|Diana Dykstra, CEO of the California and Nevada Credit Union Leagues presents at the CUNA Technology Council and the CUNA Operations, Sales & Service Council conferences|
DYKSTRA STRESSES MEMBER RELEVANCE
updated 09/25/13 04:17 PM
Dual CUNA Conference Meeting
During the Credit Union National Administration (CUNA) Technology Council and the CUNA Operations, Sales & Service Council conferences on Sept. 22-25, President and CEO of the California and Nevada Credit Union Leagues Diana Dykstra addressed attendees on the importance of staying relevant to members and potential members amidst a demographic shift.
"Baby boomers helped credit unions grow, but they're deleveraging now and they're not going to become net borrowers again. They're done. Today's net borrowers are age 18 to 34, but that age group is under-represented among credit union members. We have to do something about that," Dykstra said.
According to Dykstra, Generation Y, representing 78 million individuals, is the future of credit union lending. However, 71 percent of this cohort are uneducated about credit unions, and over half of the unbanked belong to Gen Y.
"This generation represents a tremendous opportunity for credit unions, but a lot of younger consumers just don't want relationships with traditional financial institutions," she added.
The greatest opportunity for credit unions tapping into the Gen Y market is mobile banking, which is growing 68 percent a year.
"Branch traffic declined for the first time in 2012," Dykstra said. "About 80 percent of consumers now visit a branch only once per quarter. And their top three reasons for visiting a branch are problem-resolution, to execute a process that's too complex to execute online, and to physically sign a document."
NCUF RELEASES ANNUAL REPORT updated
08/29/14 02:44 PM
Activities From Last 12 Months
The National Credit Union Foundation (NCUF) released its 2013-2014 Annual Report, entitled “Improving People’s Financial Lives through Credit Unions.” The report highlights the organization's program and grant activities during the past 12 months.
WEEKLY E-FILING BILL SIGNED INTO LAW updated
08/28/14 02:18 PM
Will Streamline Reports for CUs
California Gov. Jerry Brown has signed Assembly Bill 2298, legislation that will allow financial institutions which hold local agency deposits to submit their weekly reports to the California Department of Business Oversight (DBO) electronically rather than through U.S. mail.
NEW STATE LAWMAKERS SHAPE DIRECTION updated
08/27/14 08:24 PM
California Assembly and Senate
New leadership in California will help form the state’s priorities in the coming years. Here’s what your credit union needs to know:
CFPB ISSUES FINAL 'TILA' ADJUSTMENTS updated
08/24/14 11:35 AM
Rule Reviews Dollar Amounts
The Consumer Financial Protection Bureau (CFPB) is issuing its final rule on Truth in Lending Act (TILA) annual threshold adjustments, amending the regulatory text and official interpretations for Regulation Z, which implements TILA.