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• W1530118305 abstract "i ABSTRACT The economy of the United States has recorded phenomenal performances in every segment of the nation over the last decade. The longest expansion in economic history, dating from March of 1991, is continuing as we enter the 21 century. The financial services industry has been in the forefront of dynamic change and expanding diversity of activities, institutions, and instruments during this period. The era of deregulation, which began in the 1980s, continued in the 1990s, culminating with the repeal of the Glass-Steagell Act in the year 2000. This paper is an empirical analysis of the ways in which the credit union industry has both participated in the deregulation environment and also faced some of the strongest head winds to its historical growth performance, in the approximately two-year battle over fields of membership expansion. With the passage of HR 1151 in 1998, the industry has been able to resume its record of growth in assets, loan and investment offerings, and membership. Consolidation of financial institutions of all kinds continues. By the end of the year 2000, approximately 10,000 credit unions were operating in the U.S., compared with a peak of over 23,000 in the 1970s. Credit Union Challenges and Opportunities 1 CREDIT UNION CHALLENGES AND OPPORTUNITIES The credit union industry is faced with a number of challenges and opportunities at the dawn of a new century. • Operating financially sound institutions and meeting new competitive challenges. With the repeal of the Glass-Steagell Act, commercial banks may now expand their financial service offerings to an even greater extent. The concept of “one-stop shopping” has never been more attainable and these trends are likely to continue. Yet credit union offerings continue to be quite restrictive, primarily directed towards consumer loans, fixed income investments and transaction-oriented services (ATMs, internet loan offerings, etc.). To continue to serve members effectively credit unions must expand their service offerings and maintain quality lending standards. • Retaining and growing membership. Competition for members and keeping current members satisfied will be critical challenges for the industry. Total membership has resumed its historical 2 to 3 percent growth rate in the last two years. However, competition for a credit union manifests itself not only in other financial institutions but also in other credit unions, through overlapping memberships. • Finding and keeping good employees. As financial institutions become more complex and technology becomes more ingrained in operations, finding workers with these skills becomes critical to successful performance. And with the increased mobility of today’s labor force it is important to keep these workers and their expertise within the credit union industry. • Identifying products and services that members consider most important. As “member driven” financial institutions, credit unions have always operated to provide services desired by their members. Credit unions operate to meet member needs, not to enhance the performance of the credit union itself. Credit unions are only as good as the satisfaction of their members. • Incorporating the latest technological advances into credit union operations. The financial services industry is in the forefront of incorporating technology into its operations. It is imperative that management, employees, and volunteers keep pace with a rapidly changing environment. Policy, operating plans, and effective execution will be key factors as credit unions enhance their competitiveness and member satisfaction. • Complying with evolving regulatory demands. With the growth and development of expanded credit union service and financial products, 1 Presentation by National Association of Federal Credit Unions (NAFCU) President Ken Robinson, to a conference of The American Institute of Public Accountants (AICPA), NAFCU Update, November 15, 1999, p. 3. Credit Union Boards of Directors for the New Millennium 2 regulatory demands are likely to grow. Management must be able to operate within the confines of industry guidelines and also meet the changing needs and desires of members. • Finding, training, and maintaining a competent, well-functioning board of directors made up of volunteers. With the increasing complexity of credit union operations and expansion of technologically driven products and services, the qualities and responsibilities of board members have increased in scale and scope. In addition, as credit union membership bases broaden with multi-sponsored institutions, the role of the board of directors has become increasingly critical to successful, competitive operations. The focus of this research effort encompasses the changing structure and role of the board, with implications for future effectiveness in the new millennium. METHODOLOGY AND SAMPLE CHARACTERISTICS In order to explore the effects of these forces on the credit union industry, in general, and boards of directors, in particular, a questionnaire was constructed and sent to 886 randomly selected credit union managers and/or CEOs. Returned surveys numbered 315, of which 297 provided valid data (a response rate of 33.5 percent). In order to supplement survey data, an extensive telephone solicitation effort was undertaken to explore new ideas as well as to expand and solidify survey responses. Another 255 credit unions were contacted, with 207 responses, resulting in additional, valuable data. Many of these conversations also resulted in anecdotal evidence that has been incorporated into this study. Therefore, the overall effective response rate approximates 57 percent. During the decade of the 1990s, the credit union industry in the United States grew in membership as well as assets under management control. Data in Table 1 show trends in the size of credit unions responding to this survey. 2 A similar survey was the basis of another paper, “The Changing Structure of Credit Union Boards in the 1980s: With Implications for the 1990s,” which was published in 1992. Methodology and Sample Characteristics 3 TABLE 1 CHANGING SIZE OF CREDIT UNION SAMPLE IN THE 1990S (IN PERCENTS) Asset Size 199" @default.
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• W1530118305 title "Credit Union Boards of Directors for the New Millennium" @default.
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