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To address growing concerns surrounding liquidity levels here in Maine, the League assembled a task force to examine the issue and discuss potential solutions. The task force met for the first time in December and is comprised of a cross-section of credit unions from various asset sizes, liquidity levels, and locations. Members include representatives from the League, TriCorp, and CUSO Home Lending.
“Liquidity risk management is an important element of any credit union’s long-term financial strategy that has become even more critical in the current liquidity environment,” said Adam Warfel, Vice President of Finance and Accounting for the Maine Credit Union League and Synergent. “If we can implement a proactive strategy to address the issue and raise awareness, our credit union network will be better positioned to overcome any challenges we may face down the road.”
At its inaugural meeting, the group determined that more education and information on liquidity solutions should be developed. The Task Force is expected to meet again in February and will work on developing “best practices” for credit unions on this topic. The group also plans to discuss how credit unions can increase consumer and business deposits and will examine obstacles to participating out indirect loans, collateralizing E-signed loans, and accessing secondary markets for CUPromise loans.
For more information about the Task Force or to get involved, contact Adam Warfel.