CU Sustainability – Sustaining Profitability in 2011

From overdraft privilege to interchange, “Credit Union Land” is facing many challenges and sharing what executives are thinking across the industry helps highlight opportunities and ideas. All the videos of the CEOs, senior management, marketing professionals and consultants that participated are available to view on the site.

A new perspective comes from David Costello, Vice President – Finance/CFO of Securityplus Federal Credit Union. Here, Costello discusses how the biggest challenge that the credit union is going to face this year is sustaining profitability. He states that there are many other challenges that will come into play for credit unions and financial institutions, but in the case of Securityplus, loan growth is the real driver in overcoming these challenges.

In looking at what the future will hold for the credit union, Costello feels that there is potential for 2011 to be slightly worse than 2010. That being said, while new things will be done to promote loan growth, upfront investments must be made for development and promotion, and it is undetermined how successful these efforts will be.

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