West Community has been dealing with the slowdown in the mortgage refinancing business for the past several years when rates were lower, Peach said. The credit union is managing the process, but attracting the same volume in a higher-rate environment has been a struggle.

The potential for the Federal Reserve to raise its interest rates in light of an improved economy raises further concern for the credit union. Once again, liquidity plays a role in the process, Peach said.

"We don't have a lot of long-term mortgages that present us with a lot of risk," he noted. "Our pressure is that we are loaned out and our liquidity is low. We'll have to react quickly because we need every dollar on our books to continue to lend."

With five to six years of relatively low rates, credit unions have not had to be as price-sensitive due to the lack of market fluctuation. Still, institutions will have to sharpen their pencils and pay closer attention to changes if they want to compete effectively in a changing market, Peach said.

"We don't have a lot of interest rate risk, but we have liquidity risk when rates rise," Peach said.

Read more: Rising rates increase competition for deposits …

A rapid rise in interest rates could cause similar challenges for those credit unions faced with an increasingly competitive deposit environment, according to Vince Market, EVP and CFO for the $1.6 billion TruMark Financial Credit Union in Trevose, Pa.

The equity market's growing success in recapturing funds that found their way in abundance to credit union share accounts during the recent recession has caused the community-chartered credit union to take a new approach in pursuit of member deposits, one designed to strengthen member relations through a different style of service, according to Market. As part of that effort, TruMark Financial also continues to increase the size of its branch network.

"We've been converting teller counters into pods that enable employees to have a more intimate engagement with members," Market said. "It's more personable and enhances the member experience, providing an environment more conducive to discussion."

TruMark Financial began the pod conversion among its 16-branch network 18 months ago and opened its 17th branch in the Philadelphia metropolitan area Jan. 7. The branch network includes two student-operated branches in area high schools and one in a local community college, all three of which support the credit union's dedication to financial literacy, Market said.

Based on last year's performance, he estimated that the credit union's rapidly growing lending effort will continue to thrive into 2015. The 75-year-old institution, which has a $1.6 billion loan portfolio, experienced a 17% spike in loans overall in 2014, according to the credit union. During that same period, auto loans outstanding literally doubled to $230 million from a pre-2014 level of $115 million.

"That was the highlight of our year," Market said. "As the economy improved with job gains, low interest rates and growing consumer confidence, we took advantage of conditions through our indirect auto loan program. We feel that growth will continue this year."

TruMark Financial has further shored up its safety and soundness by selling all loans with more than 10-year maturities to the secondary market, leaving the credit union with few threats on the books and an 11% capital position that secures the institution for 2015.

Nonetheless, changes both foreseen and unforeseen could have a negative effect on the industry, requiring all credit unions to be vigilant in their financial management going into 2015, Market said.

"A very quick rise in interest rates could hurt a lot of credit unions, and there is a greater possibility of rising rates this year than in years' past," Market said. "We're keeping all out assets relatively short term to avoid interest rate risk in a rising rate scenario."

Read more: Stress testing stresses CFOs …

Any changes in the marketplace also attract the attention of regulators. Few credit union executives are more attuned to close encounters of the regulatory kind than Mike Lord, CFO of the $29.5 billion State Employees' Credit Union in Raleigh, N.C.

The cooperative was one of five credit unions with more than $10 billion in assets whose balance sheets were required to undergo stress testing by the NCUA using standards applied to large banks as mandated by the Dodd-Frank Act.

"Capital planning and stress testing will consume time, energy and money," Lord said. "We're all for capital planning and don't mind stress testing, but it's how it will be pursued by NCUA that concerns us. Bank loss loan rates applied to our portfolio will hurt us very much."

Stress-testing results notwithstanding, there are a myriad of other issues Lord said could affect all credit unions this year. The pending risk-based capital rule, due for finalization at the NCUA's Jan. 15 board meeting, could have a profound effect on credit unions of all sizes. The potential for a rise in the Fed rates would further exacerbate any effect, Lord said.

"Pundits will say that, 'yes, the rates will rise during 2015, but I don't think they will go up by very much,'" Lord said. "Credit unions with too much of their balance sheets in fixed-rate long-term loans will have a problem if this happens."

Fortunately, SECU is not one of those credit unions, Lord said. Loan rates at the country' second-largest credit union are largely adjustable, and the institution boasts a portfolio of $16 billion in loans and $11 billion in cash. "We have plenty of liquidity," he added.

Besides rising rates and compliance issues, other concerns Lord and other CFOs said may affect credit unions in 2015 include cybersecurity, national and international economic issues and the continued need to educate and serve consumers to keep them out the clutches of financial providers who don't have their best economic concerns at heart. Credit unions play a unique role in the marketplace when it comes to helping consumers, Lord said.

"Credit unions' philosophical orientation is a huge advantage," Lord said. "Our members will vote with their feet if we don't provide convenience, access and fair rates of returns on deposits and loans."

TruMark Financial 's Market agreed, noting that despite challenges, the positive financial environment is a boon for credit unions ready for it.

"Take advantage of the economy and the lending environment and continue to develop loan programs," Market advised. "And, provide a viable source of deposit services because I think this area still could be a struggle."

Peach also urged a more aggressive approach to growing market share for credit unions, with an eye toward playing an even bigger role in local financial markets thanks to what is largely a very healthy capital base for a growing industry.

"Overall, the best thing that could happen for credit unions is that they come to appreciate their ability to make a positive impact with their members," Peach said. "If we can grow our base, we might end up with more influence over the banking sector."