This week on CreditUnions.com we look at a 12-month turnaround effort in West Virginia, grant funding in 2016, thinking differently in the face of disruptive change, and more.
Here are five data points you need to know:
When Dan McGowan joined Pioneer West Virginia FCU as its CFO in late 2010, the credit union was finishing its second consecutive year of six-figure losses. In addition, employee morale was low and its loan-to-share ratio was approximately 62%.
In "Lessons From A 12-Month Turnaround," McGowan talks about how a new approach to the credit union basics of people and finance helped his cooperative turn six-figure losses into seven-figure gains.
The NCUA administered $2,499,187 in grants in 2016, the largest ever round administered by the administration.
Low-income credit unions from 41 states, the District of Columbia, Puerto Rico, and the Virgin Islands received grants last year. To see how the grant money was distributed to credit unions, read "Grant Funding In 2016."
In "Kathy Martin On Leadership," the senior vice president at Directions Credit Union discusses managing a 280-person staff, strategies for developing new managers, and challenging senior executives to think differently in the face of disruptive change.
According to Student Loan Hero, the average college graduate in 2016 had $37,172 in student loan debt; that's up 6% from 2015.
In "The Millennial Disposition Exemplified," we profile Syed, a 20-year-old student at the University of South Carolina, who balances a $15,000 student loan debt in addition to living expenses while being a full-time student who relies mainly on his leftover student loan money to supplement his living expenses. What does Syed want out of his bank? What does he think about credit or owning a home?
Acting NCUA Board Chairman Mark McWatters closed his address at the 2017 GAC the same way he did at last year’s conference: “May the credit union industry live long and prosper.”
Speeches from regulatorsdon’t tend to herald a sea change, but that may have just happened last week in DC. What we heard in McWatters' 15-bullet point address may indicate that we are about to experience the most pro-credit union NCUA since Ed Callahan was chair some 35 years ago, during the early years of the Reagan administration. But are we as an industry up for it?
Learn more in "The NCUA May Have Just Given Us What We Want. Now What?"