Corporate governance

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.

GCS FCU is continuously moving along with the economy. The credit union has implemented strategies to help deal with these ever-changing times and to better serve its members.

Living through the recession has taught credit unions the importance of liquidity management.

Lesson number one: just because Fed Funds is at zero it doesn't mean rates can't fall further.

During the recent recession we have observed members have taken a more conservative attitude regarding debt and have increased their savings. As a result, our assets have grown tremendously and our loan-to-share ratio has decreased.

Credit unions across Ohio have learned since the economy collapsed in 2008 that it's not a bad thing to be called conservative, said Becky Hart, SVP of advocacy for the Ohio CU League.

The concept of saving money and driving revenue has become part of the fabric of ArrowPointe FCU since the recession.

Steven Sobotta, Director of Marketing at Actors FCU, said belt tightening and alternative income strategies were discussed right before the economy tanked, proving right the old adage that prevention is better than a cure.

In looking back over the last couple of years there have been a lot of things Xceed has learned as we have navigated through these turbulent economic times.

There are seven lessons we learned or re-learned as we have survived the worst state economy in the nation during the past five years, says Wayne Tew, president and CEO of Clark County CU.

KALAMAZOO, Mich. – Consumers CU said it is now offering its business members BusinessPlus Checking and ePayroll Services.

BETHPAGE, N.Y. – Bethpage FCU announced yesterday it is moving 91 back-office jobs to Baltimore as part of a shared service center operation it is developing with two other credit union giants, State Employees CU of Maryland and Colorado’s Bellco CU.

WATERBURY, Conn. – Waterbury Firefighters CU said it has changed its name to FD Community FCU to reflect the community charter for the city of Waterbury and recognizing its heritage founded in the city’s fire department.

FT. WORTH, Texas-Membership and loans have increased by more than 14% since Ft. Worth Community CU here debuted "Gabby," the credit union's virtual spokesperson.

WASHINGTON – Two lawmakers introduced legislation last week that would allow about 130 privately insured credit unions to join the Federal Home Loan Bank system, which is currently restricted to federally insured credit unions and banks and to insurance companies.

MIAMI – Two south Florida credit unions, City County CU and Power Financial CU, and several banks, are teaming with United Ways of Miami-Dade, Broward and Palm Beach to provide a lifeline to the underserved.