Operations

Payments Don't Have to Mean Risk Exposure and Loss

May 28, 2009
By Wences Casares As the nation races toward a cashless society where debit and credit cards are swiped for lattes and burgers, new payment technologies are evolving that provide even greater benefits. But credit unions, merchants, and members may not realize the distinct differences in local versus global payment types... READ MORE

The 2000s: Y2K to Recession

May 20, 2009
LEAD STORY In celebration of U.S. credit unions’ 100th anniversary, Credit Union Magazine has been reflecting on the movement’s history. The following piece, adapted from “For the People for 100 Years,” a new book from the Credit Union National Association (CUNA), offers a snapshot of the first decade of the... READ MORE

Falling Out of Free Fall

May 20, 2009
Bill Hampel   The U.S economy’s rate of decline is slowing. Beginning last fall, for several months economists were shocked with worse-than-expected monthly economic data. After a mild recession for the first three quarters of 2008, the bottom fell out of the economy, culminating with a 6.3% decline in gross... READ MORE

New Sessions in Boston, June 21-24

May 20, 2009
LEAD STORY At America’s Credit Union Conference & Expo, June 21-24, in Boston, celebrate 100 years of progress while em-bracing today’s challenges. Engage in bottom-line impact discussions to position your credit union for success. With the rapidly changing legislative and regulatory landscape in Washington, D.C., the Credit Union National Association... READ MORE

Your FCRA Duties Bayond Red Flag Rules

May 20, 2009
Valerie Moss CUs have specific responsibilities as furnishers and users of credit reports. There’s much more to the Fair Credit Reporting Act (FCRA) identity (ID) theft requirements than the red flag rules. The Fair and Accurate Credit Transactions (FACT) Act amendments to the FCRA established requirements for credit bureaus, financial... READ MORE

Member Potential

May 20, 2009
Ann Hayes Peterson What do nonmembers want from CUs? National research offers insights. Hard to imagine the Great Recession could offer credit unions a great opportunity to bring in new members. But that’s Jon Haller’s view. To credit unions faced with stagnant member growth, he has this advice: Carpe diem,... READ MORE

Six Cost Control Myths

April 27, 2009
Expense control is fraught with myths for two reasons: 1. What works for one organization won’t work for another; and 2. Changes in technology and regulations. That’s according to the CUNA CFO Council  white paper, “The Essentials of Expense Control,” by Mike Moebs, principal and founder of Moebs Services ,... READ MORE

Control Costs, Boost Spreads

April 27, 2009
Judy Dahl Shrinking margins make cost control vitally important. Credit union margins are perilously low: Return on assets fell to 31 basis points (bp) at year-end 2008 versus a five-year average of 71 bp, reports the Credit Union National Association. This makes cost control more important than ever, say Eve... READ MORE

Marketing: Do More With Less

April 27, 2009
LEAD STORY Take these steps to get more from your marketing budget, advises Anne Legg, vice president of marketing for $168 million asset Cabrillo Credit Union, San Diego, and chair of the CUNA Mar-keting & Business Development Council Executive Committee: Evaluate processes. Map out your marketing activities and “sculpt” away... READ MORE

Beat the Repo Blues

April 24, 2009
Mary Mink Underwriting changes and loan workouts avert some vehicle repossessions. But when CUs must take back vehicles, remarketing recoups some losses. With unemployment at record levels and property values down, credit union members across the country every day face the unthinkable choice between a car to drive or a... READ MORE

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