Legislative initiatives have been giving credit unions the ability to expand their operations beyond traditional parameters. The passage of the Small Business Jobs and Credit Act gave credit unions the opportunity to increase their small business member lending. Other regulatory reforms (like the proposed rule on debit card interchange fees) have the potential of removing incentives for customers to join a credit union. In either case, both the new opportunities and challenges are requiring credit unions to change their operations and corporate cultures. Managing and driving this change effectively from within is no easy task. It demands a clear mission, vision and the right strategies and processes.

The old adage, "The only constant is change," is particularly relevant for credit unions today. They went from what some regarded as the step-child of the banking industry to formidable competitors. While banks have had to fight to retain their customers, many credit unions have seen their memberships grow. There are now an estimated 92 million credit union members. The opportunities for continued growth are strong.

In a Nielsen Claritas survey, "Consumer Reactions to the Banking Crisis," conducted shortly after the September 2008 financial crisis, 40% of bank customers said they were considering changing their current banking relationship. Banks' historical struggle to retain customers, and recent legislation placing credit unions on a more equal footing with banks, is good news for credit union management. For their employees, however, growth and change can be overwhelming. One of the most important things credit union executives can do to help assuage staff anxiety is to empower them. This holds true for staff across all departments, from loan officers and product specialists to customer service and administration.