Thu, Jun 29, 2017
The MD|DC Credit Union Association is partnering with CUCollaborate to provide member credit unions with an innovative new tool to help them explore field of membership expansion opportunities. CUCollaborate, a company driving credit union growth through collaboration, developed and launched the web-based evaluation tool earlier this year to assist credit unions in processing the NCUA’s new field of membership rules that took effect in February.
“The new rules present a real opportunity for membership growth,” said MD|DC Credit Union Association president/CEO John Bratsakis. “Using CUCollaborate’s software, credit unions can determine what options are available to them and choose the best path forward. Our partnership with CUCollaborate adds value to membership in our Association by providing members with a best in class resource to help expand access to affordable financial services.”
Since the new NCUA rules went into effect on February 6, 2017, more credit unions are considering modifying their FOMs. CUCollaborate’s proprietary software enables users to visualize, experiment, and test numerous plans to identify the best growth opportunities. The software allows users to:
- See if a selection would be approved by the NCUA as a community charter, underserved area, or rural area;
- Search for employers by their characteristics, such as employer industry, number of employees, proximity to credit union branches, and whether the employer is already a Select Employer Group (SEG) of another credit union;
- Review other credit unions’ FOMs to support a user’s own FOM amendments, to conduct competitive analysis, or to identify merger opportunities;
- Pinpoint ideal locations for new branches by quickly considering the FOMs of other credit unions, consumer demographics, competitive financial institutions, and more; and
- Enjoy access to research tools that draw on CUCollaborate’s proprietary database and data provided by the NCUA, FDIC, Census Bureau, CDFI, and CFPB.
MD|DC Credit Union Association joins the Utah Credit Union Association and the Hawaii Credit Union League in offering the FOM expansion tool to its members in partnership with CUCollaborate.
CUCollaborate (cucollaborate.com) launched in 2014 with the mission of helping credit unions of all sizes and types grow through meaningful collaboration. In 2015, CUCollaborate launched a Kickstarter campaign and successfully raised the funds to begin development of Credit Union Match, an online questionnaire that helps consumers find credit unions that they can join. CUCollaborate has since gone on to create several tools focused on analyzing credit union fields of membership and making it as easy as possible for consumers to find and join credit unions.