The Wisconsin Credit Union League is hosting a CEO Roundtable this August. Designed to foster networking and share knowledge, the event allows CEOs to meet face to face with other mid-sized Wisconsin credit union CEOs. These events can be a real source of strength for midsized credit unions.
The mid-sized credit union segment is holding strong according to the most recent available data. In 2015 there were 733 credit unions with $100 million - $250 million dollars in assets. The following year that number fell to 726, marginal by most statistical standards. For credit unions in the $50 million - $100 million dollar asset class, 2015 found 746 credit unions in that asset class, while 2016 saw the number decrease by only one to 745.
The Effectiveness Spectrum of Mid-Sized Credit Unions
However, even among mid-sized credit unions there exists a measurable amount of discrepancy with regard to those who thrive versus those who struggle. A bedrock study conducted by the Filene Research Institute in the early 2000s yielded surprising results. Common denominators among effective (growing) mid-sized credit unions were:
- Effective leadership
- Higher savings rates for members
- Invest capital in growth
- Aggressive expense management
- Focus on fee income generation
- Emphasis on high pay-off products and services
These are just a few of the qualities uncovered by the study. And while the roundtable is a great resource for CEOs looking for ideas and management strategies, don’t forget common items that could easily be overlooked. For instance, forms can make or break a credit union in terms of compliance and lending capabilities.
Making Compliance a Part of the Roundtable Discussion
All of the networking in the world will not offset one visit from a compliance officer visit gone awry. It is important for your forms provider to provide you with forms that are always compliant with state and federal regulations, offer multiple formats, and easily integrate with your data processor.
Oak Tree has been providing quality forms packages for more than 35 years. We have been able to adapt and remain consistent with each industry change. Good forms allow mid-sized credit unions to operate more efficiently. So remember us while you are at the roundtable this August.
Whatever new ideas are presented, or newfound knowledge is shared, we can help manage the compliance aspect with regard to forms. Enjoy your time networking and getting to know some new faces.
For more information on the conference visit the Wisconsin Credit Union League online.
- The Wisconsin Consumer Act applies to “Consumer Transactions” and to modifications and refinancing of “consumer transactions” made in Wisconsin.
- HELOCs are covered by the WCA, unless an exclusion applies.
- Wisconsin Consumer Act – Exclusions
- Application Forms – Marital Property Statements
- Commercial Lending Packages and Membership Business Lending (MBL) Documents