Management

CUs on the Rise

The movement will top $1 trillion in assets this year, CUNA CEO says.

March 20, 2012
/ PRINT / ShareShare / Text Size +

Credit unions are on the rise, CUNA President/CEO Bill Cheney told attendees at Monday’s Opening General Session. "We face challenges, but we’re getting financially stronger every day, and our best days are still ahead."

"You are in Washington at a critical time," Cheney said. "Just last Thursday, Senate Majority Leader Harry Reid, D-Nev., vowed to bring our member business lending bill to the Senate floor for a vote."

Cheney also mentioned a number of positive financial trends affecting credit unions:

• Net worth ratios have rebounded from 9.9% in 2009 to a projected 10.6% this year. "With declining corporate assessments, credit unions’ average net worth ratio is returning to prefinancial-crisis levels," Cheney said.

• Loan growth also is getting stronger. CUNA’s economists are expecting 4% loan growth this year and 6% next year.

• The credit union movement should reach a collective milestone this year as it attains $1 trillion in assets.

"Credit unions are also seeing remarkable membership growth, signing up 1.3 million new members last year—the strongest membership growth in four years," he said.

"CUNA’s most recent voter poll shows that credit unions have the most favorable perception in consumers’ eyes that they’ve ever had," said Cheney. "An impressive 80% of consumers put credit unions in a favorable light, but only 69% of consumers did the same for banks—the lowest level in 14 years. And 74% of consumers said credit unions look out for the little guy, while only 18% of consumers said that about banks."

Cheney can’t recall a time when credit unions received such positive media attention. "The launching of our consumer website, aSmarterChoice.org, coincided well with Bank Transfer Day. It enabled 80% of visitors to do a successful search for a local credit union to join.

"Credit unions are clearly on the rise. We’re working hard to raise the member business lending cap and lighten your regulatory burden. Consumer and media support have never been stronger. Financial trends are improving. And what’s really exciting is that our best days are still ahead."

Post a comment to this story

heroes

What's Popular

Popular Stories

Recent Discussion

Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

Your Say: Who should be Credit Union Magazine's 2014 CU Hero of the Year?

View Results Poll Archive