Commsave Credit Union represents Royal Mail Group of credit unions in the US
04 May 18
Commsave Credit Union attended this year’s National Council of Postal Credit Unions conference in the US to report on a hugely successful 5 years for the British Royal Mail Group of credit unions.
Each year credit unions serving the postal service gather for the National Council of Postal Credit Unions (NCPCU) annual conference. The conference is a unique opportunity to discuss what is at the top of mind for postal credit union leaders.
Director of Commsave, Richard Munro attended NCPCU and presented to delegates about the British postal credit union sector. Richard highlighted the differences and similarities they share with the US sector. Richard retired from Royal Mail in 2016 after 38 years of service; he is a founding member of Commsave and recently was elected to the ABCUL board as director for the East Midlands.
At this year’s NCPCU, a strategy summit was established, which is a program focused on helping postal credit unions anticipate and adapt to the current challenges facing the sector. Postal credit unions in Great Britain are at the strongest they have ever been. Richard reported in his presentation that since the founding of the three British postal credit unions: 1st Class Credit Union, Commsave and Penny Post Credit Union, they have grown to serve over 38000 members.
Richard reported that over the last 5 years, the Royal Mail Group partners have successfully returned £4.2 million of dividends to members, issued over £162 million in loans and members have deposited over £352 million in savings.
Speaking about his experience at the annual conference in Tampa, Richard said: “The invitation for me to speak at the conference came from our association with Atlanta Postal CU and the twinning partnership.
“During the conference we heard about the challenges faced by the United States Postal Service which are similar to those being faced by Royal Mail in the UK.
“Speakers gave an insight into key economic indicators, segmenting our membership base and differential marketing channels and how we must stay relevant to our members.”
As always between the British and US credit union sector, it was clear to see the obvious similarities between both sides of the Atlantic. Richard continued: “Many of the sector challenges we face in the UK are similar to those in the USA: proportionate regulation, FinTech disrupters, growing our loan book and cyber security.
“Attending the conference was an opportunity to share ideas and learn from each other. While there are differences in the way we operate there are many similarities too and we can share and adapt solutions together.”