Callahan Clients, please log in for direct access to:
Learn What You're Missing
Upgrade Your Subscription
Thank you for your interest in reading the fantastic content we have on CreditUnions.com! However, the page you are trying to access is for subscribers-only. To learn more, select an option below.
All users must now log in to read, research, browse, and have fun on CreditUnions.com. Yes, we still offer freebies. And, yes, it’s worth the extra effort.
Print or PDF this article today because you won't have access to it later. Or, click here to learn how to get 24/7 access.
By CUES Director Membership
As American credit unions face economic circumstances unlike any they have ever experienced, leaders of the movement have begun discussing ways the industry can come to the aid of organizations hurt by the aftermath.
Fred Johnson, President and CEO of the Credit Union Executives Society, has called on strong organizations to help those in need. “Credit unions have an advantage; we are a cooperative movement. As such, we have not only the opportunity, but the obligation to work together to ensure the overall health of our industry,” he said.
In a recent blog post, Living With Crisis, Ken Thygerson, Ph.D., president and founder of Digital University, Inc., offers a sobering assessment. “It would be folly to say that credit unions will come out of this unscathed. The mortgage and mortgage security meltdown combined with recession-induced defaults on auto, home improvement, and credit card paper will challenge just about every firm,” he said.
Thygerson recommends that credit unions adopt policies today to help them through what he expects to be a “severe recession.” He cautions credit unions to avoid knee-jerk reactions to daily headlines and to think long-term.
Executives seeking a centralized response to the crisis have turned to CUES. “As a non-political association, CUES facilitates discussion among industry leaders from thousands of credit unions. But conversations of this magnitude are not meant solely for e-mails and listserves; they must happen face-to-face,” said Johnson.
Encouraging the leaders of the movement to come together in person, Johnson says CUES has restructured its annual conference, CEO Network, to make it a meeting of the minds. “This is not about the conference; it is about bringing executives together in a timely manner, in a safe environment where ideas can come to the surface and action plans can be plotted,” said Johnson.
In an effort to draw as many industry leaders as possible, Johnson announced that CUES has adjusted the registration fee to “pay what you can.” “What does this mean?” said Johnson. “Exactly as it sounds; tell us what you can pay. If it is nothing, then you pay nothing. You decide.”
Now more than ever, Johnson says, the industry needs to come together—credit unions helping credit unions. “Be part of the conversation,” he advises. To learn more, go to cues.org/ceonetwork/.
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at firstname.lastname@example.org or 1-800-446-7453.
October 6, 2008
7/26/2012 03:57 PM
Ken Thygerson's advice is right on target. Also, it should be no surprise to anyone that CUES is taking a leadership role in these unprecedented times.
Submit your email address to receive daily industry updates and web-only features.
P: (800) 446-7453 | F: (800) 878-4712
1001 Connecticut Ave. NW Suite 1001
Washington, DC 20036