What's Enron Got to Do With It?

With the current market and some corporate credit unions in conservatorship; how do you differentiate your credit union? What message do you send to your members to let them know just because they hear the word “credit union” on the news it doesn't mean yours?

Jack McAdoo, former CEO of Enron FCU, has experience in dealing with the media and negative press in credit union world. Talk about stressful situations; the Enron credit union was inside of the Enron building at the time of the Enron collapse. The morning after the news of Enron filing bankruptcy, there was a line wrapped around the credit union of people ready to pull all their money out. He and his team saved the credit union, which is now Startrust FCU, through an event most credit union CEO's have nightmares about. According to the NCUA, Jack accomplished the impossible. McAdoo guided the credit union through a successful name change, relocation and field of membership expansion — all within a seven-month span. Jack is currently CEO at Beacon FCU in LaPorte, TX. I recently interviewed Jack McAdoo about his experience:

Credit Unions are Safe, Sound and Secure - NCUA Resources

Following up the communication resources from yesterday's post about credit unions being "safe, sound and secure", many thanks to Janine McBee for sending over the following resources from NCUA.

These documents followed the NCUA conference call:

PIMCO Study FAQs

NCUA Conservatorship FAQs

NCUA News Release

As we continue to move forward through another day, I will leave you with another quote from Christopher Morris inspirational quote fest yesterday morning:

"Don't find fault. Find a remedy." ~ Henry Ford

"Action is the antidote to despair." ~ Joan Baez

Please feel free to shout back with any communication thoughts, ideas or questions as we continue to innovate, communicate and collaborate.