TALLAHASSEE, Fla. — Despite all the negative news coverage regarding foreclosures, devalued investments and their effect on liquidity and capital, the credit union industry is in great shape, said executives from two corporate credit unions located in areas with high foreclosure rates.
Southeast Corporate Senior Vice President and Chief Investment Officer Gregory Wirthmann, CFA, and WesCorp Executive Vice President and Chief Financial Officer Todd Lane shared their investment practices and liquidity strategies and with Credit Union Times, and echoed what many in the industry have already said: Bank liquidity struggles present a golden opportunity for credit unions to gain market share.
Two major differences between credit unions and banks have given cooperatives the edge in today's financial marketplace: the credit union value system that places responsible stewardship over profit and a robust corporate system that provides a liquidity buffer for natural person credit unions.
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