As not-for-profit financial cooperatives, credit unions must deploy prudent balance sheet management tactics to ensure they can continue to deliver the products, service, and support for which they are known. Indeed, from big data to board governance, compliance, and beyond, credit unions have faced down financial and operational challenges in 2024, and they’ve come out on top.
Despite an uncertain economy and a financial services sector that is ever-growing in complexity, the movement is Fostering Financially Strong Credit Unions for a better tomorrow.
- It’s one thing to have data, it’s another thing to use it. One Florida credit union is deploying small data insights to make a big difference on the balance sheet.
- New accounting standards? No problem. With FASB’s current expected credit loss rule (CECL) finally in place, credit unions are starting to understand its impact and how to manage their books.
- Looking for a deep dive into loan demand? Callahan has you covered with meaningful insights that help leaders refine strategies and make informed decisions.
- If you want to maximize efficiency in the new year, consider taking a page from Firefighters First. The California cooperative embeds specialists across multiple departments to spot opportunities for efficiencies and process improvement.
- Want a better board? Build it! In the past five years, Affinity Plus has established board limits, refined its evaluation process, expanded its pool of potential directors, and improved its oversight. Today, leaders are happy to share lessons they learned along the way.
Now it’s your turn. How has your credit union improved operations in the past year? What did you learn in the process? What changes are on deck for 2025? Drop us a line, and we might feature your story on CreditUnions.com.
Looking for more of the best of 2024? Click the links below to revisit some of the year’s best content from Callahan’s award-winning editorial team.
Best Of 2024: Driving Employee Engagement
Best Of 2024: Supporting Member Financial Wellbeing
Best Of 2024: Building Vibrant Communities