![Page 1: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/1.jpg)
CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group
Building the Credit Unionof the Future
Steve Heusuk, Corp. Strategy & Bus. Dev.
New Ideas ConferenceOctober 10, 2012
![Page 2: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/2.jpg)
2
First the Good News
• The CU system has experienced recent performance gains:
– ROA increased to 84 bps at Q2 2012
– Strong member growth (to 95.3M total)
– Average net worth = 10.1%
• Growing sense the system has “weathered the storm”
• However, improvement has not been universal:
– 50% of all CUs had negative member growth over past 12 months
– 26% of all CUs had negative ROA at 6/30/12
![Page 3: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/3.jpg)
3
Now the Challenges
• Despite gains, longer term challenges remain:
– Regulatory burden
– Renewed spread compression
– Caps on fee income
– Competitive pressures
– Rising operating expenses to fund channel proliferation
– Macro-economic threats
![Page 4: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/4.jpg)
4
Our Agenda
• Does the CU system need a new strategy? A new business model?
• Or is the current model robust enough to survive and thrive for a generation or longer?
• Approach: Use the framework of strategic inflection points:
– What is a “strategic inflection point”?
– Is the CU system at a strategic inflection point?
– How can we manage through a strategic inflection point?
![Page 5: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/5.jpg)
5
Strategic Inflection Points
• Andy Grove, Chairman of Intel, calls a major shift in an industry’s competitive dynamic a “strategic inflection point”
• Others use different names:
– “Strategic crossroad”
– “Tipping point”
– “Critical juncture”
• The meaning is the same: The old way of doing business must give way to the new in order to survive
![Page 6: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/6.jpg)
6
Andy Grove on Strategic Inflection Points
“A strategic inflection point is when the
balance of forces shifts from the old ways
of competing, to the new….It is a point
where the curve has subtly but profoundly
changed, never to change back again.”
![Page 7: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/7.jpg)
7
The Inflection Curve
Inflection Point Business declines
Business goes on to newer heights
Source: Only the Paranoid Survive, Andrew S. Grove, 1996
![Page 8: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/8.jpg)
8
What Causes a Strategic Inflection Point?
• Michael Porter: Six forces determine the competitive well-being of any business:
– Existing competitors
– Suppliers
– Customers
– Potential competitors
– Substitution (i.e. your product/service being built/delivered in a different way)
– Regulation
• Andy Grove says when any one of these factors undergoes radical change, “all bets are off”
– This is the cause of a strategic inflection point
![Page 9: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/9.jpg)
9
Section ICase Studies
![Page 10: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/10.jpg)
10
How Fast Can an Industry Change?
• Four case studies:
– Music
– DVD rentals
– Photography
– Books
![Page 11: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/11.jpg)
11
Music: Wave After Wave of Disruptive Technologies
Tower Records
Liquidated8/2006
Apple introduces
iPod10/2001
Sony introduces Walkman
7/1979
Source: “Publishing in the Digital Era”, Bain & Co., Jan. 2011
![Page 12: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/12.jpg)
12
Case Study: Demise of the Music Industry
• A unique strategic inflection point occurred in the music industry on July 15, 2000:– Location: Sun Valley, Idaho
– Players present:• Hank Barry CEO, Napster
• Edgar Bronfman, Jr. CEO, Universal Studios
• Nobuyuki Idei CEO, Sony Corp.
• Thomas Middelhof CEO, Bertelsmann
– The offer: Hank Barry put $1 billion on the table to convince the music studios to enter into a legal music file-sharing agreement.
– The outcome: No deal.
![Page 13: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/13.jpg)
13
Perspectives on the Music Industry’s Decline
“The record companies needed to jump off a cliff, and they couldn’t bring themselves to jump.”
- Hilary Rosen, CEO, RIAA
“We have to collectively understand
that times have changed.”
- Lyor Cohen, CEO, Warner Music Group
![Page 14: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/14.jpg)
14
Demise of Brick and Mortar DVD Rentals
“When the inefficiencies of having retail locations, moving physical inventory, and maintaining overhead/staff are cut out of the ecosystem, far less revenue is needed to support the system.”
Dr. Augustine Fou Center for Management Development
Rutgers University
Source: “Netflix vs Blockbuster – Perfect example of an industry replaced by a more efficient version of itself”, go-Digital Blog, 2/22/2011
![Page 15: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/15.jpg)
15
Digital Photography: 10 Years to Replace Film
Source: futuresource consulting
![Page 16: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/16.jpg)
16
The Demise of Eastman Kodak
“Kodak first pioneered digital technologies in the 1970s and 1980s but, until relatively recently, the urgency of the challenge was never quite sharp enough to persuade its employees, investors and executives that it had to overhaul – or even sacrifice – time-honored ways of doing business.”
- Financial Times, April 4, 2012
![Page 17: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/17.jpg)
17
eBooks Dominate the Book Business
Source: “The Incredible Growth Of Amazon's Kindle Book Sales”, businessinsider.com, 9/29/2011
![Page 18: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/18.jpg)
18
Amazon vs. Brick and Mortar Book Stores
Source: “Amazon, Barnes & Noble and Book Store Sales Numbers Annual Update“, Foner Books
![Page 19: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/19.jpg)
19
What Can We Learn?
• In each case the primary product or content could be digitized
• Can money be digitized?
• What does your credit union do that cannot be digitized?
![Page 20: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/20.jpg)
20
Section IIIs the Credit Union System
At a Strategic Inflection Point?
![Page 21: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/21.jpg)
21
Andy Grove on Strategic Inflection Points
“Strategic inflection points are not limited
to the high-tech industry, nor are they
something that only happens to the other
guy…..It is at such times of fundamental
change that the cliché ‘adapt or die’ takes
on its true meaning.”
![Page 22: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/22.jpg)
22
Are We at a Strategic Inflection Point?
• Today we will focus on three of the six competitive factors:
– Customers
– Existing competitors
– Potential competitors
• How rapidly these are changing?
– Where are the opportunities?
– Where are the threats?
![Page 23: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/23.jpg)
23
Convergence - 2012
ISIS Mobile Wallet Walmart
Apple / GoogleMobile Wallets
Mobile Networks
Retailers(e.g., Target Debit)
Giants
Alt. Payment Providers
MCXMobile Wallet
Starbucks / Square Alliance
![Page 24: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/24.jpg)
24
Sources of Non-Interest Income in 2010 (Large CUs)
NSF/Courtesy Pay Fees
28%
Other Misc. Fees16% Other Credit
Card Fees2%
Other Checking Account Fees
4%
Insurance and Retail Investment Services Income
6%
Mortgage Fees11% Debit Card
Interchange Fees21%
Credit Card Interchange Fees
12%
Source: National Credit Union Roundtable Business Outlook Survey, March 2011Note: Above results summarize respondents’ evaluations of their own credit union.
![Page 25: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/25.jpg)
25
Typical Credit Card Transaction
Source: United States Government Accountability Office
![Page 26: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/26.jpg)
26
Typical ACH Debit Transaction
Source: “Understanding The Ach Network: An Ach Primer”, NACHA, CUNA Mutual Group analysis
Originating DFI Receiving DFIACH Operators
$$
$
Merchant Customer Account
![Page 27: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/27.jpg)
27
Target’s Push into Payments
•Linked to Checking Account•5% Off & Up to $40 Cash withdrawal
•Free shipping for purchases made on Target.com
• “Take Charge of Education” donations to school of choice
•Target Pharmacy® Rewards – additional 5% off after 5 prescriptions
Source: Target.com
![Page 28: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/28.jpg)
28
Retailer Benefits of Decoupled Debit Cards
Source: Finventures Blog
• Eliminates interchange fees
• Builds loyalty
• Offers merchant-designed promotions
• Drives more store sales
• Enables targeting of specific customer segments
• Leverages ‘spend information’
![Page 29: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/29.jpg)
29
REDcard Increases Engagement
• REDcard customers compared to non-REDcard customers: – Shop Target 21 times more per year– Shop 2.5 more departments per week
Source: Target presentation at ISI Group Inc. Retail Summit, 4/17/12
REDcard Debit:
Share of New Card Accounts: 67%Incremental spend lift: +52%
REDcard Credit:
Share of New Card Accounts: 33%Incremental spend lift: +57%
![Page 30: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/30.jpg)
30
How Do Payments Support Target’s Mission?
“The full integration of our financial services operation and core retail business helps ensure that we’re focusing our efforts on financial products that deliver the most value for our guests and the company.”
-Terry Scully, President, Financial and Retail Services, Target
![Page 31: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/31.jpg)
31
Target and Other Retailers Announce New Mobile Wallet
Source: MCX.com
![Page 32: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/32.jpg)
32
Technologies for Making Mobile Payments
QR Codes / Bar Codes NFC – Near Field Communications
SMS Text Messages
Payments Apps
NFC – P2P Mobile Browser
P2P Online / In-Store
![Page 33: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/33.jpg)
33
Mobile Payments – Select Competitors
![Page 34: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/34.jpg)
34
Channel Shifts: Forecast to 2015
![Page 35: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/35.jpg)
35
Teller Transactions: Volume Declining – Costs Rising
![Page 36: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/36.jpg)
36
Coastal FCU Leads Branch Transformation
Source: Banks Join the Do-It-Yourself Craze, Wall Street Journal, 5/15/12
![Page 37: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/37.jpg)
37
CUNA Mutual’s Smartphone Loan Program
![Page 38: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/38.jpg)
38
Section IIIHow Do We Manage ThroughA Strategic Inflection Point?
![Page 39: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/39.jpg)
39
Making Strategic Choices
• Strategy is iterative - strategies of the past may not work in the future
– Complacency is not an option
• Strategy is about making choices:
– What are the prerequisites to compete (i.e. table stakes)?
– Where will you invest to excel and differentiate?
– What will you choose to not do?
• Von Clausewitz: “He who defends all borders defends none.”
![Page 40: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/40.jpg)
40
The Role Of Strategy
Vision
Values
Mission
Objectives
Strategy
Action Plan
Measurement
Controls
Iteration
![Page 41: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/41.jpg)
41
The Cooperative Principles
• Voluntary, open membership: Open to all without gender, social, racial, political, or religious discrimination.
• Democratic member control: One member, one vote. • Member economic participation: Members contribute equitably to, and
democratically control, the capital of the cooperative. The economic benefits are returned to the members, reinvested in the co-op, or used to provide member services.
• Autonomy and independence: Cooperatives are autonomous, self-help organizations controlled by their members.
• Education, training and information: Cooperatives provide education and training for members so they can contribute effectively to the development of their cooperatives.
• Cooperation among cooperatives: Cooperatives serve their members and strengthen the cooperative movement by working together through local, regional, national and international structures.
• Concern for the community: Cooperatives work for the sustainable development of their communities through policies accepted by their members.
Source: International Co-operative Alliance (ICA)
![Page 42: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/42.jpg)
42
Strategy Options: What Customer Value to Lead in?
Product Innovation
LeadershipWe win because the market perceives our brand as having the cutting-edge (often overkill) products with superior features – justifying premium prices.Example: Apple Computer
Product Innovation
LeadershipWe win because the market perceives our brand as having the cutting-edge (often overkill) products with superior features – justifying premium prices.Example: Apple Computer
Operational Efficiency LeadershipWe win because the market perceives us as having the lowest prices. Based on cost and process efficiencies that still allow us to return profits.Example: Dell Computer
Operational Efficiency LeadershipWe win because the market perceives us as having the lowest prices. Based on cost and process efficiencies that still allow us to return profits.Example: Dell Computer
Customer Solutions LeadershipWe win because we are so customer-intimate that we are already there when the customer need arises. We offer tailored solutions before the customer feels like shopping around.Example: IBM w/ enterprise customers.
Customer Solutions LeadershipWe win because we are so customer-intimate that we are already there when the customer need arises. We offer tailored solutions before the customer feels like shopping around.Example: IBM w/ enterprise customers.
Middle ground of mediocrity:Trying to lead on all fronts
To compete, a business needs to perform in all three disciplines.To become a market leader, it must outperform competitors in one discipline.
Source: “The Discipline of Market Leaders”, Michael Treacy and Fred Wiersema, 1995
![Page 43: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/43.jpg)
43
Points to Consider
• The cooperative model provides credit unions with powerful competitive advantages:
– Customer-friendly ownership structure: one member, one vote
– Ability to take long-term view
– Focus on community
– Transparency
– Reasonable rates and fees
• Challenge: Adapt to the new competitive dynamic without sacrificing core values and attributes
![Page 44: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/44.jpg)
44
The Final Word
“Directors ought to keep asking
themselves this question: What is our
Kodak moment, and how can we avoid
it?”
Financial Times, April 4,
2012
![Page 45: CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Building the Credit Union of the Future Steve Heusuk,](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d055503460f949d8654/html5/thumbnails/45.jpg)
45
Important Disclaimer
CUNA Mutual’s analysis is based upon certain publicly available information and data, including NCUA 5300 Reports, and is subject to risks, uncertainties and other factors which could cause actual results or performance to differ from the future results or performance expressed or implied in this analysis. We disclaim any representation or warranty, express or implied, as to the accuracy or completeness of our analysis, as well as any obligation to update our analysis. Each recipient should conduct its own independent analysis of relevant information and data, and should base any business decisions upon such independent analysis.
www.sustainablegrowthblog.blogspot.com