A second Iowa credit union cuts staff, citing weak mortgage market
A second Iowa credit union cuts staff, citing weak mortgage market
Abstract
Collins Community Credit Union in Cedar Rapids, Iowa, says it laid off 38 employees. In September, GreenState Credit Union cut 42 employees, or about 5% of its workforce. The $1.6 billion-asset Collins Community says the market has quickly shifted, particularly in regards to rising interest rates and the slowing of consumer demand for mortgage loans and refinances. "We are working on programs to meet the needs of low income. Many traditional financial institutions may not be able to serve," the union's vice vice president of corporate strategy and marketing said. The other end of the restructuring is putting resources in the service areas that are growing, he says. "These are the times.