Are you passionate about credit unions? Do you feel strongly about where the community is moving? Credit Union Journal wants to hear from you — and now it's easier than ever to be heard.
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CU Journal has always sought to be a forum for discussion of the issues that are important to credit unions, to facilitate a dialogue on the biggest trends, challenges and opportunities to face our readers. Read on to see some of your colleagues latest comments.
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Cross-Selling Strategies That Power Results
W. MICHAEL SCOTT
APR 25, 2014 10:52am ET
Michael,
You make outstanding points--and ones credit unions should follow. It's amazing how much credit unions can grow simply by gaining more products per household.
In addition to the steps you outlined I would also suggest credit unions NOT use the terminology "cross-sales" or even "sales training." Rather, call it member engagement or brand training. Say the word "sales" and most of your credit union employees will retreat. However, teach them about connecting on the individual member level and they will advance.
Mark
Posted by Mark A | Tuesday, April 29 2014 at 9:45AM ET
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Seven Takeaways From Elizabeth Warren's New Memoir
BY VICTORIA FINKLE and ROB BLACKWELL
APR 23, 2014 4:02pm ET
Credit unions should be careful about cheering Warren or the creation of the CFPB. While the purpose of the agency is supposed to be to look out for the consumer, its insulation from the normal funding process other Federal agencies go through gives it unprecedented power to create mischief. While it won't directly regulate 99% of all credit unions, you can bet it will set the agenda for NCUA.
Posted by bobthu | Wednesday, April 23 2014 at 6:15PM ET
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We have only just begun to see the power vested in the CFPB by Congress and President. As is always the case in Washington that they can't really "fix" anything. They can only layer on another level of government regulation. There were far better ways to do this than adding a new government agency.
Posted by wymar | Thursday, April 24 2014 at 8:37AM ET
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Bob, you're absolutely right about NCUA. Not part of the populist culture of credit union influence in Washington, but rather an adversary of the trade group they serve, and a very junior member of FFIEC, they will curry favor where ever they can find it. And, of course, serving the highly visible new kid on the block would only seem natural. Thankfully, the Warrens of the world and their intellectual properties are just that - intellectual. They are not easily drawn in or impressed by those currying favor, as Warren's memoir obviously points out. If anything, her anecdotes show a preference for the high road to merit rather than the low road to favor, which coincides with the preferences of credit union populism. If you can't do good, don't do anything.
Posted by mdillon | Thursday, April 24 2014 at 10:52AM ET
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I wonder if the self-annointed saint of the little people mentioned in her book of her, fraudulous at worst and incredulous at best, claim of being a Native-American in order to help her gain entry to Harvard Law's faculty. She claimed from 1986-1995 to be of Cherokee descent in law school directories. She based her claim of being Native American on her 1/32 (3.1%)heritage through her great-great-great grandmother.
She is just another of many Washington DC hypocrites who will lie and bend the truth to achieve the power that she so self-righteously disdains in the article.
Posted by kcasburn | Friday, April 25 2014 at 8:38AM ET
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I love what the bankers are saying as well about her "spin":
On Sen. Elizabeth Warren's new memoir:
"It's hard to argue with her comments about being in Washington being like 'Alice in Crazy Land.' Unfortunately, [Warren] and the CFPB would fit into the story better as additional characters in the crazy land, not as Alice."
Posted by gdstockdale | Friday, April 25 2014 at 5:58PM ET
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