Growth strategies

McGraw Hill Federal Credit Union has grown loans steadily throughout the recession-17% last year-by focusing on refis and aggressively mining member data for opportunities.

One Nevada Credit Union's latest auto loan promotion has resulted in 500 loan refinances in fifty days, all of which were from former non-members who had their loans with other lenders.

The consumer migration to credit unions is part of something larger than just numbers, according to Hope Schau, an expert in consumer behavior patterns and associate professor of marketing at the University of Arizona.

One Nevada Credit Union offered this Top 10 list of auto loans it has refinanced for people.

LOS ANGELES – In what is expected to be the start of a new spate of consumer lawsuits against credit unions, a member of Xceed Financial FCU is claiming the credit union engaged in deceptive and unfair practices by re-sequencing his debit transactions in order to create overdrafts in his accounts.

DENVER – State regulators on Friday approved applications from $2 billion Bellco CU and $225 million Denver Community CU to serve almost 450,000 residents in Adams County, making at least five of the state’s biggest credit unions authorized to serve the fast-growing county, which includes the Denver bedroom communities of Arvada and Aurora and part of the city of Denver.

POTTSTOWN, Penn. – Tri County Area FCU has signed with INVEST Financial Corp. to provide its members brokerage and investment services.

After weathering a rough patch when the recession hit Michigan, Community Financial Members Federal Credit Union has rebounded and last year saw loan growth of better than 5% and checking account growth of nearly 8%.

In the latest effort by the CU community to target younger people, the Texas league has launched a new program it is calling the "Texas 12."

Credit unions looking to grow their bottom lines should begin investing in ways to market to their current and potential members using sources and channels outside of traditional direct mail, according to Pete Hilger, president of Allied Solutions.

One thing hasn't changed in 2012: it's still all about making loans. But what has changed, noted Kyle Kehoe, VP of sales for CRIF Lending Solutions, is technology that many CUs are not fully leveraging.

The best investments for credit unions right now are in data analytics, small business solutions, risk management and professional services, according to Jerry Nissen, SVP and general manager-real time solutions for FIS.

Michael Kelly is clear about the fact credit unions must concentrate on three things to drive the bottom line near term: extend their reach, use strong analytics tools, and partner with the right suppliers to improve credit union performance.

Retaining the servicing remains critical according to Shannon VanSickler, VP-credit union channel for United Guaranty Corporation.

PORTSMOUTH, N.H. – Northeast CU is launching the SaveUp pilot program, a free rewards program for saving money and reducing debt, which rewards people with prizes for engaging in positive financial activities.

VENTURA, Calif. – Ventura County CU plans to help members refinance loans and seek lower-cost solutions in a goal to save members $5 million in 2012.

A list of the "Texas 12".

RALEIGH, N.C. – State Employees’ CU, which added $3.2 million in savings during last year’s North Carolina Financial Literacy for Youth Month, is hoping to top that amount this year with help from a new super hero during National Credit Union Youth Week, April 23-27.

BRAINTREE, Mass. – Tremont CU, which serves residents of greater Boston and more than 200 select groups, was approved by the Massachusetts Department of Banking to add more than 100,000 members of the Massachusetts Fisherman’s Partnership Inc., which consists of 20 subsidiary member organizations.

BOSTON – Mass Bay CU, a 76-year-old credit union originally chartered to serve the Boston Elevated Train Co., then the Massachusetts Bay Transit Authority, was approved by state regulators to serve a board swath covering 1.5 million people surrounding Boston, in Suffolk and Norfolk counties.