Insights

With the 2023 Formula One World Championship Series now in full swing, I thought it would be fun to write about how being a credit union executive is surprisingly similar to being a Formula One race car driver.  This season, there will be twenty-three Grand Prix races held all over the world, with the upcoming…

At first glance, it may seem like being a credit union executive and being a Formula One race car driver have very little in common. However, upon closer examination, there are actually several similarities between these two seemingly disparate professions. Here are some ways in which being a credit union executive is similar to being…

To bolster investment yield, many credit unions hold preferred stocks as part of their employee benefits pre-funding portfolios, but preferred stocks aren’t for everyone, and credit unions should be leery about having these securities in their portfolio. Despite the attractiveness of their dividend yields, there are risks and limitations to what preferreds can do for…

To the chagrin of many, CECL is finally upon us. Credit Unions will need to start reporting CECL beginning this year with their March 31 Call Reports.  And while the CECL credit loss approach does not apply to available for sale debt securities, the financial accounting standard, ASU 2016-13 (Topic 326) that issued CECL, did…

Being an investment advisor and a race engineer for a Formula One driver may seem like two completely different roles, but there are some similarities between the two. Here are some ways in which Elite Capital and being a race engineer are similar: Overall, being an investment advisor and a race engineer for a Formula…