Summer Time: How Is Your Credit Union Doing?
5 Ways to Build a Healthy Credit History
Protect Your Finances with Strong Passwords
7 Questions to Ask Before Refinancing
By Robert M. Boland, President/CEO
It is summer time and past the mid-point of this year. So how
are things going for your credit union? The slow and steady
improvements in the regional economy have started to take
hold within your credit union. Past heavy loan losses due to
the severe impact of the prolonged and deep recessionary
economy are showing gradual signs of improvement. This has
in turn improved the bottom line perspective favorably. We
still have a ways to go but there are strong indicators that the
worst is behind us now. How much of a ways to go yet is still
not certain. Yet we are heading in a positive direction. Let me
share the key actions Management is taking to continue this
improvement within the engaged strategic approval of your
Board of Directors.First, we are doing all we reasonably can to continue to control and thereby reduce loan losses resulting from the severe impact of fellow members' inability to repay their loan obligations to their credit union. Management stepped up our supportive direct contact with any member who is past due even a few days on a loan payment. Additionally, we have experienced lending staff uniquely dedicated to providing credit counseling and arranging budgetary agreements to enable members to continue to repay their loans. We diligently work with financially ailing members to establish new loan repayment terms and conditions that help relieve some of that disabling stress from their inability to make loan payments. This action is yielding better financial results and hopefully enables long-term member relationships with their credit union.
Second, we have controlled and reduced operational expenses throughout the entire organization. Your Board of Directors carefully reviews monthly actual report to budget financial reports to ensure that Management is prudently allocating approved funds. We continue to seek ways to enhance overall revenue by passing along only appropriate and warranted service charges; below or right at market price values.
Third, we continuously and firmly maintain the key premise that your credit union is here for you, our member-owners. We work tirelessly to ensure your credit union continues to be a safe and sound financial institution for today's membership and those to come in the many years ahead. We have maintained adequate financial reserves to weather the gradually improving recessionary times. We are dedicated to restoring those capital reserves while firmly affixing this organization on continued premier member-centric financial services. Member deposits remain safely insured by the full faith and credit of the federal government under the administration of the National Credit Union Administration (NCUA) of the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF insures member deposits to at least $250,000.
So go ahead and enjoy the summer time while being assured your credit union is progressively doing better, too.
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