4 Views On How Small CUs Can Remain Competitive
WEST PALM BEACH, Fla.-Faced with shrinking ROA and growing compliance demands, credit unions and leagues are collaborating to devise solutions to keep small CUs in business.
But they are doing so in the face of some of the greatest challenges they have ever faced. As reported in the Nov. 1 issue, as part of Credit Union Journal's ongoing series on small credit unions, the managers of some small credit unions are expressing a "level of resignation" related to their inability to grow, and when they are able to eke out some net income, it is eradicated by NCUA's special assessments tied to corporate credit unions.
In addition, small credit unions especially feel the onerous workload related to compliance, with one person who is alrady wearing multiple hats finding compliance to be almost overwhelming.
Still, as reported Nov. 1, some leaders of small credit unions remain relatively upbeat about their future and the future of smaller credit unions.
Below, Credit Union Journal features four more voices sharing some ideas on how credit unions can better collaborate to cut costs and drive greater member service. As always, the Journal welcomes reader feedback and input at anytime.
RUSSELLVILLE, Ark.-Nancy Mattox believes unrelated business income is what will carry small credit unions through their current problems.
SAN BERNARDINO, Calif.-More credit unions have to share data processing systems. That's the opinion of Gregg Stockdale, CEO of the $35-million 1st Valley CU.
ONTARIO, Calif.-The California and Nevada CU League is making compliance the initial focus of its CU Roots CUSO.
HARRISBURG, Penn.-The Pennsylvania CU Association it making it more affordable for small credit unions to call in the league's "Compliance Cavalry."