Collaborations help small credit unions not only survive, but thrive, the chair of CUNA’s Small Credit Union Committee wrote Wednesday in Credit Union Times. Gary Parker, president/CEO of 1st University CU, Waco, Texas, wrote about the power of small credit union collaboration.
“Policies are only a sliver of the compliance gauntlet that a small credit union must navigate to keep the lights on,” Parker writes.
Parker spotlights the work of 14 New York credit unions that, with support from the New York Credit Union Association, share a compliance professional that manages compliance for all of them.
“The Credit Union National Association’s Small Credit Union Committee applauds this type of collaboration. Sharing resources is one way we believe small credit unions can not only survive, but thrive,” Parker writes. “We’d love to see more of this type of cohesiveness. Even the smallest among us are leveraging economies of scale to make a difference in their operations.”
Parker notes another example of the Faith Based Credit Union Alliance in Chicago, in which very small credit unions banded together to negotiate better pricing on a core provider.
CUNA’s Small Credit Union Community is where small credit unions can find the latest updates on the activities of CUNA’s Small Credit Union Committee.