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Commentary

New Opportunities Present Challenges, Require Culture Change

Legislative initiatives have been giving credit unions the ability to expand their operations beyond traditional parameters.

By Jerry S. Siegel | Updated on May 23, 2011
Jerry S. Siegel is president of JASB Management Inc. CONTACT 516-364-1116 ext. 21 or [email protected]

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.

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