Fintech

The Recession Lessons learned by Pacific Crest FCU: Credit expense control cannot be an end unto itself.

Although 1st Advantage views business services as a natural extension of our core competencies of personal banking and lending, we developed a thorough due-diligence process to fully understand this specialized area.

As other financial institutions have outsourced service centers-including many big banks going with overseas resources to save money during the recession-the $41-million Jamestown Area Community FCU has not cut back on member support and continues to promote its local service.

Stan Hollen believes credit unions came out of the recession minding the store better and paying closer attention to controlling expenses.

Better loss forecasting and deeper member relationships are two big benefits of the recession, according to Bill Handel.

The lesson we learned is a bubble is great when you are riding it up, but then the bubble can become really horrible when it bursts.

The lesson learned was during those recessionary periods we have to focus on member service.

There's a place where pricing and philosophy intersect, and that's where credit unions need to be, all the time.

When many financial institutions surrounding the small Dynamic FCU began tightening its underwriting a few years ago, the $23-million CU decided to keep loan policies the same and let the community know it had money to lend.

Greece Community FCU had to look around for ways to further reduce costs, and during 2008-2009 especially, it learned there were still many avenues to pursue.