As marketing costs climb and the power of the member relationship takes hold, some credit unions are returning to an older field of membership strategy: The select employer group, credit union executives and consultants reported.
Although the Federal Credit Union Act of 1934 allowed community and associational charters, most cooperatives went on to adopt occupational charters because they were chartered by employers.
A single-SEG model was widely used until company closures and mergers in the 1970s and 1980s drew attention to the risks associated with a single-SEG charter. As a result, the NCUA began authorizing more multi-SEG charters, and more credit unions began looking at community charters as an option.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
