WASHINGTON (3/9/15)--On Sunday at an opening session of CUNA's 2015 Governmental Affairs Conference, CUNA hosted a small credit union roundtable that explored ongoing operational challenges that the system's smallest institutions face despite an improving economy, as well as strategies to thrive.
|Martha Ninichuk, deputy director of the National Credit Union Administration's Office of Small Credit Union Initiatives, discusses her department's priorities during a packed session at CUNA's Small Credit Union Roundtable on Sunday at the Governmental Affairs Conference. She also outlined for the leaders of small credit unions who attended the session the agency's recent proposal to increase the definition of "small entity" to $100 million of assets from the current $50 million-asset threshold. CUNA supports a higher threshold for the regulatory relief it could provide affected credit unions. (CUNA Photo)|
CUNA President/CEO Jim Nussle joined the meeting, thanking attendees for their energy and engagement. He outlined his concerns and ideas for positive change through 360-degree advocacy, with which CUNA and the state credit union associations use combined and coordinated connections, skills and resources to drive credit union success.
Members of CUNA's Small Credit Union Committee led a wide-ranging discussion centered on five strategies to foster small credit union sustainability.
The strategies were developed and described in a white paper produced by the committee, "Five to Thrive: A Strategic Guide for Small CUs." CUNA recently asked representatives of small credit unions, state leagues and industry experts, "What are the top five things to be done to foster small credit union sustainability?"
"Running a credit union with limited resources means there's a danger of getting bogged down with operational details and day-to-day tasks while missing out on the big-picture, strategic issues that can help navigate around the obstacles and serve members more effectively," said CUNA Small Credit Union Committee Chair Debie Keesee, CEO of Spokane Media FCU in Spokane, Wash. "Our goal in producing 'Five to Thrive' was simply to collect and share proven elements of success. These aren't earth-shattering revelations--but common-sense reminders of what can help smaller shops excel on a consistent basis."
The report covers each prevalent issue in-depth, providing best practice "how to" suggestions as well as unique anecdotal evidence and specific case studies of small credit unions that have successfully implemented these strategies.
Those strategies include:
A PDF version of the paper is posted on CUNA's website and will be distributed to state leagues.