Signs of recovery are evident, but the need still remains. How can you fill it?
The “Tipping Point” of media interest in credit unions continues to grow. Credit Unions are Beckoning With Open Arms, the main story in the New York Times business section (June 19) ended with an exhortation by author Ron Lieber.
“I’m not sure who is right here” he said, regarding the debate with bankers over fields of membership, “but if you’re a consumer it doesn’t really matter. So many people haven’t gotten the message yet, that it’s worth repeating again, once more, with feeling.”
“Anyone can join a credit union,” he emphasized.
National economic news continues to be positive. In May, 37 states and the District of Columbia experienced a falling unemployment rate, 7 states experienced no change, and 6 had increases.
Consumer prices fell in May for the second consecutive month. Auto sales are up 17% so far in 2010. Both GM and Toyota are expanding production with Toyota opening a new Corolla production plant in Springs, Mississippi, and GM cancelling their normal two week summer shutdown to produce 56,000 more vehicles.
This improving economy is documented by the industry’s rising ROA as well as the earnings and balance sheet stability in the corporate network.
We provide two examples for strengthening market position. One is Max Credit Union’s growing community involvement, including baseball sponsorship.
The second is a lending strategy to reach out to equity-conscious homeowners who need cash for home improvements. Such members are “ideally positioned to use a credit union’s low-cost, unsecured loan,” says industry consultant Chris Oldag. The need is out there. How can you fill it?