Fintech

The troubles that began in 2008 prompted Clarence Community & Schools FCU to begin paying closer attention to the "writing on the wall."

Credit Union Direct Lending (CUDL) expects credit union indirect lending programs will benefit in the long run from the recent trough times.

Nancy Bodhorn, Manager of Spencerport FCU, can't narrow it down to one lesson from the recession, instead saying the CU learned to do a number of things better.

Pre-recession it was relatively easy to bring in new members. We became accustomed to that, but with the recession member viewpoints changed. We had to be much more business savvy, and we had to be more astute in operating efficiency.

CEOs need to always remember they must be the risk-management gatekeepers, and not allow underwriting standards or other quality factors to be loosened simply for volume, yield or ego.

If there's one thing the 2007-09 recession taught us, it1s to never underestimate an economic contraction. Historically, the average duration of a recession has been about 11 months. Not only did this downturn last around two and a half years, but the recovery continues to struggle.

While we are the "good guys" in the financial services arena, we certainly aren't immune from the negative aspects of business.

Don't be overly cautious. Members have needs, and a lot of our members have been through a particularly difficult period in their lives financially. You need to be there for them.

If there's one thing Baxter CU learned from the recession, it has been the importance of understanding data at a deeper level.

Hiring a dedicated staffer to handle indirect lending has been a major change with major benefits at Affinity Group CU here, the result of a lesson learned during the recession.