October 29, 2008
America's Credit Union Museum Premiers 100th Anniversary Video
"Bruce Bennett and his production team did a marvelous job of capturing the spirit and motivation that our credit union pioneers brought to their work as they crafted and nurtured this new, cooperative way of delivering financial services," said Dan Egan, president of the New Hampshire and Massachusetts Credit Union Leagues and the Credit Union Association of Rhode Island.
After viewing the video for the first time at the premiere in Manchester, Mica stated, "This high-quality production concisely and richly packages the first century of our cooperative movement. It meticulously recounts the underpinnings of credit unions that are the foundation of our stable system today. Given the turmoil in the nation's financial system, this presentation is a 'must view' for those seeking guidance about how to work a financial system that works in the interests of people."
Gordon Simmons, president and CEO of Service Credit Union, who serves as Chairman of the Board of Directors of America's Credit Union Museum, spoke of how the video reflects the credit union movement's practice of drawing on its roots to prepare for the future. "Watching the video gives one a real sense of pride in being a part of 100 years of continual service to the community. I think this is especially true, now, when we see how well our business model and philosophies work in these troubled economic times."
Credit Unions: 100 Years of Building Financial Futures was produced by Bennett Marketing and Video Productions of Madison, WI, for America’s Credit Union Museum in Manchester. For more information on purchasing a copy of the video, credit union officials should contact Peggy Powell, executive director of America’s Credit Union Museum at (603) 629-1553.
Marketers Network Meeting – November 6
The Marketer's Network will be holding its next meeting on Thursday, November 6 and the topics couldn't be any timelier. Credit unions are facing some extraordinary marketing challenges as well as some extraordinary opportunities. The session’s two topics address both sides of this equation.
The current economic and financial services business environment poses a host of challenges, but in many ways it has created some terrific opportunities in the auto lending arena. Bob Nealon, northeast regional director, CUDL AutoSMART, the presenter for this meeting's first segment, has tremendous expertise in the world of vehicle financing together with a deep knowledge of credit union lending.
He will help us look at:
- Facts and figures to help you understand what is going on in the industry.
- What your credit union can do to actually succeed and grow during these challenging times.
- What is going on in the world of automotive leasing?
- Where are our credit union members financing their vehicles?
- Where is the opportunity to grow and retain member automotive loans?
The second session will be a roundtable discussion on Effective Communications Strategies and Messages for the Wild Times We Are In. This session will provide credit union marketers an opportunity to share and explore ideas that can benefit their credit unions in a practical fashion. Make sure to join us on November 6 for this great, power-packed program. As usual, we will end with lunch. Cost to attend is $45.
This meeting will be held at the Massachusetts Credit Union Share Insurance Corporation (MSIC) facility at 1900 West Park Drive, Westborough, MA. For more information or to register please e-mail Kelly Macjewski at kmacjewski@cucenter.org.
CUNA economist advises Bloomberg about economy
The strength of the rise of existing housing accompanied by continued price drops announced recently is "somewhat surprising, but it's only one good number and we're not out of the woods yet," Credit Union National Association Senior Economist Mike Schenk told Bloomberg Radio Friday, October 24. Schenk was interviewed on the nationwide broadcast about the Federal Reserve's upcoming meeting, housing numbers and the broad economy in light of market activity, which reflects the notion of global recession. The prices "won't fall a whole heck of a lot more to get the market moving," he noted, cautioning it is "better to wait a month to confirm whether it's a trend or an aberration."
The National Association of Realtors had reported that sales of existing homes jumped in September--up 1.4% from a year ago and the first time that sales rose compared to the previous year since November 2005 (CNN Money Oct. 24). It also reported prices were down.
Foreclosures are a driving force in the market but recent figures reflect sales two months ago, he said. "A lot has changed." Schenk said he is not as concerned about prices as about consumer confidence. "That's more bad news. It means it will be less likely that people will jump into the market."
The length of the downturn is more worrisome than the recession, he noted. "The Treasury and the Fed are throwing everything at it to solve the (credit market) problem. If it works and eases up, the recession likely will continue to the middle of next year. And it will look like previous recessions but it won't be a V shape, where you hit the bottom and then go back up," he said.
As for access to mortgages, there are problems on both the supply and demand sides, he said. "On the supply side are foreclosures but a bigger problem is that people expect prices to go down more. In the audiences I've presented to, almost all the hands go up when I ask if they expect prices to go down," Schenk said. "The opposite is true on the demand side. You wait. You sit on your hands. It's not expectations but the pricing. The pricing is different, the underwriting is different and there are fewer speculators today. In the past, 20% of the mortgage activity was speculation. It's not there today," Schenk said.
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