Posted December 18th, 2017 No Comments
NCUL Introduces New FOM Tool

CUCollaborate and the Nebraska Credit Union League (NCUL) contracted to provide NCUL’s staff and its member credit unions with access to the web-based software. NCUL is the sixth state association to offer the tool to its affiliates joining New Jersey, Utah, Hawaii, Montana, and MD|DC Credit Union Association.

CUCollaborate’s software identifies growth opportunities unlocked through the updated underserved area expansion regulations. The tool is available to both leagues and credit unions through CUCollaborate’s website: www.cucollaborate.com.

“CUCollaborate’s tool allows our credit unions to identify the best way to grow their field of membership by identifying communities they can serve or helping them add new employers as SEGs,” explains Scott Sullivan, President of NCUL. “We are providing this tool to our members to help accelerate their growth.”

Since the new NCUA FOM rules went into effect on February 6, 2017, more credit unions are considering modifying their FOMs but many do not understand the impact that the new rules have on their credit union and the potential opportunities available to them. CUCollaborate’s proprietary software enables users to visualize, experiment, and test numerous plans to identify the best path toward growing their field of membership—all within a few clicks.  League members now have the power 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.

CUCollaborate also provides support and training for league and credit union staffs, including one-on-one calls with credit unions to help identify the best opportunities available to them.

To learn more about how to use this tool, please register for one of the following informational webinars:

December 13th at 10:00am CST:  https://register.gotowebinar.com/register/9195768084709957121

December 19th at 10:00am CST:  https://register.gotowebinar.com/register/1754686804294684929

*both webinars will cover the same information.

 

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