You will notice that this post is a bit of a departure from my attempt at providing unbiased information regarding financial matters. In fact, I am going to be downright biased… biased towards OUR credit union, Rogue Federal Credit Union. Many folks in Southern Oregon continue to struggle with financial difficulty and uncertainty. We are now certain that this crisis will have a profound affect on how we view financial security now and into the future. Yet, the first rays of hope are shining through the economic clouds.
OUR credit union has seen dramatic deposit growth, we have seen loan growth, and we have seen OUR income stabilize. OUR delinquency and charge-off ratios have declined and with the dedicated efforts of OUR staff, we have reduced expenses by well over a $1 million dollars from OUR budget. OUR staff has shown a tremendous dedication to OUR credit union and should be commended for their efforts. They have had to do more with less while making sure that OUR service levels remain very high. Also, please cut them a break if it seems to take a little longer to process a transaction or close a loan. We have not hired any new staff since January and OUR folks have taken up the slack of the existing business, the lengthy process of helping members figure out their financial situation, and welcoming the large number of new folks who are finding that OUR credit union is a friendly, local option for all of their financial service needs. We all owe a special thanks to OUR staff and their unselfish dedication to OUR members.
There are still clouds on the horizon that we are watching closely. The largest clouds are the continuing mortgage loan defaults that some of OUR members are facing. The difficult part for us is that these are good members who want to do the right thing, but after exhausting all options they are left with few choices. OUR credit union has worked hard to help members bridge the gap from their current situation to the hope of the future. Through Building Hope and Rogue Solutions, OUR credit union has endeavored to be part of the “solution” instead of part of the “problem.” This effort has resulted in OUR credit union gaining statewide interest in the Building Hope program.
The financial challenges America faces have resulted in a variety of new rules and regulations. Many financial institutions have seen decreased income and are looking for ways to make it up. This has resulted in a variety of new fees on everything from checking accounts to credit cards. For years, OUR credit union fought the “Free” checking offers from a variety of competitors. We knew all along that “Free” is never free and the costs have to be made up somewhere. OUR credit union has always offered a fair value for OUR products and services, but we chose not to package them in some slick marketing campaign that required you to read the legalese in the fine print. Today you are seeing many national competitors disclosing fees in a way that is driving folks to OUR credit union in numbers that even we are surprised by.
As I was preparing to write this post I realized that for many Southern Oregon folks Rogue Federal has become the “financial lighthouse” in this economic storm. We have been here for over 50 years, we are invested in this community both physically and emotionally, and we are investing in the future through a variety of long-term commitments in Southern Oregon. We have steadily served Southern Oregon through the economic ups and downs and have been a beacon of hope, value, and financial opportunity. Many of you know this which is why you have loyally supported OUR credit union for years. Now I call upon you to throw OUR “financial lifeline” out to your friends, family, and co-workers who need a good, honest value from a LOCAL option. OUR credit union is too valuable to keep OUR own little secret. Please share how Rogue Federal can be a “financial lighthouse” for OUR community.
Special Note: I used all caps for OUR throughout this post as a reminder to me and to you that as members we all own the same piece of OUR credit union. Rogue Federal is a not-for-profit financial cooperative owned by the members and governed by a volunteer Board of Directors. The Board’s sole purpose is to ensure that Rogue Federal is a safe and sound financial institution dedicated to providing a fair value with outstanding service. OUR Board dedicates countless hours to ensure this and all their efforts are done as unpaid volunteers. OUR staff members each own the same piece of the credit union as every one of OUR members. They have a vested interest in the success of OUR credit union and when we ask them to treat each of OUR members like they own the place, it is easy, because each one of OUR members do!!
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