WASHINGTON–In coordination with Dollar Associates, CUCollaborate here said it has launched a new field of membership expansion tool that helps credit unions of all sizes and charter types research how to best expand their fields of membership under the new rules passed by the NCUA.
According to CUCollaborate, Dollar Associates provided its knowledge and expertise in helping the company to develop the logic that processes the new complex field of membership rules and makes field of membership expansion more accessible to every single credit union. “Within the tool, credit unions are able to visualize their own membership eligibility rules and discover new areas of expansion permitted under the new rules,” the company said.
“One of the biggest questions most credit unions face when looking at their field of membership expansion options is ‘what is the art of the possible’ for my particular credit union,” said Dennis Dollar, Principal Partner of Dollar Associates and a former NCUA Chairman. “We were pleased to have the opportunity to partner with CUCollaborate in developing this tool that, while they will still have to develop business plans and a successful application to expand their FOM, will enable credit unions to determine what options are available and to know if they have a viable option to help their strategic growth through FOM expansion.”
CU Collaborate said the tool allows credit unions to explore adding new geographic areas and employer groups to their fields of membership as well as research the fields of membership of other credit unions. It considers all of the NCUA’s requirements in selecting areas for community expansions, rural area expansions, and underserved area expansions. The tool’s dynamic logic draws upon data from the NCUA, FDCI, Census, CDFI, CFPB, as well as CUCollaborate’s proprietary database of credit union fields of membership rules.
“Our mission is to help credit unions of all sizes and charters grow,” said Samuel Brownell, CEO, CUCollaborate, “We started by helping credit unions attract more consumers through resources like Credit Union Match and now we are broadening our services to include helping credit unions expand the potential pool of consumers that can join their credit union.”
For info: https://cucollaborate.com/register.