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Bridge to the Future MCUL 2007 Executive Summit. Leadership Issues Dialog Presented by David Adams, Michigan Credit Union League and Peter Gates, Michigan Schools & Government Credit Union. Sponsored by. Key Issues Facing Credit Unions. Membership Growth Older Membership Loan Growth

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Bridge to the future mcul 2007 executive summit
Bridge to the FutureMCUL 2007 Executive Summit

Leadership Issues

Dialog

Presented by David Adams, Michigan Credit Union League

and Peter Gates, Michigan Schools & Government Credit Union

Sponsored by


Key issues facing credit unions
Key Issues Facing Credit Unions

  • Membership Growth

  • Older Membership

  • Loan Growth

  • Innovation

  • New IT Architectures

  • Earnings

  • Payment Systems

  • Security

  • Business Lending

  • Legislation/Regulation



1 membership growth
1) Membership Growth

  • Since 2000, U.S. annual membership growth has averaged 1.9% and is expected to remain at that level barely keeping up with the U.S. population growth

  • Switching to community charters has added millions of eligible members, in fact 54% of the roughly 78 million nonmembers say they are eligible to join but have not

  • The key to attracting potential members in their peak borrowing years is attracting Gen Y—consumers age 18 to 30. Gen Y is one of the largest demographic groups in the U.S. with 45 million people, or 15% of the population


1 membership growth1
1) Membership Growth

CU Membership & U.S. Population Growth

Annual growth rate

Year

Source: NCUA and CUNA


1 membership growth2
1) Membership Growth

Number of Potential Members in U.S. By Age(millions)

Source: CUNA’s 2006-2007 Survey of Potential Members


1 membership growth3

Eligible nonmembers

who use banks

Members who use

only CUs

All CU members

1) Membership Growth

Loyalty Levels

Sources: CUNA’s 2006-2007 Survey of Potential Members


1 membership growth4
1) Membership Growth

  • 7% or 28 CUs exceeded 10%, average assets $121,402,857

  • 6% or 24 CUs between 5%-9.99%, avg. assets $83,069,593

  • 27% or 101 CUs between 0%-4.99%, avg. assets $114,685,480

  • 60% or 223 CUs had negative growth, avg. assets $65,739,148

  • Lower growth generally in smaller asset CUs but the differences aren’t dramatic. Some large asset CUs also have small membership growth

2006 Michigan Membership Growth

Source: Callahan’s Peer-to-Peer


1 membership growth5
1) Membership Growth

MI Success Story

First Area Credit Union – 12.21% Growth

  • Exceptional member service

    • Addressing members by first name

    • Sending birthday cards to members

    • Monitoring papers for special occasions such as retirements and sending cards

  • Opened branch in area with little competition



2 older membership
2) Older Membership

  • The average age of members continues to rise and is now 47 compared to 43.3 just 12 years ago

  • Credit unions are in the midst of a major decline in peak borrowers – members age 25 to 44

  • The percentage of membership in this group has declined from 48% in 1996 to 38% in 2006

  • This demographic shift has worked against credit unions for about 7 years and will continue at least through 2010


2 older membership1
2) Older Membership

Percent of CU Members Age 25-44

(estimate)

Sources: CUNA National Member Survey Reports and CUNA Member Statistics.


2 older membership2
2) Older Membership

Mindset of 18–24 Year Olds

  • There have always been ATM machines

  • Social Security system has always been on the brink of collapse

  • Have never experienced a real recession

  • They have always had access to e-mail

  • Electronic filing of federal income taxes has always been an option

  • Computers have always fit in their backpacks

  • “Ctrl+Alt+Del” is as basic as “ABC”

Source: 2003 – 2007 Beloit College Mindset List


2 older membership3
2) Older Membership

Age Distribution of Members and Eligible Nonmembers

Source: CUNA’s 2006-2007 Survey of Potential Members


2 older membership4
2) Older Membership

CU Membership Status & Awareness of CUs

Source: CUNA


2 older membership5
2) Older Membership

Michigan Develops Young Credit Union Members

  • During the 2005-2006 school year, Michigan credit union staff led the nation educating more than 45,000 students with more than 2,300 presentations on personal finance and in the operation of student run credit union branches

  • MCUL Family Involvement Council created the “Credit Union School Branch Handbook,” a nationally used step by step guide to starting a student run branch

  • Nearly 30 credit unions pledged financial support of Experiencia’s Exchange City in Taylor, designed to teach 5th grade students about personal finance, business fundamentals and entrepreneurship. According to students, the best job in Exchange City is the manager of Exchange City Credit Union


2 older membership6
2) Older Membership

MI Success Story

CP Federal attracting younger members

  • Leads the nation in the number of student run credit union branches with over 40 in Jackson area schools

  • CP staff regularly conducts classroom presentations on financial literacy in conjunction with their school branches



3 loan growth
3) Loan Growth

  • U.S. credit unions experienced double-digit loan growth in five of the past seven years

  • Loan growth in 2006 dropped to 8.7% and is expected to drop to 6% in 2007

  • Rising interest rates, increased savings and weak pent-up demand are contributing factors


3 loan growth1
3) Loan Growth

Annual percentage change

(estimate)

Sources: CUNA’s economics & statistics


3 loan growth2
3) Loan Growth

  • Three target markets identified for loan growth

    • Adults age 18 – 30

    • Hispanics and Latinos

    • Small business owners

  • Financial products and services are commodities, and true differentiation will be driven by value innovation that enhances a member’s total experience with a lender. Value is created by moving beyond product silos, anticipating members’ life-stage and life-style needs, and bundling loan products accordingly.


Black

Asian

Non-Hispanic White

Hispanic

Other

3) Loan Growth

Credit Union Growth & Shifting Demographics 2000-2050

2050

2000

Source: U.S. Census Bureau


3 loan growth3

--have special program in place

--plan to begin process within next 12 months

--unlikely to make special effort to serve this market

--plan to begin process but not within next 12 mos.

--in the pro- cess of starting a program

3) Loan Growth

CU Plans to Serve Hispanics/Latinos

Assets

Sources: CUNA’s 2006 Hispanic Task Force survey


3 loan growth4
3) Loan Growth

2006 Michigan Credit Union Loan Growth

  • 17% or 64 CUs exceeded 10%, average assets $92.0M

  • 19% or 73 CUs between 5%-9.99%, avg. assets $98.3M

  • 24% or 92 CUs between 0%-4.99%, avg. assets $110.0M

  • 40% or 147 CUs had negative growth, avg. assets $57.3M

  • Lower growth generally in smaller asset CUs

Source: Callahan’s Peer-to-Peer


3 loan growth5
3) Loan Growth

CU Success Story

Consumers Credit Union – 16.89% Loan Growth

  • Lending is an attitude and is developed with strong training and coaching

  • Lending driven organization from the top down

  • Believes a CU must grow members for loans and does not pay a premium on deposits unless it will be lent out

  • Loan portfolio in three categories (Business, Consumer and Mortgage) with an employee champion for each

  • Business lending is a must, direct or participation



4 innovation
4) Innovation

  • This is something many financial institutions talk about but few deliver. Yet innovation will be a key driver of value and differentiation in the new financial services economy as financial services become commodities

  • Using pricing as your primary strategic differentiator continues to become less effective as competitors make convenience and delivery channels more important

  • Differentiation among lenders will require value innovation that enhances a member's total financial services experience

  • Through insightful member relationship strategies, product bundling, and cross-selling initiatives, credit unions can nurture relationships that result in increased wallet share in the future"


4 innovation1
4) Innovation

The Filene Research Institute created i3 as a working group of diverse innovative, insightful and energetic credit union professionals

  • Identify and evaluate recent credit union innovations which

    • meet member needs/wants

    • lower costs and increase credit union operational efficiencies

    • build member loyalty

    • meet the special needs of member segments

    • enhance credit union effectiveness

  • Develop and implement new innovative ideas which address major issues, problems and opportunities facing credit unions

  • Identify and evaluate innovations in other organizations which could be adopted by credit unions

  • Provide a forum for cooperation, collaboration, professional development and industry succession planning


4 innovation2
4) Innovation

CU Success Story

  • Greater El Paso CU Savings Sweepstakes

    • Savings program allowing members to win prizes, the more they save, the more chances they have

      • Helps members build wealth

      • Educates members about savings and investing

    • GECU choose six families to compete against each other and mentored each family to help them save



5 new it architectures
5) New IT Architectures

  • The top information technology (IT) initiatives for consumer lenders in 2007 and 2008 will be to transform core lending systems and IT architecture, and to develop tools to reach untapped markets

  • Credit unions are investing in technologies that will help them attract more members and get current members using more services

  • Attaining a competitive advantage requires a measured, balanced approach to risk vs. security measures

  • More than 50% of consumers would switch companies if their personal information were compromised


5 new it architectures1
5) New IT Architectures

  • Data management is the backbone of your credit union and will require more integrated and sophisticated database and reporting systems

  • New IT architectures are emerging that will help give your members a consistent experience across all delivery channels and make it easier to develop strategies for attracting new members, and for cross-selling products and services to existing members

    • Service-Oriented Architecture (SOA)

    • Business Intelligence

    • Web 2.0


5 new it architectures2
5) New IT Architectures

Service-Oriented Architecture (SOA)

  • What it is…

    • A strategic design approach that ties your systems around specific business functions

  • Why it is important…

    • Targets information and functionality to a specific need (e.g. loan management), regardless of what systems provide them, to

      • Improve member responsiveness

      • Operational efficiencies

      • Savings by reducing errors

  • What it does…

    • Allows you to become less dependant on individual systems and standardizes and simplifies the screens users use


5 new it architectures3
5) New IT Architectures

Business Intelligence (BI)

  • What it is…

    • Applications and technologies which are used to gather, provide access to, and analyze data and information about your operations

  • Why it is important…

    • Helps management track key performance metrics and make better informed decisions

  • What it does…

    • Compiles data from across the organization in the form of dashboards, scorecards, reports, analytic applications and data mining

Source: http://en.wikipedia.org/wiki/Business_intelligence


5 new it architectures4
5) New IT Architectures

  • Web 2.0

  • What it is…

    • Second generation of the World Wide Web that is focused on the ability for people to collaborate and share information online

  • Why it is important…

    • New service delivery and communication channels for members, especially with younger demographics, and tools to facilitate staff collaboration and information sharing

  • What it does…

    • Uses new Web technologies such as blogs, social networking, wikis, podcasts, RSS feeds, Web APIs, Web standards and online Web services to facilitate information sharing in a very dynamic and interactive fashion

Source: http://www.webopedia.com


5 new it architectures5
5) New IT Architectures

CU Village Services

  • Customer programming services

    • Database development and integration

    • Application development

    • Web interface and reporting

    • XML programming

  • CU Campus

    • New destination for credit unions to collaborate, share and learn

  • Podcasting

  • Social Networking

  • Multimedia and custom development services



6 earnings
6) Earnings

  • U.S. credit union ROA has fallen steadily over the past four years from 1.06% in 2002 to 0.83% in 2006

  • Credit union return on assets is projected to fall to 0.65% in 2007 - 2008

  • A weak economy, high debt levels, and slower home-price appreciation will produce overall savings growth of around 7% at credit unions in 2007 and 2008

  • Credit union will continue to seek “member friendly” non-interest income


6 earnings1
6) Earnings

Economic Forecast 5-Yr Avg 2006 2007 2008

Economic growth 2.9% 3.3% 2.0% 2.5%

Inflation (% change in CPI) 2.7 2.5 2.0 2.0

Core inflation 2.0 2.6 2.2 2.0

Unemployment rate average 5.4 4.6 4.8 5.4

Fed funds rate average 2.46 4.99 5.05 4.5

10-yr Treasury bond average 4.40% 4.79% 4.66% 4.8%

Credit Union Outlook 5-Yr Avg 2006 2007 2008

Savings growth 6.6% 4.2% 7.0% 7.0%

Loan growth 9.7 7.8 6.0 6.0

Asset growth 7.4 4.6 6.9 6.9

Membership growth 1.9 1.4 2.0 2.0

Loan-to-share ratio 75.8 82.3 81.8 81.0

Delinquency rate ($, 60+ days) 0.74 0.68 0.75 0.80

Net charge-off rate 0.52 0.47 0.59 0.60

Return on average assets (ROA) 0.93 0.83 0.65 0.65

Net worth ratio 11% 11.5% 11.4% 11.3%

Source: CUNA economics & statistics, April 2007


6 earnings2
6) Earnings

  • 24% or 89 CUs exceeded 1.0%, average assets $81.7M

  • 35% or 136 CUs between 0.5%-0.99%, avg. assets $101.2M

  • 28% or 104 CUs between 0.0%-0.49%, avg. assets $86.2M

  • 13% or 47 CUs had negative growth, avg. assets $34.7M

  • Lower earnings generally in smaller asset CUs

2006 Michigan Credit Union ROA

Source: Callahan’s Peer-to-Peer


6 earnings3
6) Earnings

  • 8% or 31 CUs exceeded 10%, average assets $111.0M

  • 13% or 47 CUs between 5%-9.99%, avg. assets $148.4M

  • 24% or 92 CUs between 0%-4.99%, avg. assets $142.2M

  • 55% or 206 CUs had negative growth, avg. assets $39.4M

  • Lower growth generally in smaller asset CUs

2006 Michigan Credit Union Share Growth

Source: Callahan’s Peer-to-Peer


6) Earnings

CU Net Interest Margins and the Importance of Non-Interest Income

Basis points of average assets

Margins did not cover

operating costs

Source: CUNA


6 earnings4
6) Earnings

CU Success Story

Forest Area Credit Union – ROA of 2.05%

  • Very strong lending philosophy that lending is the best way to be profitable

  • Maintain high loan/share ratio at 98.30%

  • Has high concentration of mortgages and utilizes secondary market to manage liquidity

  • Strong stable employee base with high morale

  • Strong Net Worth of 15.55 allowing fees and loan rates to remain low



7 payment systems
7) Payment Systems

  • Revenue from payment systems was $224 billion in 2005 for financial institutions – more than any other line of business

  • The most significant trend over the past five years has been the rapid growth of electronic payments—debit cards, credit cards, and ACH transactions

  • Thousands of businesses are adopting remote deposit capture. As credit unions seek out new revenue sources, RDC can put them at the forefront of improved member service while increasing the credit unions bottom line


7 payment systems1
7) Payment Systems

The Changing Payments Mix

2006 = $6.8 trillion

2000 = $5.5 trillion

Sources: Industry Reports, BAC Finance, FiServ


7 payment systems2
7) Payment Systems

Recurring Bill Payment

Online Bill Payment

24%

Use of paper checks is down from 72% in 2001

Electronic payments now comprise 45% of all recurring bill payments

Source: Dove Consulting


7 payment systems3
7) Payment Systems

In-Store Payments

Sources: Dove Consulting’s 2006-2007 Study of Consumer Payment Preferences


7 payment systems4
7) Payment Systems

  • Remote Deposit Capture (RDC) enables credit unions to capture the wide variety of teller documents in a different processing environment, including truncation of items at the branch without further processing

    • It increases efficiency and facilitates a reduction in the number of courier runs

    • Saves both time and money

    • Eliminates the need for microfilm at branch locations due to the fact that the images are captured and retained at the remote location

    • Reduces float expense

    • Allows financial institutions to extend remote location hours/or cut-off times

    • Credit unions can provide same day credit to its members

    • Reduced fraud losses



8 security
8) Security

Is Trust still our competitive advantage?

  • IT departments spent roughly $61 billion on security in 2006 to satisfy regulators and to protect consumers’ financial data. The high cost of protection appears to be worth it—surveys show that 50% of consumers would switch service providers if their personal information were compromised

  • Security Breaches – in 2006 over 300 reported data security incidents involving over 100 million accounts (Privacy Clearing House)



8 security2
8) Security

New Areas of Security Focus

  • What Has changed?

    • No longer can the Hacker be the primary concern!

    • Lost/Stolen PC’s and Backups

    • Insider Theft

    • Dumpster Diving

    • Improper Display


8 security3
8) Security

New Areas of Security Focus

“Ohio changes policies after massive data theft.

Disk with info on 64,000 state employees was taken from intern’s car”

Columbus, Ohio - A 22-year-old intern was given the responsibility of safeguarding the personal information of thousands of state employees, a security procedure that ended up backfiring.

The names and Social Security numbers of all 64,000 Ohio state employees were stolen last weekend from a state agency intern who left a backup data storage device in his car, Gov. Ted Strickland said. “

Associated Press June 16, 2007


8 security4
8) Security

Although the Government and Education has more incidents. Financial Services has a much greater quantity of records and potential impact!



8 security6
8) Security

How does this change from what we have done in the past?

  • Change from a reactive, problem based approach to a proactive preventative approach

  • View security from Multiple perspectives

  • Increase the flexibility of the credit union to respond to changing security needs

  • Create an ongoing effort to maintain and improve the security programs and postures



9 business lending
9) Business Lending

  • CUNA estimates the number of credit unions offering business services is approaching 2,000

  • Business/Commercial Lending will be one of the best growth opportunities for credit unions over the next several years

  • Extending their services to offer the same level of service to its business member base will position CUs strategically to gain market share

  • Credit unions can earn the loyalties of business owners within their fields of membership since 52% of small-business owners are “less than very satisfied” with their current banking relationships


9 business lending1
9) Business Lending

  • Significant investments in training, hiring and technology will be required for credit unions to be competitive. For this reason, business lending CUSOs are the fastest growing segment of CUSOs

  • Once a credit union decides to offer business lending, they will begin to establish a niche and target the types of business loans they want


9 business lending2

Small business owners are looking for assistance with their lending needs, convenience and the ability to have their entire relationship with one company

Credit unions will be able to position themselves to increase deposits as a result of commercial loans and differentiate themselves from other competitors

Crucial for the success of business lending will be to offer other business services such as the following:

9) Business Lending

  • Merchant Processing

  • Payroll Services

  • Business Credit/Debit Cards

  • Co-branded/Affinity Cards

  • Business Checking

  • Interest Bearing Accounts

  • Sweep Accounts

  • Cash Management Accounts


9) Business Lending lending needs, convenience and the ability to have their entire relationship with one company

Business Owners’ Overall Satisfaction With Their Providers

Source: CUNA’s “Business Services Survey” benchmarking database


9) Business Lending lending needs, convenience and the ability to have their entire relationship with one company

CUs Offering Member Business Loans

Term loans

Lines of credit

Real estate loans

Note: Figures are limited to CUs offering business services.

Source: CUNA’s 2007 Business Services Survey


Personal checking accounts for employees lending needs, convenience and the ability to have their entire relationship with one company

Merchant credit card processing

Retirement planning

Brokerage services

Credit life insurance

Payroll processing

Wealth management

Life/key-person insurance

Property insurance

Casualty insurance

E-commerce

Equipment leasing

Courier processing

Armored car services

Repurchase agreements

Other

9) Business Lending

CUs Offering Business Services

Note: Figures are limited to CUs offering business services, excluding loans.

Source: CUNA’s 2007 Business Services Survey


Legislative regulation

Legislative / Regulation lending needs, convenience and the ability to have their entire relationship with one company


10 legislative regulation
10) Legislative / Regulation lending needs, convenience and the ability to have their entire relationship with one company

  • Banking interests have changed tactics, pulling back on taxation and attacking CUs on their record of community service in an effort to impose regulations such as the Community Reinvestment Act on CUs

  • Data security is a high priority for credit unions and in Congress. Credit unions are particularly concerned with member notification of breaches and the ability to hold responsible parties accountable for losses


10 legislative regulation1
10) Legislative / Regulation lending needs, convenience and the ability to have their entire relationship with one company

  • The change of leadership in Congress will not have a significant effect on credit unions’ political efforts or efficacy because credit unions have traditionally been bipartisan in terms of campaign contributions and financial/consumer issues

  • Credit unions’ number one political priority — preserving the income tax exemption —continues to be important, but it’s not under significant threat in 2007


10 legislative regulation2
10) Legislative / Regulation lending needs, convenience and the ability to have their entire relationship with one company

  • The CURIA bill, which boasted 125 co-sponsors at the conclusion of the 109th Congress, has been reintroduced in the current Congress. This credit union-specific regulatory relief/modernization bill will face stiff resistance from the banking lobby

  • Currently 121 members of Congress, including 9 from Michigan, have cosponsored the legislation (as of 8/15/07)

  • Michigan leads the nation in the percentage of its House delegation that have signed onto the bill

  • House Financial Services Committee Chair Barney Frank (D-MA) has indicated he plans on moving the bill this session

  • However, he also indicated he might strip some of the more controversial provisions out of the bill


10 legislative regulation3
10) Legislative / Regulation lending needs, convenience and the ability to have their entire relationship with one company

Michigan Delegation on CURIA

  • Cosponsors

    • Stupak, Hoekstra, Kildee, Upton, Walberg, McCotter, S. Levin, Kilpatrick, Conyers

  • Expected to cosponsor again

    • Camp

  • Supports legislation

    • Miller, position on cosponsoring unclear

    • Knollenberg, unwilling to cosponsor

  • Unwilling to cosponsor; support for legislation unclear

    • Ehlers, Rogers

  • Position on legislation unclear

    • Dingell


10 legislative regulation4
10) Legislative / Regulation lending needs, convenience and the ability to have their entire relationship with one company

CURIA - What Can I Do?

  • Contact your Member of Congress to either:

    • 1) Thank them for cosponsoring the bill; or

    • 2) Ask them to support the legislation and consider becoming a cosponsor

  • To send your Member an e-mail, including talking points, go to: http://capwiz.com/cuna/issues/alert/?alertid=9521681&type=CO


10) Legislative / Regulation lending needs, convenience and the ability to have their entire relationship with one company

Greatest Legislative Threat*

*Respondents were asked: “What will be the greatest legislative threat to CUs over the next five years?” Open-end question; multiple responses were allowed.

Source: CUNA’s 2007 Political Action Survey


10) Legislative / Regulation lending needs, convenience and the ability to have their entire relationship with one company

Positive Legislative Changes*

*Respondents were asked: “What are the three most positive legislative or regulatory changes from which CUs could benefit.” Open-end question; multiple responses were allowed.

Source: CUNA’s 2007 Political Action Survey


10 legislative regulation5
10) Legislative / Regulation lending needs, convenience and the ability to have their entire relationship with one company

MCUA Review & Refresh

  • It has been three years since the new Michigan Credit Union Act (MCUA) went into effect and over seven years since the MCUA modernization review process began

  • The MCUA is widely considered the best state charter in the country

  • We believe sufficient time has now passed to review the impact of major provisions of the new Act and look for additional ways to improve the state charter


10 legislative regulation6
10) Legislative / Regulation lending needs, convenience and the ability to have their entire relationship with one company

MCUA Review & Refresh

  • A subcommittee of the GAC has been meeting monthly starting in April with the goal of concluding its review by October

  • Recommendations will then be presented to the full GAC and the MCUL Board of Directors for concurrence

  • Any legislative action will be targeted for 2008 and could be carried over to the 95th Legislative Session (2009-10)


10 legislative regulation7
10) Legislative / Regulation lending needs, convenience and the ability to have their entire relationship with one company

MCUA Review & Refresh CU Communication Plan

  • Following each meeting, a story is published in Michigan Monitor highlighting the group’s discussions and seeking comment/feedback along with a link to a password-protected area of the MCUL web site that will contain meeting materials

  • Any feedback from credit unions is passed along to subcommittee members

  • Final recommendations of the subcommittee will be provided to credit unions for feedback prior to Board action


10 legislative regulation8
10) Legislative / Regulation lending needs, convenience and the ability to have their entire relationship with one company

Regulatory Advocacy

  • SCU “Town Hall” meetings were held around the state with OFIS Commissioner Watters

  • 1Q Contact magazine interviews with Watters and Treichel on examination and appeals process

  • MCUL spring meetings with senior NCUA/OFIS officials held; fall meetings scheduled

  • FCU roundtable held with NCUA Vice Chair Rodney Hood during AC&E

  • Meeting with NCUA Chair JoAnn Johnson held during Hike-the-Hill

  • MCUL staff made presentation to NCUA’s Michigan examiners on examination complaints and possible resolutions

  • Town Hall meetings with NCUA Region 1 Director Mark Treichel being planned for early 2008


10 legislative regulation9
10) Legislative / Regulation lending needs, convenience and the ability to have their entire relationship with one company

What Can I Do?

  • Continue to provide feedback to MCUL regarding your experiences with NCUA/OFIS staff

  • Do not be afraid to appeal examination concerns up the chain

  • Contact the MCUL for assistance with your regulatory advocacy needs

  • Provide grassroots commentary on federal regulatory proposals as announced in GA Update

  • Participate in Town Hall meetings with NCUA Regional Director Mark Treichel

  • Utilize OFIS’ CU Advisory Council members to pass on information and concerns to OFIS


2007 executive summit key issues facing credit unions

2007 Executive Summit lending needs, convenience and the ability to have their entire relationship with one companyKey Issues Facing Credit Unions

Presented by:

David Adams

Pete Gates


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