“Credit unions have a reputation for being rather dull and conservative” begins a New York Times article that ran last Friday. However, it then goes on to make the point that that approach is changing, giving examples of credit unions that are breaking the mold of “gentle membership drives, bland advertising and contentment with the business they have.” Now might seem a perfect moment for credit unions to shout from the rooftops about what makes them different from for-profit banks, the authors propose.
So, what exactly should credit unions take credit for? Restoring the flow of credit and restructuring debt, to begin with. North Carolina’s State Employees Credit Union holds more than 4,000 modified mortgages. Watch our video exclusive to learn more about how the institution manages its loan portfolio.
What do loan modification and other lending programs do to a credit union’s asset quality? Well, for Affinity Federal Credit Union, they’re not bringing it down. The New Jersey-based credit union has helped hundreds of homeowners…and has yet to record a single default. In this week’s CUtv short, we’re shedding some light on how Affinity was able to match a record number of deposits with a record number of desirable loans.
Now, we realize not all credit unions can turn out a performance like a billion-dollar-plus credit union, but even our industry’s “problem” credit unions are contributing to the economic turnaround. Check out our 1Q data slideshow posted this week on creditunions.com to see which macro industry indicators reflect a strong performance so far in 2010.