ST. PETERSBURG, Russia-Credit union leaders in this country were given some insights into how Bank Transfer Day has transpired in the United States.
A delegation led by the World Council of Credit Unions shared some of the lessons learned and being learned by the mass movement of consumers to credit unions in the U.S. during the sixth annual Russian Credit Union Forum.
While many issues were specific to Russian credit unions, WOCCU said that several themes emerged that pose universal challenges for CUs everywhere, according to WOCCU CEO Brian Branch, particularly, "the ability to keep pace with market growth and meet emerging issues head-on remains the challenge facing credit unions everywhere."
The Russian and Louisiana leagues have been paired as part of the World Council's International Partnership Program since 2007. In addition, Barksdale FCU is partnered with Russia's Altai Credit Union Association.
CUNA EVP/General Counsel Eric Richard explained to his audience how Bank Transfer Day emerged as a social media post into a significant inflow of members to U.S. credit unions.
"I have been asked to speak to you about why Americans are switching from banks to credit unions," Richard said. "Perhaps the greater mystery is why more Americans didn't take this step much sooner. Bank Transfer Day has truly proven to the credit union movement how much impact one individual can have through the power of social networking. Credit unions hopefully will continue to see positive growth from additional deposits and new members throughout 2012 and beyond, which should help strengthen the credit union movement both in the U.S. and internationally."
In addition to Branch and Richard, the U.S. delegation included Anne Cochran, president of the Louisiana league, and Rod Taylor, CEO of Barksdale FCU in Bossier City, La.
