For credit unions, there’s no such thing as “too much data”. If there’s data that exists for credit unions to get a better gauge on their role in the local community or in the industry at large, it’s in the cooperative’s best interest to uncover it. While typical industry data like interest rates, consolidation trends, and unemployment rates certainly contribute to a credit union’s understanding of the market, it would behoove credit unions to gain knowledge of the alternative sets that highlight the current state of the industry.
Three primary alternative data sets that provide value to credit unions are non-interest income (NII) data, HMDA, and impact data. NII data allows credit unions to track how income streams change over time, HMDA data gives credit unions a better understanding of the market, and impact data helps to define industry metrics and standards. Callahan recently covered the importance of each data set within your cooperative strategy in the free webinar, Peer-to-Peer Training: Alternative Data Sets For Strategic Analysis, which can be viewed here.
NII Data
NII data consists of two major categories: Fee Income and Other Operating Income. Within these broader categories exist a number of subcategories that, while not listed on a 5300 Call Report, are important in their own right. These subcategories include NSF/overdraft fees, CUSO earnings, mortgage origination fees, and more.
Tracking these subcategories empowers credit unions to better monitor their various NII streams, how these revenues have changed over time, and how their peers compare. Reviewing these trends also can help credit unions develop new, informed strategies to improve overall revenue channels.
View these instructions on how to submit your NII data to better monitor income streams. You’ll also be able to see how your peers use NII to generate earnings and support their members’ needs.
Impact Data
Credit unions play an essential role in the lives of their employees, members, and communities. To better showcase these efforts, the Callahan team has recently added credit union impact to our list of data sets in Peer-to-Peer. We use that data to develop metrics and best practices for credit unions. The ultimate goal of the impact initiative is to empower credit unions to better articulate their value through a mission-focused lens
To submit your impact data:
-
-
- Download the Impact Data template here.
- Complete the Excel template with your credit union’s data.
- Refer to this Data Dictionary if you have questions.
- Email the completed file back to impact@callahan.com.
-
HMDA Data
Home Mortgage Disclosure Act (HMDA) Data is released every quarter and allows credit unions to better gauge the areas that they serve. Understanding HMDA data lets you compare your performance to credit unions, banks, mortgage CUSOs, and other lenders to better build your real estate lending strategy.
There are five primary ways to use HMDA data:
-
-
- Market research and expansion
- Validating your analysis
- Marketing and PR materials
- Competitive analysis
- See where there’s activity
-
Log into MortgageAnalyzer for a complete picture of mortgage production and trends in your area.
More Blogs
3 Ways To Use 2Q21 Data
The NCUA has officially released second quarter credit union data. Callahan provides your credit union a multitude of ways to analyze this updated data to benefit your cooperative. Here are three: 1. Build custom tables in Peer-to-Peer In Peer-to-Peer, credit unions...
Recapping The Impact Network Meet-Up
On August 17, dozens of credit unions joined Callahan & Associates for the first ever Impact Network Meet-Up. This event, which was open to Impact Network participants only, was created to help participating credit unions form connections, start impact-related...
2Q21 Credit Union Trends and Takeaways
More than 1,200 industry peers joined us on Aug. 11 for 2Q 2021 Trendwatch. Callahan highlighted trends in lending, membership, and more as behavior amongst credit union members changed in accordance with the steady economic reopening. Most notably, credit union...
We’re Re-Building Peer-To-Peer From The Ground Up, Here’s What You Can Expect
Intuitive design. Faster analysis. Enhanced reporting. All packaged into a sleek, modern interface. Those are just a few of the changes you can expect with the launch of Callahan’s Peer+ software, coming January 2022. We’re excited to share that the classic...
This Month In Impact
This year, Callahan began our impact initiative, in which we seek to build a network of credit unions with the goal of empowering member-owned financial cooperatives to better articulate their value through a mission-focused lens with the help of new metrics and best...
1Q21 Strategy & Performance Now Available For Download
One of the premier publications produced by Callahan & Associates is Strategy & Performance, a quarterly magazine that highlights the newest trends and data from around the credit union industry. As the industry emerges from the other side of a strenuous and...
4 Impact Articles To Read
Callahan’s Impact Center is a compilation of webinars, publications, tactical documents, and more, all centered around creating a positive community impact. The Impact Center also features case studies and blog posts from creditunions.com that highlight how...
1Q21 Credit Union Takeaways and Trends
Amidst an industry landscape that is undergoing massive changes as a direct result of the COVID-19 pandemic, credit unions found a multitude of ways to adapt to the evolving needs of their members. Using data obtained from credit unions during the first quarter of...
Introducing The Credit Union Impact Center
The Impact Center is a compilation of webinars, publications, tactical documents , and more, all centered around creating a positive community impact.
Peer Group Criteria That Go Beyond Asset Size
Three peer group examples for a more accurate credit union benchmarks.