Sept. 1, 2008


  • The PR advice provided by Hunter Moss in this article is extremely valuable. It has been years since news about troubled financial institutions has so dominated the mainstream media. Significant attention from the financial and business media is expected, but when cable news reporters are interviewing customers standing in line to pull their money out of the former Pasadena, CA-based, $32 billion asset IndyMac Bank, then we know something serious is going on. Perhaps the tension will rapidly fade, but regardless, credit unions and credit union regulators should go on alert and gear up their crisis management teams and media handlers. When the public gets nervous about the safety of their money, it doesn’t matter much whether the FDIC, NCUA, or ASI provides the deposit insurance. Questions are sure to come. A reassuring message, a proactive sharing of facts, and a trustworthy delivery style can go a long way toward mitigating consumer concerns and confusion. Elected officials, regulators, reporters, industry analysts, and anyone whose words will be taken seriously, should be very careful what they say and how they say it. However, as Moss suggests, saying nothing is not a responsible option.
    Marvin Umholtz
  • Very useful info!
  • Wonderful advice.
    Kathy Farrand