Boxed In: Competitive Threats to Credit Unions
Assets are the name of the game in financial services. Credit unions are under increased pressure as financial service firms and now retailers leverage their existing distribution "footprints" to grab more of the pie. Picture this, if just 5% of the people who walk into one of Wal-Mart's 2700 stores in one week opened a $3000 deposit account, Wal-Mart would raise $20 billion that week alone! Add another 1700 stores if Home Depot succeeds in entering financial services.

Brokerage firms are attempting to use their "Cash Management Accounts" as pseudo-checking accounts and have marshaled the nation's 1 million brokers to gather assets with them. Banks are using their clout in Washington to thwart legislation beneficial to credit unions. In this environment, what can credit unions do? Ron Galloway will offer tips for competing with the overwhelming distribution and resources of these mega-corporations.