The CUNA Small Credit Union Committee, which is made up of 15 small credit union leaders from across the country and advises the CUNA Board and Advocacy Committee, recently finalized a new white paper examining the key opportunities and challenges facing small credit unions.
The white paper, “The State of Small Credit Unions Today,” outlines how cross-industry support can lead to greater collaboration at all asset levels and provides recommendations for the preservation of small credit unions nationwide.
The paper builds on research from a 2001 Small Credit Union Committee report which served as a roadmap to preserve and strengthen the small credit union model. Top takeaways from the paper include:
- the dynamic landscape of small credit unions;
- a discussion on the value that small credit unions provide to the industry at large; and
- six challenges, paired with simple solutions, to help small credit unions remain relevant.
The paper also includes key figures and data to support investing in small credit unions and to raise awareness of the significant challenges they face.
The committee will next begin to identify which recommendations it will act on and develop resources to address major challenges facing small credit unions.