MADISON, Wis. - The largest credit union trade group is setting out to find out how it and the industry must adapt to survive into the 21st century.
The notion of a top-to-bottom review of the industry and the Credit Union National Association was first floated during a May meeting of officials representing the 100 largest credit unions. CUNA president Ralph Swoboda and CUNA Mutual Group president Michael B. Kitchen proposed it.
In an interview, Mr. Swoboda stressed that the review will be led by credit unions, not trade group officials. A steering committee will be chosen in August.
The review will look at a wide range of topics, such as future services, delivery systems, joint ventures, membership bases, and the role and structure of support groups like CUNA.
Noting the growing trend of bank consolidation, "if credit unions have no clear idea of what we want to do and how to work together to achieve our goals, we'll be left in the dust," Mr. Swoboda said.
Mr. Swoboda also said that recent tensions in the industry and within CUNA, including a controversy over a decision to sue the federal regulator for issuing a new rule affecting the governance of corporate credit unions, show a need for a fresh look.
"The unity in the movement is fraying," he said. "We can't do political action and cooperate on technology if that happens."
He added that non-CUNA-affiliated credit unions can participate in the effort.
Mr. Swoboda "is outside the comfort zone of thinking," said John Tippets, chief executive of American Air Lines Employees Federal Credit Union. He attended the May meeting and supports the check-up.
