Corporate governance

The recession taught CUs some tough lessons, but none likely more difficult than improving efficiencies and right-sizing staff, according Troy Garvin, CEO of Omega FCU.

Michigan First grew assets by more than $140 million during the recession and its CEO attributes the steady climb to not over-reacting to problems right in front of the credit union.

Credit unions have become much better managers of their own business and market footprints during the last four years, according to Shazia Manus, CEO of The Members Group.

SF Fire CU says one lesson the financial crisis has really taught it is the importance of a diversified loan portfolio.

The No. 1 thing State Employees' CU made a point of doing during the recession was asking members to come in and talk. That may not seem like much, but SECU believes it helped keep more than 8,000 SECU members in their homes.

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.

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.