BOSTON — A relentless drive for efficiency and a proactive approach to risk are among the keys to improving a credit union's net worth.
That's the advice of two experts who discussed the subject at CUNA's America's Credit Union Conference and Expo.
Matthew Davidson, who has had extensive experience as a regulator and credit union executive, urged attendees to make use of technology to manage the analysis of product profitability. He also urged people to relentlessly monitor the cost of providing services to ensure they are cost effective.
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Dan Leclerc, the chief financial officer of Lacamas Community Credit Union in Washington State, said executives should focus on five kinds of risks: interest rate, liquidity, credit, operations and regulatory.
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