HOLLYWOOD, Fla. -- Credit unions and CUNA Mutual have a highlysymbiotic relationship CUNA Mutual CEO Jeff Post told CreditUnion Times in an interview live from the Discovery Conferencetoday.


The economy is going to get worse before it gets better. CUNAMutual is well-equipped to handle the storm with its 25% capitalbut the company is expecting decreased earnings. "It probably willbe fairly substantial. As we go into a recession, as credit unionssuffer, we suffer," Post said. He said CUNA Mutual has taken somehits on private mortgage insurance and, in much smaller doses, autorelated insurance.


However, CUNA Mutual is well positioned with its geographic andproduct diversification.


One way CUNA Mutual is working to buoy credit unions is helpingthem garner new, younger members. One pilot in particular Post seeshaving strong potential is a student loan program. CUNA Mutual willdo all the work for the credit union. When an Internet applicationfor a student loan is filed online through its student lendingpartner, which is how nearly all are done, CUNA Mutual takes theinformation and recommends credit unions in the area of where theapplicant lives and where they are going to school and offers a 50basis point reduction if they join on of those credit unions. Thecredit unions can also take the information and cross sell itsproducts.

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