The Bald Facts of Credit Union Cost Control

Posted by Lucy Roidt

Last Thursday, I had the distinct pleasure of attending the meeting of the Ohio Council of CUES, held in a conference room at $314 million BMI Federal Credit Union, Dublin, Ohio. Mike Moebs, chairman of Moebs Services, Inc., Lake Bluff, Ill., presented some key "facts" about cost control that I thought you might want to consider.

• There is no expense too small to monitor.
  
• Good expense control requires a good chart of accounts.
  
• To be successful with expense control, your credit union will need to make it a priority.
  
• Expense control is everyone's responsibility.

Summarizing his session, Mike suggested attendees make a commitment to control expenses with systematic, periodic planning.

If you're interested in cost control, check out this CFO Focus column, "Culture-Supported Cost Control." Also, check out the CUES Cost Control Series.

Lucy Roidt is executive education and councils manager for CUES.