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Hyland CUs strong but not immune to economic ripples
ALEXANDRIA, Va. (10/23/08)—Gigi Hyland, a member of the National Credit Union Administration (NCUA) board, noted in a recent speech that credit unions must remain vigilant in their asset-liability management and liquidity management planning to weather the current economic crisis. Hyland said the financial condition of credit unions remains sound and cited as evidence their continued high net worth levels. However, she added, credit unions are not immune from the ripple effects of the country’s credit freeze and subprime mortgage crisis. “The nation’s economy and, specifically, the financial services industry finds itself in a dynamic and fluid situation,” Hyland said. She was addressing the AICPA National Conference on Credit Unions this week in San Francisco, Calif. Hyland also addressed key examination issues for this year. She outlined the NCUA guidance on credit unions due diligence and noted, "Credit unions need to partner with vendors to effectively serve members. However, credit unions must take the time to understand what they are buying from a vendor, to implement programs slowly and to monitor and manage the risks associated with the implementation of new products and services." See the resource link below for more on the NCUA due diligence guidance. Also, the Credit Union National Association is offering an Oct. 30 audio conference entitled “Pressing CU Compliance Issues,” which will include information on conducting due diligence reviews of third-party relationships (See related story this issue).
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