Credit unions around the country are discovering that their strongest emerging markets may be their lower income members and communities, according to credit union executives and consultants.
Pablo DeFilippi, vice president of the National Federation of Community Development Credit Unions, acknowledged that while it may seem odd to consider lower income communities emerging markets since they have existed all along, an "emerging" market does not necessarily mean a new one.
"I think credit unions have begun to become aware of their lower income members and nearby lower income communities," DeFilippi said. "They are an emerging market because credit unions have begun to understand how much of an impact they can have with these members and how many loans and products they need."
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