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Article Excerpt
WEST PALM BEACH, Fla. -- As the Fed continues to try to jumpstart the economy by dropping the Fed Funds rate, credit unions are scrambling to reconfigure their pricing strategies. Credit Union Journal asked members of the CUNA CFO Council to discuss how their credit unions are reacting.
CU Journal: Have you been surprised by the pace at which the Fed has reduced its rates?
Matthew Yussman, CFO, Achieve Financial CU, Berlin, Conn.: Yes. We had anticipated in our budget a 75 BP decrease during the first quarter of 2008. We were figuring rates would drop early and by mid-year with the elections coming they would remain stable.
Peg Lamb, CFO, CapCom CU, Lansing, Mich.: Not really. Due to all the media and recently reported indexes showing that a recession was coming, it was expected that the Fed would reduce. Shortly before the Feds off meeting meeting, a 75 BP reduction was given a better-than-half probability. And then again, the next week there was a better than 65% chance that the Fed would drop another 50 BPs.
Steve Smith, CFO, Sharonview FCU, Fort Mill, S.C.: Yes, somewhat. I think it indicates the economy is deteriorating more than most people think.
CUJ: How...
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