What Does 2017 Hold For CUs? Open FOMs, Segmented Members
WEST PALM BEACH, Fla. -
Credit unions will continue to work cooperatively to share infrastructures and best practices, while CUSOs deliver cost-effective rates and newer ways of servicing members. Mergers accelerate the industry growth rate and help credit unions achieve larger market share, but stiff competition from large banks will remain. The fastest growing credit unions are those with open fields of membership that focus on multi-channel, multi-product service packages. Credit unions will segment their membership more for product packages and servicing. On the political front Congress may address the taxation status of credit unions, but we do not expect a revocation of the tax exemption.