LAKEWOOD, Colo.—While credit union trade groups tout the benefits of the new regulatory relief act, one expert is saying it will take time for CUs to truly see relief–and in the near term the bill will actually increase costs for many credit unions.
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.
SAN ANTONIO—Credit unions need to move away from “seasonal” loan marketing in favor of omni-channel, ongoing promotion of their lending products.
ONTARIO, Calif.—Consumers are willing to pay for a better experience, and credit unions that simply rely on price and the “traditional” definition of service to compete will lose, according to one expert.
MILWAUKEE, Wis.—Digital banking is forcing credit unions to be much more efficient with their branch space, says one design and build firm.TON—The growing demands from regulatory compliance and technology upgrades are making ATMs a “money pit,” says one cash machine expert.
SEATTLE—The back office is more effective when the workspace is designed to strengthen collaboration and productivity—as opposed to being built around individuals’ work spaces–which can be seen in square-footage costs per employee, according to design/build firm Momentum.
RANCHO CUCAMONGA, Calif.—While the attention has been on regulatory relief, one expert believes passage of S. 2155 will bring many new revenue opportunities to credit unions.
MUSKEGO, Wis.–The profitability of indirect auto loan programs is not what it used to be and demands that credit unions carefully examine the performance of their indirect programs, insists QuantyPhi.
TAMPA, Fla.—Rising costs for running a successful card program demand that credit unions are putting new demands on the need for CUs to review their portfolios and take steps to promote and support them, according to Trellance.
CARMEL, Ind.—Lending experts are advising credit unions to carefully evaluate the decision to sell their delinquent debt—since that might not be the best move for the bottom line, they say.
SAN ANTONIO—Credit unions that believe they are not impacted by the 21% excise tax on executive compensation exceeding $1 million annually should review the new rule closely, advises SWBC.