Fintech

We made two changes as the result of the recent recessions. First, we brought our first mortgage program in house. Second, we implemented a high-yield lending strategy.

Expense management is the name of the game at Tampa Bay FCU, and a focus on cost control was a major lesson the credit union learned as part of the recession.

Credit unions that stayed the course with underwriting-never moving to any extremes before, during and after the recession-are benefitting today, asserts Tommy Cobb, CEO of Tuscaloosa CU.

The recession forced TCT FCU to reverse its business philosophy of spending money first on branch staffing and member support and second on upper management.

Pennsylvania State Employees CU has learned that during a recession the credit union can't get too defensive and cut back in key growth areas.

Scott Wilson, CEO SeaComm FCU, acknowledges that sharpening in-house investment expertise is a big after-effect of the recession.

We've managed costs efficiently and kept net operating expenses low. Those measures, and our conservative approach to managing the credit union proved to be the proper philosophy during the current economic downturn.

Our recession lesson and how have we successfully weathered the recession? By doing what we've always done and not deviating from those guidelines or our core values.

When times become difficult, the importance of effective communication becomes that much clearer.

The most important lesson coming out of the recession, according to Jim Park, president of Credit Union 24, is that some credit unions must not forget that their lending practices got out of hand.