WEST PALM BEACH, Fla.-For credit unions, it's been a September to remember and an October to think over. The crisis in the financial markets, the failure of several large banks, and the resulting federal intervention has made the two months leading up to Halloween one of both tricks and treats for credit unions. In this issue Credit Union Journal profiles how some CUs are reacting.
Members have been depositing funds drawn on other institutions, withdrawing funds due to worries about their own CU's solvency, and asking a lot of questions about the letters "NCUSIF." In response, credit unions have placed new emphasis and resources on communications, reassuring long-time members and reaching out to prospective members in an attempt to not just ensure stability, but also drive growth in a turbulent market.
See the related links at right, in which CU Journal profiles CU responses to what some have called the greatest financial crisis since the Great Depression, ranging from blogs answering member questions to hiring financial counselors to media campaigns and more.
