Examiners Push CUs to Sell Mortgages
Denise McGlone of Affinity Federal Credit Union knows that institutional safety and soundness depends on managing both sides of the balance sheet. As EVP/CFO of the $2.3 billion Basking Ridge, N.J., institution, she understands her job.
Over the past two years, McGlone has chosen to manage risk in several ways, including selling off part of her long-term, fixed-rate mortgage loan portfolio. The sale was driven in part by the need to strike a better balance among assets and liabilities in the face of eventually rising interest rates.