Credit Unions at the Crossroads

Greetings!

A few weeks ago, I attended (as a panelist and representative of NCOFCU) the "Credit Unions at the Crossroads Symposium" at the University of Virginia's Darden School of Business, Charlottesville, Va.

The Darden, UVA's McIntire School of Commerce and $511 million University of Virginia Community Credit Union, brought together about 60 members of the credit union industry to discuss and try to solve some of the credit union movement's biggest problems.

It was an honor and privilege that I had the opportunity to sit as a panelist, and representative of NCOFCU, at the symposium and contribute to the future direction of the credit union movement.

The discussions were very full-bodied, but one thing that kept coming up again and again was the need to increase our corporative spirit and to act on the changes that will be necessary for the survival of the credit union movement.

I am looking forward to sharing some of the discussions that took place at our conference in October, like the need for greater participation in shared branching and ATM networks, cooperative spirit, cooperative advertising, credit union vs. credit union, cross fields of membership, competition, big vs. small credit unions, taxes, the need for secondary capital, complacency (self-satisfied and unaware of possible dangers), and most of all collaboration,

We as firefighter's credit unions have the unique position of representing one on the most collaborative and cooperative professions in the world and we should bring that to our firefighter credit unions as well.

I have attached the Press Release for your review and as soon as the report is available I will see that the members of NAFCU get a copy.

Sincerely,

Grant Sheehan

Grant Sheehan Executive Director

National Coalition of Firefighters Credit Unions

305-951-3306
grant@ncofcu.org

FOR IMMEDIATE RELEASE

Media Contact:

Janine Williams, Vice President of Marketing

UVA Community Credit Union

434-964-2008

"Credit Unions at the Crossroads Symposium" Held at University of Virginia's

Darden School

August 25, 201l, Charlottesville, VA...The University of Virginia hosted 65 credit union leaders and academics from across the nation Aug. 10-12, at a unique gathering designed to help chart a course for the movement's future.

The Credit Unions at the Crossroads Symposium encouraged candid discussion on how to address the system's most-pressing issues, including slow growth in market share, reaching today's youth, addressing capital needs, key regulatory issues, and cooperation within the system.

"We all see the harsh realities of the marketplace," said Alison DeTuncq, CEO of the University of Virginia Community Credit Union, one of the Symposium's sponsors. "Many of us are painfully aware that our memberships are aging, that our regulatory burdens are growing, and that the traditional credit union business model poses its own unique challenges. The Symposium sought to lay a foundation on which we can build a research-based framework that answers the question: What's next for America's credit unions?"

During the coming months, the event's co-sponsors -- the University of Virginia's Darden School of Business and the McIntire School of Commerce -- will work with the Filene Research Institute to analyze information and audio recordings from the event, identifying current research from Filene that best speaks to the "credit union of the future," as well as topics that beg for new or additional research.

"Credit unions emerged from the financial crisis and the recession with a sense of urgency to better position themselves as a force within the financial services industry," said Dr. Ronald T. Wilcox, a professor at the University of Virginia's Darden School of Business. "The consumer finance landscape was changing long before the turmoil of the past few years; that change will only accelerate, forcing financial services providers to prove themselves by being innovative, responsive and adaptable. The credit union industry seems eager to accept that challenge and test its own limits."

Symposium presenters and panelists covered a wide variety of topics, including financial and market share trends for credit unions, the characteristics of top-performing credit unions and community banks, current credit union research that best speaks to the system's future, legislative and regulatory issues, credit unions' ability to adapt to the marketplace, marketing, the role of credit union service organizations and trade associations, staff development, governance and more.

Symposium participants were also strongly encouraged to offer their own unique insights on the system's future, and to examine and analyze their own ideas and opinions about the credit union system with a more informed and critical eye.

"The credit union industry has matured to a point that it needs answers to fundamental business questions," said Dr. George A. Overstreet Jr., a professor at the University of Virginia's McIntire School of Commerce. "Some of the industry's core values are being challenged; its business model faces real and significant threats; and credit unions are struggling for relevance among the next generation of Americans. Credit unions understand the stakes, and fortunately, there's neither a shortage of passion within credit unions, nor a shortage of capable leaders ready to blaze the trail for the industry's future."

###

UVA Community Credit Union is a not-for-profit cooperative with over 55,000 member-owners who benefit from comprehensive banking, lending, investment, and education services. Membership is available to any person who lives or works in Charlottesville, Albemarle, Fluvanna, Greene, Louisa, Madison, Nelson, or Orange and any business located in these areas.