On May 6, 2003, the Vermont State House of Representatives and the State Senate passed Concurrent House Resolution H.C.R. 112, honoring Vermont Federal Credit Union for its contribution to the communities in which it operates, on the occasion of its 50th Anniversary.The resolution recognizes Vermont Federal Credit Union as an integral member of the financial services community; for providing needed financial services to over 20,000 Vermont consumers in six counties; for actively supporting the communities in which it does business through involvement in the March of Dimes, United Way, Vermont Special Olympics, and the American Cancer Society, the Credit Union contributed over $100,000 to community involvement projects over a three-year period; and for celebrating its 50th anniversary of improving the financial well-being of many Vermonters.Vermont Federal Credit Union’s President/CEO Joseph M. Finnigan, Vice President of Finance, Kelly McDonough, Vice President of Lending, Phillip Shepard, Jr, and Robert G. Cowie, Jr, Vice President of Member Service and Marketing, along with Curran “Spike” Robinson, Chairman of the Board of Directors, were honored at the state house on the day the resolution passed.
According to economists, the nation’s CFOs and every news report, all signs point to an economic downturn in 2020. The good news is that most experts are calling for a run-of-the-mill retraction, rather than the severe financial meltdown that marked the Great Recession of the late 2000s.Still, an economic correction of any size has a chilling effect on lending. After all, responsible underwriting and proactive financial management protect financial institution assets from losses. When that financial institution is a credit union, protecting those assets take on additional meaning because they don’t belong to the institution – they belong to members. However, credit unions also have a responsibility to provide financial services to the communities they serve, in good times and bad.In fact, one could argue that credit unions are countercyclical financial institutions that stimulate their local economies by responsibly increasing lending during an economic downturn. Countercyclical businesses aren’t just do-gooders – they see the potential for growth when others cut back. Think of how enrollment at universities increased during the Great Recession, as laid-off workers increased their education to qualify for better jobs. From 2006 to 2011, higher education enrollment increased by 3 million; in particular, enrollment at less expensive, two-year colleges increased by an astonishing 33%, according to Census.gov. Two other trades that do a brisk business when the economy tanks are liquor stores and pawn shops. They are a perfect segue to the importance of credit union lending during a recession.When banks and other for-profit lenders cut off access to capital during the Great Recession, credit unions gained members and significantly increased their loan portfolios, because they were the only game in town willing to lend to local businesses and families.It’s our cooperative structure that allows credit unions to grow during tough times. We all know that credit unions exist to lift up members, not take profits from working-class people and deliver them to the 1%. Because of that very significant difference in structure, an economic downturn allows credit unions to grow while doing the right thing.What can credit unions expect when the next downturn comes? Each economic retraction has different, unexpected implications, but they’re generally all pretty similar. Here are some opportunities for which credit unions should prepare in 2020.People will lose their jobsThe nation’s unemployment rate held steady in August at 3.7%, a near-record low. Record lows are unsustainable, so expect members to lose jobs or at least hours. If your credit union offers loan payment deferral and restructuring programs, you’ll minimize losses and build trust and goodwill that will pay off when prosperity returns.Today’s technology will make it easier for laid-off workers to launch home-based small businesses. In America, entrepreneurs are economic leaders, generating half of all private-sector jobs. Community financial institutions support small businesses, but they often do a poor job of serving start-up entrepreneurs who are one-person shops or operate with just a few part-time or contract workers. Remember, today’s largest and most successful companies – Apple, Microsoft, Google and Amazon – started in their founders’ garages.Spending slowsEntertainment, travel and eating out are always hit the hardest when families tighten their budgets. Sure, these behaviors may shrink your credit card portfolios, but if you provide member business lending, it’s an opportunity to help small businesses cover the difference until the slowdown ends. The average recession lasts just 17 months. Surely your credit union can find a way to reduce loan payments or create a new loan product that will help a successful owner-occupied business for a year and a half. Refinancing loans away from other lenders should be part of your credit union’s strategic plan during this time. Perhaps the small business owner would be willing to include some marketing or naming rights for the credit union investing in the community for the long term.Families sufferRemember when financial institutions lowered or shut down credit lines, tightened credit policies and stopped lending as contagion of fear spread throughout the United States and the globe? During a recession, there are fewer presents under the family Christmas tree, no fun family vacations and fewer kids go to college. Strains on family life during a recession not only present loan opportunities, they also give your credit union new ways to make a social impact while generating positive publicity. It is important to remember credit unions were formed during hard times when working class families were ignored by the banking system and did not have access to credit. Our members are more than a credit score, and we should always treat them with dignity and respect, especially when other financial institutions may have turned their backs on them. It takes courage to stand firm and be there for members when they need your help the most. But isn’t that why the members created credit unions and why we retain capital for hard times? With so many headlines warning of an economic slowdown, there’s no reason credit unions should be caught unprepared. With some basic planning, credit unions can not only help members, but also grow and thrive. It’s not just good business – it’s credit unions’ civic duty. 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Dwayne Naylor A passionate credit union advocate, Dwayne Naylor has worked in the credit union industry for more than 25 years. His focus on the “triple bottom line” — a sustainable enterprise that … Web: www.civicfcu.org Details
Facebook Twitter Google+ Published on October 4, 2013 at 3:07 am “However bad we can beat a team, that’s what we’re going to try and do. We’re going to try and run the score up because that’s what offense is for.” – Sammy Watkins, Clemson wide receiverThat statement doesn’t bode well for the Syracuse record book.The most points Syracuse has allowed in the modern era is 63 to Nebraska in 1983. Second is a Michael Vick-led 62-0 embarrassment in 1999. However, an unusual combination of factors in the Carrier Dome on Saturday could allow Clemson to reset the mark. Its omnipotent offense will inevitably thrash Syracuse’s substandard secondary, but it’s as much the Orange’s successful up-tempo approach that gives the Tigers a reasonable chance to drop 60-plus.Tajh Boyd and Co. were on pace for 67 points against Wake Forest last week when Dabo Swinney called the dogs off at 42-7 with 6:41 left in the third quarter. But Syracuse’s scoring drives in its last game, a 52-7 blowout of Tulane on Sept. 21, were even more torrid.With 7:53 remaining in the third quarter, the Orange had already scored seven touchdowns. 17 seconds per play. 1:34.7 per scoring drive.AdvertisementThis is placeholder textIt’s those speedy possessions that injected hope into Syracuse fans — and rightfully so — but they’ll also give Clemson extra scoring chances.“It’s two teams that like to go fast,” SU head coach Scott Shafer said. “You just never know how many plays can be in a game. From a defensive point of view, hopefully not too many, but it is what it is.”Terrel Hunt said that if the offense can “keep it quick,” Syracuse would have a chance to win. That might be a stretch, but SU has proven it can score at least a couple of times against the Tigers.The Orange annihilated Wagner and Tulane for 79 combined first-half points. Sure, Clemson’s defense is better. It ranks 25th in the country in points allowed and has forced nine turnovers. But the Orange offense is capable of at least hanging around until halftime — long enough for Swinney to keep his first team racing down the field for all four quarters.Exactly the opportunity Watkins wants.“We want to put up 70 points a game,” Watkins said, “get a lot of yards and be that dominant, flashy offense that everyone likes to see.”It’s been a few weeks since their last real test, but the Orange defensive backs haven’t exactly done well with flashy offenses this year.Against Penn State, Allen Robinson grabbed seven passes for 133 yards and a touchdown playing only the second half, almost single-handedly delivering the Nittany Lions a season-opening victory.Against Northwestern, the Wildcats scored on six of their first seven drives, racked up 48 total points and 581 yards and made Drew Allen the loneliest man on campus.Now look at Clemson.Boyd is a legitimate Heisman contender without an interception through four games. Watkins is the best wide receiver in the country, and the surrounding stars are dangerous enough to prevent SU from safely double-teaming him.It’s a team SU head coach Scott Shafer said is as potent on offense as any he has ever gone against in 24 years of playing and coaching. One he’d just like to “trip up” a little bit.A little bit?That sounds like a coach who knows his team will need to score to compete on Saturday — especially with starting cornerback Brandon Reddish being questionable.“There’s a lot to it,” Shafer admitted.Nine touchdowns. That’s all Clemson needs to threaten Syracuse’s points allowed record.The Tigers dropped 62 on North Carolina State last year and haven’t gotten a chance to keep the starters in for four quarters this season since a 38-35 win over then-No. 5 Georgia on Aug. 31.They finished with 56 against Wake Forest, and scored 38 in the first half against South Carolina State on Sept. 7.But Saturday presents the perfect storm. If Syracuse maintains its up-tempo offense and Shafer is unable to spread his hay fever to the Clemson playmakers, the Tigers could very well leave the Dome with more than just a ‘W.’ Comments