DENVER — Easing loan terms and waiving payments, credit unions appear to be moving swiftly to help ease the nation's financial pain and from a volunteer and management view "that is heartening," maintains the newly elected head of the National Association of Credit Union Chairmen.
Speaking here over the weekend as part of NACUC's annual roundtable conference, Howard Spencer of Michigan said the priority topic among CU chairmen was industry moves to offer products and services that go far in helping restore financial health of members in a time of tremendous stress.
"I was so pleased to hear so many of my peers doing everything they possibly can in helping their members stave off bankruptcy," said Spencer in detailing loan restructuring, skip-a-payment and interest-only programs.
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Spencer, chairman of the $220 million Northland Area FCU of Oscoda, Mich., said the favorable loan terms come as CUs particularly in his home state struggle with lower earnings though still retaining healthy capital ratios. "The economic picture in Michigan remains depressed but we're doing our part to help our members pull through this very tough period."
But, he said, hearing at NACUC's Denver conference what is being done across the country "both surprised and thrilled me."
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