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News Now

CU System
CUNAs Small CU Committee offers free white paper
MADISON, Wis. (12/29/08)--The Credit Union National Association (CUNA) Small Credit Union Committee’s newly published free white paper, “Managing Through Tough Times,” is now available on CUNA’s website. Small credit union professionals are often stretched thin, so the committee decided to detail some of the operational issues it had been discussing in the paper. The paper may be of interest to large credit unions too, the committee said. The paper was a collaborative effort, said committee chair and CUNA Board member Pat Wesenberg. Wesenberg is CEO of Point Plus CU, Stevens Point, Wis. “Our committee spends a great deal of time talking about small credit union challenges and what might be done from a regulatory perspective,” she said. “But we also keep a close watch on small credit union financial results, and it's certainly obvious that many are feeling the strain of the current market turmoil.” Wesenberg noted recently released National Credit Union Administration data show that credit unions with less than $35 million in assets recorded return on assets of 0.42%. “That’s down from 0.61% in 2007,” she said. “Perhaps more disturbing--recent results show that 23% of small credit unions were 'unprofitable' [with negative return on assets]. That's up from 14% in 2007.” To read the paper, use the link.


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