This week, CreditUnions.com looks at silos, sales cultures, and down payment grants.
Here are five data points you can't miss:
Credit union membership has increased 3.8% since second quarter 2015, and the industry now serves a record 106.2 million members.
To see what other records credit unions set in second quarter 2016, read "Member Relationships By The Numbers (2Q 2016)."
Home equity lines of credit and second mortgages account for a smaller portion of real estate loans because of their smaller size compared to first mortgages.
HELOCs and second mortgages comprise 18.3% of total real estate loans, while the average credit union holds $12.7 million in HELOCs and second mortgages. In "8 Facts About HELOCs And Second Mortgages," see the extent to which consumers are using them as home prices rise.
KEMBA Financial Credit Union believes in "joint ownership," especially when it comes to its analytics software.
The marketing team, for example, started using the same Baker Hill Analytics software as its finance folks after realizing it does a better job than the credit union’s previous MCIF system. Using this data, the credit union determines eligibility for its flagship relationship product, the Advantage account. That share draft account comes with direct deposit and transaction requirements, which KEMBA rewards with free and unlimited check writing, no minimum balances, and other perks.
Approximately 38,500 of the credit union’s 85,000 members have qualified for the Advantage account.
Read more in "KEMBA Financial Knocks Down Silos With Share Data Ownership."
For the past three years, TruWest Credit Union has dispensed funds from the Workforce Initiative Subsidy for Homeownership (WISH) grant program, run by the Federal Home Loan Bank of San Francisco, to help low-to-middle income home buyers make down payments.
From its requested pool of WISH money, TruWest contributes $3 for every $1, with a maximum of $15,000, for eligible members in Arizona and Texas who are saving for a down payment.
To see the challenges, benefits, and performance that arise from this product, read "Make A WISH. Buy A Home."
2 Or 3
When Tom Ryan became CEO at Langley Federal Credit Union in 2012, Deb Vollmer was the vice president of operations. She reported to a senior vice president who reported to the executive vice president who reported to the CEO.
Soon after, Ryan merged the executive vice president level into the senior vice president level, making five senior vice presidents, one of whom was Vollmer.
Ryan has redistributed responsibilities two or three times since, Vollmer says. For example, when our former vice president of lending retired, Tom made that a senior vice president position and looked for a stronger candidate. That’s when we hired Curtis [Baker, chief lending officer].
To see how else Langley has changed under Ryan's leadership, including the development of an in-branch sales culture, read "How To Build A Staff Centered On Sales."