase their financial results and enhance their member experience. As a group, the 900 LDP credit unions: