New Products Targeted ForCUs
MADISON, Wis. - (09/29/05) -- Credit unions need to introduce newloan and savings products to remain competitive, according to thei3 Group, the Filene Research Institute's study group on thefuture. Among the products suggested for credit union launch are alifetime auto loan that acts as an open-ended line of credit, likea home equity loan; a 1031 property exchange that allowsparticipants a tax deferral or deduction; a matrimonial accountorganized for wedding giving; a flex-one account that wraps all ofa member/customer's accounts into one, similar to an adjustablerate home equity loan; youth savings accounts; and CU Moneyworks, apyramid-type marketing campaign that allows third-parties to marketa credit union's products and services. Several of these programsare being pilot-tested by credit unions after being introduced tothe study group in April. The pilots will be detailed in a reportto be issued by Filene later this year.