Utah Credit Union Association & CUCollaborate Announce Partnership
The Association is the first state league to offer CUCollaborate’s web-based FOM Expansion Tool to its member credit unions.
Washington, D.C. : CUCollaborate and the Utah Credit Union Association are excited to announce the new partnership, which provides the Association’s staff and its member credit unions with access to the newly released software. CUCollaborate developed and launched the Field of Membership (FOM) Evaluation Tool in February of this year and the tool is available to partner leagues and credit unions through CUCollaborate’s website: www.cucollaborate.com.
“CUCollaborate’s FOM Evaluation Tool is innovative, adds value to membership in our Association, and saves credit unions time and resources when exploring FOM growth opportunities,” states Stephen Nelson, Vice-President of Credit Union Support at the Utah Credit Union Association. “The personal attention and commitment to credit union success that CUCollaborate provides makes this a logical partnership for the Association.”
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. The software allows users 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.