Small CU Roundtable Highlights Shared Resources
Collaboration can relieve compliance burden and enhance member service.
Small credit unions discussed critical issues unique to their operations during Sunday’s two-hour roundtable meeting.
A wide range of discussion topics included collaboration, NCUA initiatives, and regulations and the regulatory burden.
CUNA President/CEO Bill Cheney addressed the attendees, urging them to capitalize on their size and ability to be nimble in their service to members.
Participants also heard from Drew Egan about the Michigan Credit Union League’s Shared Branding initiative. Egan, executive vice president and chief operating officer of the league and president/chief operating officer of CUcorp, explained that small credit unions in particular will benefit from shared branding because they often lack the resources to manage branding initiatives on their own.
Credit unions participating in the initiative can keep their own names and culture but will adhere to predetermined quality standards for member service, signage, and products. The collaborative effort also might include offering common products.
Bill Myers, director of NCUA’s Office of Small Credit Union Initiatives, spoke about the agency’s efforts to assist small credit unions with one-on-one projects, loans and grants, partnerships and resources, and training. He also spoke about efforts to reduce examinations.
Kathy Thompson, CUNA senior vice president and associate general counsel for compliance and legislative analysis, discussed ways to lighten the compliance burden. She recommended using resources such as CUNA’s recently unveiled monthly summary of key compliance information drawn from CUNA’s CompBlog.