Appraisals; Web 2.0 and your Reputation
FFIEC regulators, including NCUA, have issued proposed guidelines to address appraisals. Read a NAFCU Today article about the proposal here. (The article also contains a link to the actual proposal.) If your credit union does real estate lending, make sure someone is aware of the proposal.Â
Earlier, I posted about "Web 2.0" and your reputation. In short, many consumers have blogs, use Twitter and post videos about...well, whatever they want. The earlier post showed how Bank of America was taking a beating over some overdraft protection fees.
Well, be sure to read this post by Tim McAlpine of Currency Marketing. He does a great job of showing how Motrin managed to anger many, many mothers. And how their anger is surging through the Internet.Â
My thoughts are this: to properly manage your credit union's reputation, you have to understand today's environment. If you do something to anger a member, that member has many ways of venting their frustration on the World Wide Web. Does your credit union have a mechanism to monitor what is being said about you in blogs, on Twitter or in Pod-casts?