“Small” credit unions are defined differently when you look at NCUA programs, CUNA’s online peer community, and even our MCU education scholarship. Regardless of how you define “small” in discussing them, those credit unions are vitally important to their members and communities.
According to a study released earlier this year by the Filene Research Institute and CUNA Mutual Group, small credit unions are “often seen as disadvantaged by a lack of scale. But in fact, many are flourishing. These small credit unions defy stereotypes, leveraging their unique strengths as flexible, committed, member-focused institutions keyed into the needs of their particular markets and communities.”
The study explores what makes for a small credit union that is not just surviving but thriving, reviews trends in small credit union performance, and digs into the puzzle-solving approaches taken by leaders of thriving small credit unions. Give it a read and you’ll come away with a better understanding of the definitions and drivers of success among thriving small credit unions.
Filene Research Institute’s Taylor Nelms discussed the research and findings with CU Broadcast on a podcast you can hear at this link. I hope you’ll listen and take away some inspiration and ideas, no matter what size credit union you are associated with!