With three hurricanes brewing in the Atlantic, we look back to one of the most disastrous storms to ever hit the United States and how today's credit unions are building on the strengths that were revealed during that horrible time.
Five years ago, Callahan & Associates dedicated the September issue of the Callahan Report to the disastrous effects of Hurricane Katrina. Back then, Chip Filson forecasted a cost of $100 million to $2 billion to the NCUSIF based on hurricane-induced credit union failures. That disaster never came to pass, and this week, Filson attributes that outcome to the creative energy and efforts of ordinary folks working with members to support their credit union.
There are plenty of commentators in the industry repeating our mistakes--forecasting failure before disaster has come to pass. And the just released 2Q data doesn't support that conclusion. For more insight into the resilience of the industry, click here to access a mid-year data slide show. Learn more about key financial metrics on CreditUnions.com; then attend the second quarter 2010 Trendwatch Call on Wednesday or Thursday, whichever is more convenient for you and your team.
The tiered credit union system is a force that is changing America’s financial landscape. During the Great Recession, the credit union system was one of only three reliable suppliers of credit (the federal government and Berkshire Hathaway Inc., were the other two). The cooperative model is different; therefore, it is able to tweak traditional approaches to financial performance. In a Q&A with Callahan & Associates, Craig Beach, senior vice president of marketing and business development for CO-OP Shared Branching, shares his thoughts on the strengths of a cooperative network.