Credit Unions

Shannon & Associates specializes in credit union accounting. We provide crucial assistance to credit unions by identifying their true strengths and weaknesses based on their financial results and operations, and advising them as they make more informed decisions. We know your strengths and believe in telling your story accurately.

We are Part of the Credit Union Movement
Many of our employees are credit union members because we understand the value that credit union membership provides. Some of our employees have also served as volunteers of their credit union and know firsthand about the unique governance structure, and purpose, of running a credit union. Most importantly, our credit union leaders have been serving credit unions for over 30 years and during that time we have been involved in the local credit union movement and all its changes, both the good and the challenging. We have been arm in arm with credit unions as they have branched out, rebranded, reinvented, and continued to reinvigorate their service to members. Because we are so intimate with the unique nature and requirements of credit unions we feel that we belong to the credit union movement too.

Tailored for Credit Unions
Whether you are $1 billion dollars or $1 million dollars in total assets, we have a tailored audit approach for your credit union, and it takes less time than you think. We keep up with the latest trends and issues facing credit unions so you don’t have to worry about whether our team of professionals is equipped to handle the complexities of your operations. We have handled everything from auditing complicated hedging tactics to accounting for the termination of defined benefit plans, and most everything else in-between. Similarly, smaller sized credit unions frequently have no need for the complicated, and we excel at efficiently helping your credit union meet the requirements set forth by Part 715 of the NCUA Rules and Regulations. In this day and age, no matter what surprise accounting or auditing issue may arise, we make it a priority to see every matter from your point of view. After all, since we have worked with so many credit unions we can usually see the view from here.

Credit Union Solutions
Increasing competitive, regulatory and economic pressures continue to challenge even the “well-run” credit unions. Our clients are constantly looking for ways to remain profitable, and member service focused. Accordingly, we have developed credit union solutions for a number of recurring problems and situations. Whether you need assistance with coaching volunteers, assessing merger opportunities, establishing a new strategic direction, or modeling complex financial alternatives, Shannon & Associates may be able to help. Because we have focused our professional careers on serving credit unions, check with us first – it’s likely that we have been there before, and done that once or twice. Let us put our experiences to work to problem solve even the most difficult situations.

Client Spotlight: Strategic Planning

Wanting more than the typical “mountain-top” weekend getaway for the executive team and Board of Directors, a $170 million credit union asked us to assist in their annual off-site strategic planning retreat. Over the course of two days we were able to deliver a practical, metrics driven approach to assist the Board clearly identify strengths and weaknesses while coming to terms with their real opportunities and most significant threats. 

We helped this client identify key tactics to move the credit union forward, and engaged every Director and credit union executive in the process. The end result was a “roll up your sleeves” written strategy that allocated assignments, specified timelines, defined measurable deliverables, and integrated to the Credit Union’s vision.