ALEXANDRIA, Va. (12/30/14)--A new video from the National Credit Union Administration examines field-of-membership (FOM) specifics.
Titled "Strive to Thrive and Serve: Prospering in the 21st Century Field of Membership," the video provides an overview of FOM types available to federal credit unions and identifies expansion and conversion opportunities available for each.
"A strong membership base is ultimately the cornerstone of a credit union's success," NCUA Chair Debbie Matz said. "I encourage credit unions to take full advantage of the resources we have made available to help them increase membership penetration and growth. A growing membership base often leads to loan, share and net worth growth."
The video examines the ins and outs of single common bond, multiple common bond and community charters, as well as how to assess whether or not a change in FOM should be part of a credit union's strategic plan.
The video is the latest in the NCUA's consumer report series, which was developed by the agency's Office of Consumer Protection.