X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Toxic assets, bailouts and stimulus are words we have heard almost every day in 2009 from the broadcast news outlets, on the Internet and in our newspapers. The good news is that CUSOs, and credit unions, generally, were not heavily involved in the types of products that caused the problems, nor do we deal much with products that weren’t regulated before and now are. We maintain strict compliance procedures. More important, CUSOs are just what our name implies-service organizations that serve the nonprofit credit union industry, and we know that to serve credit union needs well, we must function as partners and be a resource for credit unions to grow their businesses even when economic times are challenging.

Well-supported investment programs are a good source of noninterest income. However, we recognize that in the aftermath of the last 18 months, some members may have become risk averse-and that has made CUs more risk averse as well. After all, none of us want to have reputation issues or see our members suffer financial losses. That’s why we have trained our investment advisers to take a more comprehensive approach and to look at each member’s situation holistically, recognizing both short- and long-term needs. We are advising reps to do reassessments with every client and, for those who may have changed their risk tolerance, to introduce more conservative products that have little or no exposure to market risk. People are recognizing that investment advice is something that everyone can use no matter what their financial needs may be.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Peter Westerman

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.