Puerto Rico is home to nine credit unions, which collectively count more than 84,000 members and hold north of $760 million in assets. On September 20, 2017, Hurricane Maria struck the island as a Category 4 storm creating a major humanitarian crisis.
A mainland credit union, BCU has eight branches and 13 ATMs on the island; as well as 34 permanent and three temporary employees and nearly 30,000 members. In "Disaster Recovery In Puerto Rico: Establishing Contact And Sending Aid," the credit union shares how it served its members and employees on the island.
Ten days before Hurricane Irma was scheduled to hit Florida, CFE FCU's senior management team, along with representatives from IT, risk, and marketing met to ensure departments were on the same page as the storm approached.
The credit union made checklists for different scenarios, which was no small feat for a credit union with 22 branches and more than 152,000 members. To see how the credit union prepared and responded to the storm that brought triple-digit-force winds and a state of emergency to the Sunshine State, read "Disaster Recovery In Florida: A Before And After Look At Hurricane Irma."
Developed by Callahan & Associates in 1996, ROM is a comprehensive scoring system of member value that credit unions across the country use to score their member-facing goals, hold staff accountable to better serve members, and demonstrate the impact credit unions have in their communities.
To see which credit unions return the most value to members, check out "10 Credit Unions That Topped The Charts In Member Value In 2Q 2017."
From a macro perspective, the auto industry is facing a headwind. Vehicle sales in the United States have come in behind 2016 every month so far this year.
On a positive note, credit union auto lending performance remains strong. Annual growth of 16.3% in the new auto segment underpinned a 13.6% year-over-year increase in total auto balances, which hit $321.4 billion as of mid-year. This marks the 16th consecutive quarter of annual double-digit auto portfolio growth.
Learn more about this piece of the credit union portfolio in "Is Auto Lending Facing A Headwind?"