MADISON, Wis.-Anticipating credit unions will need help in the latter-half of 2010 with managing capital and earnings challenges, CUNA Mutual Group plans to expand its virtual model to bolster education.
CUNA Mutual economists foresee credit unions struggling with loan growth, and expect vehicle lending to decline with the best opportunity in used cars. Savings and asset growth are also predicted to slow for the remainder of the year and into 2011.
"Our representatives and product specialists across the country can only be in one place at one time," said Corporate Communications VP Jim Buchheim. "So we will continue to expand the virtual channel to reach more credit unions. For example, we have built online functionality to support lending and payment protection product growth at credit unions."
With CU budgets tight, Buchheim said CUNA Mutual is working to enhance both online continuing education and its Discovery Webinar series. Buchheim said that since shifting its annual Discovery convention to the online series, CUNA Mutual is reaching more credit unions at a lower cost-for both CUNA Mutual and CUs. "We are continuing to grow that channel, as well as the number of credit unions participating. We have received really good feedback from credit unions on our content. But they tell us that we need to improve the technology. So that is where we are working to make improvements in the second half of the year."
Buchheim noted that CUNA Mutual is also investing R&D dollars toward developing online methods that help credit unions better reach their members with financial products and advice. "We are expanding into that channel."
While enhancing its online presence is a priority, Buchheim stated that CUNA Mutual will continue to make credit union risk management and all areas of compliance a priority. "For example, we have invested thousands of hours and hundreds of thousands of dollars to help credit unions comply with the new Reg Z requirements. We will continue to help credit unions in that area, as well as make sure they are compliant around closed-end lending and overdraft."
