Fintech

The recession prompted GPO FCU to change its mission statement and focus on saving members even more money.

The most effective recession survival strategy for Partner Colorado CU here wasn't about what was cut, but what wasn't cut.

If the recession taught anything to Sean McDonald, director of business development at Mid-State FCU, it's that there's nothing wrong with being assertive.

An increased focus on relationships and a member's commitment to getting out of debt were major takeaways from the recession for Community Financial Members CU.

The prolonged downturn in the economy delivered two vital, and painful, marketing lessons that credit unions share with many businesses.

The main point I think we learned during the recession was that real estate lending is not a sure bet. Members are even willing to walk away from their homes, which was not always the case.

Insight Credit Union told Credit Union Journal it has worked diligently over the last two years to find ways to work within the new economic climate in which every CU now finds itself.

Thanks to the recession, credit unions are now much better mangers of bankruptcies, while underwriting is even more sound.

Belt tightening during the recession has led to fewer CUs underestimating the impact of fraud.

There were several lessons from the past that our credit union was able to leverage once again during this recent period of turmoil: Accept and move on; people are everything; decisions are a must; communication is essential; cooperation is crucial; regulators count; philosophy works.