CRITICAL ISSUES FACING CREDIT UNIONS IN 2008
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A White Paper presenting the survey results and key challenges
indicated by credit union CEOs and CFOs across New Jersey
If the economic atmosphere of recent months is any indication, 2008 is going to be a challenging
year for financial institutions. The Curchin Group, a Certified Public Accounting firm located
in Red Bank, New Jersey
recently surveyed the CEOs
and CFOs of credit unions
across the state of New Jersey.
The results indicate a wide
range of concerns, beginning
with the economy.
The current state of the
economy: decreased consumer
confidence, new and existing
home sales plummeting,
unemployment rates spiking, the
low interest rate environment and
flattening yield curve. It’s no wonder credit
union CEOs and CFOs in New Jersey list the economy
as their number one concern for 2008.
KEY SURVEY RESULTS
As the national economy heads south, credit union management is forced to look for ways to
survive and compete in a subprime lending market – avoiding foreclosures and assisting cli-
ents in restructuring their debt, while attempting to maintain stability in loan rates for members.
In a recent survey of credit union executives from across the state of New Jersey, the economy
was only one of a myriad of critical issues facing the industry in 2008. Here are some of the
other most commonly cited concerns:
As part of a study into concerns facing the credit union industry in 2008,
over 100 credit unions from across the state of New Jersey were surveyed.
This paper reports the summary and findings of respondents with insight
into issues grouped by membership size. Credit Unions were categorized
into two groups: those with over 1,000 members (and corresponding higher
total assets), and those with 1,000 memb