NCUA Chairman Dennis Dollar told attendees at the Illinois CU League's annual convention last week that field of membership-related issues are getting the headlines, but it won't last.
"In 10 years, the major issue will not be field of membership-it will be what the size of a credit union's vision was and how it changed to its marketplace," said Dollar. "FOM is not just about growth. It is about diversifying. You are not increasing your risk, you are actually spreading it across more market segments."
Dollar urged credit unions to be effective managers of risk by having an unlimited vision. He stated the vision should be flexible to constantly adjust to the changing marketplace and the credit union's own unique community characteristics, as well as look at the issues of field of membership and serving people of modest means in terms of diversification, not just expansion.