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NACUSO to CUs Its time to capture new market share
SAN DIEGO (10/29/08)--Now is the time for credit unions to capitalize on all of the dysfunction that is occurring in the marketplace, according to National Association of Credit Union Service Organizations (NACUSO) President/CEO Thomas Davis.
Credit unions should "rev up their engines" and go after market share, said National Association of Credit Union Service Organizations (NACUSO) President/CEO Tom Davis at NACUSO's Member Business Alliance Oct. 15-17. (Photo provided by the National Association of Credit Union Service Organizations)
“Credit unions and credit union service organizations (CUSOs) can take advantage of the market opportunities that have been created for us,” Davis said at the NACUSO Member Business Alliance Oct. 15-17. “It really is time to rev up our engines, take off and go after market share. That is particularly true with respect to business services, business deposits, lending and business services. The opportunity has never been better.” He also noted NACUSO’s National Center for Collaboration and Innovation and its four strategic pillars--critical thinking, innovation, collaboration and implementation. “It’s important to look at the risks that are changing and determine in advance what kind of corrective action might be necessary, rather than waiting to see what changes,” said Margaret Dengler Ross, National Credit Union Administration (NCUA) Member Business Lending program officer, during the conference. “Credit unions offering member business lending should proactively and continually validate that risk assessments are current and relevant.” NACUSO speaker Kirk Cuevas, principal partner, Dollar Associates and a former NCUA chief of staff, talked about the opportunities CUSOs and credit unions have. “Credit unions will need new and innovative products to compete in a dynamic financial marketplace,” he said. He encouraged credit unions and CUSOs to monitor NCUA Board actions and comment on proposed rules. Kent Moon, president of Member Business Lending LLC, said loan volume is up for business lending and there is a positive outlook for credit unions. “The best single piece of advice is to move,” he said. “I recommend credit unions launch their proactive mode, move into the market and look forward to building a real, strong membership for their credit union.” Lisa Renner, CEO, CU Holding Company, Kansas City, Mo., noted that the fastest growth in the next decade will be seen in women business owners, the young entrepreneurs, the immigrants and baby boomers. Credit unions can become involved with the community through the chamber of commerce and business fairs. “The credit union can garner new clients from those professional resources used to help their business service members,” she said.
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