Monday, September 09, 2013
The Facts and Nothing but the Facts
Rob Kimmett, Sr. VP Marketing, New England Credit Union Services, LLC
The recent NCUA quarterly state by state rankings provide some great data and give those of us who understand industry trends a good deal of useful information. But data that are presented in broad strokes can give rise to questions from the press that reflect an incomplete understanding of the underlying issues. It is important that we are prepared to interpret data and fill in the details when questions based on these reports come in from the media.
These questions might be along the lines of: Why is you state lower than many others in membership growth? Well, that might have something to do with the fact that this state has a far higher level of membership penetration and the opportunities for new business aren’t quite as abundant.
Or: Why is your state or credit union among the lowest in the nation in growth of deposits. While that answer might be as simple as superior asset liability management practices it probably won’t fly in the popular press.
My point in this particular post is to encourage credit union management and communicators to be vigilant and monitor statistical reports on both credit union and state levels and consider the back story. In some cases it is great news and in others it’s just plain bad and then we have to tale our medicine but often there is more to the story than meets the eye, at least at first glance. Please put a call into the League if you have any questions how you might shine a positive light on statistical reports.