GAINESVILLE, Fla.–In response to requests from numerous readers, CUToday.info is soliciting your feedback on the steps your credit union has taken to cut costs.
The inquiries from CEOs and other senior leaders comes as countless credit unions are feeling bottom line pressures that are only expected to increase as the economic slowdown from the coronavirus takes its toll on spreadsheets.
As more than one credit union CEO has told CUToday.info, “Our board is looking for every opportunity to squeeze every expense we can so as to avoid having to furlough employees or let them go permanently.”
In the spirit of the sixth cooperative principle, Cooperatives Helping Cooperatives, CUToday.info is seeking to compile the various ways credit unions have found to reduce their expenses, regardless of the size of those costs. Even small cost reductions when drawn from multiple organizations can add up to measurable savings.
Please send your ideas and experiences with reducing costs to Frank J. Diekmann at Frank@CUToday.info. CUToday.info will then compile those ideas into one listing for all credit unions to benefit from.