WEST PALM BEACH, Fla. — This year has challenged many assumptions about managing credit unions. With Thanksgiving upon us, CU Journal asked credit union leaders to share some long-held ideas they say have proven to be turkeys. Read on to learn about the turkeys no one is salivating over.
This Year's 'Real Eye Opener'
PALO ALTO, Calif. — The fact that credit unions are "not immune" to economic downturns surprised Stu Fisher, SVP of eCommerce at Addison Avenue FCU. He called his assumption that CUs would be able to easily ride out anything the economy threw at them to be his biggest turkey of 2009.
Lesson: 'Conservative Is Good'
CONSHOHOCKEN, Penn. — For years Decision Strategies International Senior Consultant Dr. Franck Schuurmans was certain that the credit union movement was over-capitalized, and the rule of thumb of 9% capital professed by former NCUA Chairman Dennis Dollar was too conservative.
Expected to See More Mergers
TACOMA, Wash. — With all of the bad economic news, Sound Credit Union CEO Rick Brandsma anticipated an even faster flurry of forced mergers and hastily arranged marriages in 2009.
Charity Begins at Home
INDIANAPOLIS, Ind. — Even in a bad economy, FORUM Credit Union expected to see a solid response to its charitable giving programs. Unfortunately, with the state's unemployment rate hovering near the national average of just over 10%, those expectations failed to come to fruition for the $1 billion CU.
Watch That Language
WEST PALM BEACH, Fla. — Asking for anonymity, one credit union shared this turkey from 2009 after learning words can have multiple interpretations.
Think This Year's a Turkey?
PLYMOUTH, Mich. — Steve Winninger, CEO of the $840-million NuUnion CU here, noted, "Our turkey assumption is based on real estate loans that go into foreclosure. The assumption is that we will want to take the house back and try to sell it. This year has changed that."
And Some Extra Stuffing...
WEST PALM BEACH, Fla. — One CU, asking not to be identified, has identified three different turkey assumptions.
Suggestion Box Turkeys
CHICAGO — Not all turkey ideas start at the top — some get their start in the old employee suggestion box.
