THE boost

Credit Union Growth Strategies
 

You know the saying: “Grow or…!” If you can’t complete that sentence, well, we’ll try to remember to send flowers. CUToday.info is dedicated to helping CUs grow by providing a little “mulch” in the form of reporting on successful growth strategies. This section will be a growing depository of such reporting on a variety of topics. Have an idea to share? Drop an email to Frank@CUToday.info.

WOODBURY, Minn.­–Ideal Credit Union has launched a new Community Heroes Mortgage Program aimed at first responders, teachers, members of the military and others that offers a 1% downpayment option.

NEW YORK–Credit unions seeking to grow need to recognize the effect of CECL extends far beyond the accounting function to a much longer-term issues, including forecasting, business models, strategic decisions, KPIs and especially the ability to communicate with non-financial people, according to one person. 

TIGARD, Ore. – During Affordable Housing Week, a number of credit unions in the Pacific Northwest are offering solutions and products to make housing, whether it be to purchase or rent, more accessible.

ATLANTA–Credit unions looking to grow need to do more than just get members to begin enrolling—they need them to complete the process. But new research finds many give up.

ROCKY HILL, Conn.–Connecticut has been ranked fourth among states for being innovative in a new analysis, and one credit union here said it has looked to boost its own growth by being among the innovation leaders in the state.

CAMBRIDGE, Mass.–A new study by Harvard researchers that includes a credit union has found many companies are making a mistake when it comes to how they handle customers/members at their most anxious moments, with the researchers also offering a simple remedy they suggest can boost loans closed.

ARVADA, Colo.–Partner Colorado Credit Union said it was able to exceed a new deposits goal by 200% with a special offer.

SAN DIEGO–Credit unions were given a sobering reminder that not all loans are created equally when it comes to profitability, a problem exacerbated by the inability of many CUs to truly understand the real numbers.

FT. LAUDERDALE, Fla.—Credit unions can’t be afraid to make tough calls, according to one professional blackjack player and former Twitter exec, who advised CU leaders to always make decisions based on sound data.