HOBOKEN, N.J. — The credit union business model is broken. Margins have declined and operating expenses have increased. Competition with big banks and others is fierce. Credit unions' share of consumer credit and savings is shrinking or flat.
It's a familiar litany of woe, but the Filene Research Institute released a new report with what it calls the answer, and its battle cry is: "Collaboration!"
"When you look at the statistical data, this trend of operating costs ticking upward and a lot of competitors coming into this arena creates a need to look at alternatives to find a solution," said Filene Executive Director/CEO Mark Meyer.
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