SEATTLE—Even the most disciplined planning can't always prevent a crisis—just look at COVID-19 or the Great Recession. These “perfect storms” often stem from unpredictable events that only seem obvious in hindsight. But according to strategic consulting firm Jury & Lass, five key factors can help credit unions navigate and survive such turbulent times.
John Lass, president of Jury & Lass, said that drawing from his experience and that of partner Pat Jury, several “lessons” learned from the past stand out, and should always be remembered by credit unions:
1. Net Worth Buys Time
Sufficient capital offers a vital runway, stressed Lass.
“Without it, organizations must resort to reactive strategies, such as intentionally shrinking assets, cutting deposits, or worse,” he said. “Similar to altitude for a pilot, net worth provides the ability to navigate in turbulent times.”
2. Liquidity is King
In a crisis, cash is essential for survival, stressed Lass.
“During the Great Recession, access to liquidity often determined whether institutions weathered the storm or faltered,” explained Lass. “The financial institutions and investment banks that had liquidity back in 2008-2009 survived. Those that didn't, failed. Today, with liquidity already tight for many credit unions, this must be a top priority.”
3. Leadership Makes the Difference
A crisis is a test of leadership, insisted Jury.
“The ability to maintain stability while acting decisively is crucial. Leaders must make tough decisions without losing the trust or alignment of their teams,” he said.
4. Strategic Options Beyond Mergers
Lass and Jury said they recognize not every credit union will navigate the next crisis successfully.
“However, that doesn't mean the only outcome is consolidation through mergers,” Jury said. “While mergers have historically played a role, they are just one option among many. Today’s environment also encourages innovation in partnerships, service collaboration, and shared infrastructure. Institutions that think creatively and act decisively can expand their impact without compromising their independence.”
5. Credit Unions Are At An Inflection Point
Lass contends the next crisis will test the CU system—but will also offer a chance for reinvention.
“When a crisis strikes, credit unions have an opportunity to assess their strategic posture, develop adaptive leadership, and emerge stronger,” Lass said. “Those that act now—through scenario planning, leadership development, and culture preservation—will be best positioned not only to survive, but to lead.”
Jury stressed that leadership is integral to risk management.
Pat Jury
“In a crisis, leadership becomes the central risk management tool,” Jury said. “Remaining composed, grounded, and mission-focused isn’t optional—it’s essential. Coaching helps leaders stay clear-headed and focused, even when the road ahead is uncertain.”
That reinforces why succession planning is a strategic imperative, Jury said.
“Leadership gaps are amplified in times of stress,” he said. “Succession planning must be embedded into the leadership agenda—not as a formality, but as a vital risk mitigation practice.”
Culture, too, must be protected with “intention,” Jury said.
“Stress can fray even strong cultures. Leaders must demonstrate values in action,” Jury explained. “Coaching helps leaders stay anchored in purpose and connected to what matters most.”
Jury said resilient leadership should extend beyond the executive level.
“Middle managers and frontline leaders need coaching and support to stay steady and effective. Crisis is a system-wide challenge and requires a system-wide response,” he said.
Lass noted that credit unions may not be able to control the next crisis.
“But they can control how they prepare for it, how they lead through it, and how they emerge from it,” Lass said.