What do you think? Submit a comment. Incentives often are necessary Loan officers should be paid "well"
for their responsibility to the credit union office and members. They have a large stone on the back, knowing their performance
helps determine their credit union's worth. I feel you should be...
These five CUs found lending success as the economy came crashing down. The last time credit union lending was
this slow, Franklin Delano Roosevelt held fireside chats and the Allies were turning the tide in Europe and the Pacific. Through
November 2009, credit union loans outstanding increased an...
For nearly 70 years, St. Louis Community Credit Union has been an integral part of the city’s financial services landscape, making loans as small as $500 to the working poor. CU: St. Louis Community CU Challenge: High staffing needs, low income Solution: Educate members about wise use of credit Results:... READ MORE
During 2008, New Orleans Firemen’s Federal Credit Union’s loan portfolio was mired in a slow decline. Loan application
volume was healthy, but too many loans didn’t close due to inadequate employee follow-up, long decision times, and overly
stringent lending guidelines. CU: New Orleans Firemen’s FCU Challenge: Declining loan portfolio Solution:...
If you had to illustrate an underserved market, chances are a doctor wouldn’t enter the picture. CU: Mayo Employees FCU, Rochester, Minn. Challenge: Resident physicians didn’t qualify for traditional mortgages. Solution: Resident mortgage program. Results: $31.6 million portfolio Award: Mortgage lending But not all doctors are wealthy. Most physicians who... READ MORE
When two large commercial banks stopped serving local companies in 2008, $307 million asset Erie (Pa.) Federal Credit Union stepped in. One of the first lenders to go was National City Bank, after a takeover. “Many businesses wanted a new provider,” says Sandi Carangi, the credit union’s vice president of... READ MORE
Pete Cislo’s chance encounter with a family in crisis paved the way for a statewide foreclosure prevention and assistance program—and led to a credit union’s new, personalized approach to debt consolidation and restructuring. CU: Rogue FCU, Medford, Ore. Challenge: Members struggling to make payments Solution: Restructure and refinance debt to... READ MORE
Visitors to creditunionmagazine.com were most interested in regulations, corporate stabilization, and the recession during 2009. The most-read stories on creditunionmagazine.com during 2009 were: 10) Strange-But-True CU Crimes Did you hear about the arrest police made in a 26-year-old credit union embezzlement case? Or about the member who deposited her... READ MORE
Through November 2009, credit union loans outstanding increased an anemic 1.5%, according to the Credit Union National Association’s (CUNA) economics and statistics department . That’s down from 6.8% for the same period in 2008—and the smallest increase since World War II, when credit union loans outstanding fell from $216 million... READ MORE
By Valerie Moss Q Must a credit union set up individual accounts for each Office of Foreign Assets Control (OFAC)-blocked party, or can it set up one account to house funds from all blocked accounts? Next : The answer A OFAC allows a credit union to choose either method.... READ MORE