Overheard at GAC: How Did You Help Members During the Recession?
CUs offer loan adjustments, tried-and-true service to help members through tough times.
'Inundated with mortgage requests'
Our credit union was inundated with mortgage refinance requests, especially from members whose homes had lost their value. So we implemented a massive mortgage refinancing program. We also expanded our financial literacy programs in the schools.
Bruce K. Foulke
American Heritage FCU
High dividends, low rates
As much as possible, we tried to keep interest we paid to members high and the interest we charged members low. We made loan adjustments when we could, so members could stay in their homes.
Today our delinquencies are still high, but not as high as they had been.
Errol L. Greene
Second board vice chairman
Lake Mary, Fla.
In a way, we didn’t do anything new. We just practiced credit unions’ tried-and-true member service philosophy.
We fine-tuned our risk-based lending program. For example, it was taking weeks for a loan approval, and now we get it done in 24 hours. We also offered discounted one-year personal loans—which members loved—at rates as low as 5%.
City Co FCU