Schroeder: In wake of Sept. 11 attacks lies opportunity for corporates to show why they're different

HALES CORNER, Wis. – Anyone who follows the corporate CU network knows that it has become much more competitive in recent years. Marc Schroeder, president/CEO of Wisconsin Corporate Central CU, believes since the events of Sept. 11 the competitive fires among corporates may have dimmed just a touch. “It seems that after the attack people have mellowed out some. There’s been more of an understanding of the business relationships among corporates that all corporates can build on and show that we are the good guys,” said Schroeder. Schroeder emphasized that he isn’t pointing to any specific moves made by corporates, just a feeling he has in the network. “Maybe it’s just me, but the edge is off a bit.” He said this is a critical time for corporates to come together as collectively they face issues such as the revamping of Part 704, the corporate CU reg. “This is a once in a lifetime opportunity. It’s going to be interesting to see what happens. The one thing we continue to talk about is the common goal of the network operating for the good of the credit unions. We’ve been able to stay together as an entire group to get things done,” said Schroeder. Schroeder couldn’t speak for other corporates, but his swung into action post-attacks to keep its members confident. “When rates got low the week of the 17th when the markets reopened we held rates and didn’t take any spreads on some accounts. We did what we could to almost subsidize rates.” He noted that the corporate was paying 100 basis points over the fed funds rates on some short accounts for a period. “It could have been a great money making opportunity for us; we passed on it for the good of our members.” [email protected]