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Balancing needs of members, CUs topic of CFO Council white paper
MADISON, Wis. (8/13/14)--Striking a balance between serving the needs of members with the financial health and performance of the credit union is the topic of a new white papers by the CUNA CFO Council.
"Credit Union Financial Management: Balancing the Economic Engine" was written by Council member Brian W. Hughes, vice president of finance, wealth and business solutions, Sun FCU, Maumee, Ohio, with $508 million in assets.
Hughes discusses how credit unions must balance the unique expectations of member/owners against the demands of regulatory and risk requirements in operating a modern-day financial institution.
In the paper, he illustrates that balance with a story:
"Several years ago, a branch manager came to me with a sad story about a member who was diagnosed with terminal cancer and was attempting to get his affairs in order for his wife and children," Hughes wrote. "One of the financial issues was refinancing his home. Our manager came to me with a request and I could tell by her voice she seemed to have little hope of gaining my support.
"She wondered if I could support refunding part of the origination fee we were collecting on the refinanced loan. It did not take me long to respond. I told her to refund the whole fee and try to convince the member to buy loan protection insurance with the money. She did just that and he accepted her advice and lived long enough for his family to receive the principal reduction on the mortgage.
"She asked me why I was willing to support this when so many times I was not willing to do so," Hughes wrote. "I told her it was because of the times I said no that now allowed me to say yes when the need was real and significant."
To download, the paper use the link.
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