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More Credit Unions Added Member Business Services in 2003, CUNA Reports

MADISON, Wis. - While the numbers were "modest," more credit unions added member business services to their offerings in 2003. According to CUNA's just published 2003 Credit Union Services Profile Report, 33.2% of credit unions surveyed added member business services last year compared to 29.7% in 2002. CUNA received survey...

By Michelle A. Samaad | Updated on July 13, 2004

MADISON, Wis. – While the numbers were “modest,” more credit unions added member business services to their offerings in 2003. According to CUNA’s just published 2003 Credit Union Services Profile Report, 33.2% of credit unions surveyed added member business services last year compared to 29.7% in 2002. CUNA received survey responses from 65.8% of the 9,709 credit unions in existence at that time. “Although the percentage increase in member business service offerings are modest, they are nonetheless encouraging,” said Mike Schenk, vice president of economics and statistics for CUNA. “I believe we’ll see a significant jump next year as more opportunities in this arena are being made available to credit unions.” While most questions are standard from year-to-year, two new questions were added to this year’s survey in regards to the offering of sub-prime lending and if the credit union or CUSO has at least one full time employee with a primary role of serving member business needs. All data for the report is drawn from CUNA’s Annual Yearbook Survey, which tracks new trends in credit union offerings not covered by the NCUA 5300 report. The recently available report, updated annually, allows credit unions to research peers and compare their services and operations to others. The profile includes comparison worksheets as well as data categorized by geographic region, state, common bond and asset size. Introduced in 1987, the Credit Union Services Profile Report is the longest running continuous source of U.S. credit union facts, according to CUNA. [email protected]

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