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please help me with the below as soon as possible Amid change and uncertainty, we're remaining true to our roots. We are Main Street, not
please help me with the below as soon as possible "Amid change and uncertainty, we're remaining true to our roots. We are Main Street, not Wall Street independent and local, memberowned and based on cooperative principles." Except from message from the CEO and chair, Vancity, It was a typical cloudy spring day in Vancouver in April As Vancity chief executive officer CEO Tamara Vrooman looked out of the th floor window from her Terminal Avenue head office, she wondered if the gloomy weather outside was a fitting backdrop for the difficult decision facing Vancity's board. Recognized for its community values and commitment to social justice, Vancity was being forced by the ongoing financial crisis to consider repricing its line of credit offerings. Such a move was sure to be unpopular with the organization's customers, who also happened to be its owners members due to Vancity's structure as a cooperative. "How could such a decision be implemented," she wondered, "without breaking the trust that members had in the institution?" If the board decided not to reprice the loans, how would the estimated shortfall of $ million be covered? In short, how should Vancity balance its own financial viability with its members' expectations? The immediate problem relating to repricing loans also raised broader questions for Vancity's strategy going forward: How should Vancity differentiate itself from other financial institutions? To what extent should Vancity stick to its cooperative roots versus focusing on making money that it would then plough back into the community? What should the measures of success be for the institution going forward? VANCITY BACKGROUND: HISTORY AND CULTURE Vancity was founded by a handful of local and former prairie residents following the Second World War, starting off on the corner of a desk in the Dominion Bank building at Victory Square. In a relatively short time, the credit union changed the nature of banking in Greater Vancouver: it was the first to loan money to the postwar wave of immigrants to help them buy their first homes primarily Italians on Vancouver's Eastside; it was the first to lend to women without their husbands' signatures; and, it was the first to employ new technology to provide daily interest. In more recent years, Vancity pioneered social responsibility and environmental sustainability, becoming the first cabon neutral organization in the province and the first financial institution in North America to do so When Vrooman took over as CEO of Vancity in September she joined an institution with a long history in British Columbia BC one that had become Canada's largest credit union. Formerly the deputy minister of finance in BC Vrooman had overseen the province's annual $ billion borrowings and helped allocate its $ billion budget. A history graduate from the University of Victoria, Vrooman sector, and Vancity's board recognized that her skills and background easily compensated for her lack of direct expenience. Net earnings at Vancity had been in decline for four years from through ; however, there was a turnaround in with earnings increasing at per cent see Exhibiti and Vrooman was committed to building on this positive change. In the face of the financial crisis gripping the world in and trust in traditional financial institutions such as the major banks was eroding. Despite this declining trust Vancity continued to attract new members, with membership increasing from to in the first quarter of Vancity was perceived to be different from other financial institutions, and comments from members reflected this perception: "Vancity is the type of organization that one can be proud to be associated with. It sets the bar very high in many areas: diversity, service and respect for its members, community involvement and support." Member since "This is one financial institution that sees things the right way from the member's point of view." Member since "They give me all the financial services I need, and they support the community." Member since Over time, traditional financial institutions were also moving towards a greater community focus, but Vancity continued to lead n this area. The company had developed a statement of values out of a highly consultative process involving a broad crosssection of staff, directors, members and representatives of the communities in which it operated see Exhibit," Every two years the organization reported how well it lived up to its values and commitments in an externally verified accountability report. In one of these reports it also listed fo The following questions may be assigned in advance to facilitate student preparation: How have policy makers responded to the global financial crisis, and what effect is this having on Vancity? How is Vancity different from a normal commercial bank? What is Vancity's business strategy? Should Vancity reprice its loans?
please help me with the below as soon as possible
"Amid change and uncertainty, we're remaining true to our roots. We are Main Street, not Wall Street independent and local, memberowned and based on cooperative principles."
Except from message from the CEO and chair, Vancity,
It was a typical cloudy spring day in Vancouver in April As Vancity chief executive officer CEO
Tamara Vrooman looked out of the th floor window from her Terminal Avenue head office, she wondered if the gloomy weather outside was a fitting backdrop for the difficult decision facing Vancity's board. Recognized for its community values and commitment to social justice, Vancity was being forced by the ongoing financial crisis to consider repricing its line of credit offerings. Such a move was sure to be unpopular with the organization's customers, who also happened to be its owners members due to Vancity's structure as a cooperative. "How could such a decision be implemented," she wondered,
"without breaking the trust that members had in the institution?" If the board decided not to reprice the loans, how would the estimated shortfall of $ million be covered? In short, how should Vancity balance its own financial viability with its members' expectations?
The immediate problem relating to repricing loans also raised broader questions for Vancity's strategy going forward: How should Vancity differentiate itself from other financial institutions? To what extent should Vancity stick to its cooperative roots versus focusing on making money that it would then plough back into the community? What should the measures of success be for the institution going forward?
VANCITY BACKGROUND: HISTORY AND CULTURE
Vancity was founded by a handful of local and former prairie residents following the Second World War, starting off on the corner of a desk in the Dominion Bank building at Victory Square. In a relatively short time, the credit union changed the nature of banking in Greater Vancouver: it was the first to loan money to the postwar wave of immigrants to help them buy their first homes primarily Italians on Vancouver's Eastside; it was the first to lend to women without their husbands' signatures; and, it was the first to employ new technology to provide daily interest. In more recent years, Vancity pioneered social responsibility and environmental
sustainability, becoming the first cabon neutral organization in the
province and the first financial institution in North America to do so
When Vrooman took over as CEO of Vancity in September she joined an institution with a long history in British Columbia BC one that had become Canada's largest credit union. Formerly the deputy minister of finance in BC Vrooman had overseen the province's annual $ billion borrowings and helped allocate its $ billion budget. A history graduate from the University of Victoria, Vrooman
sector, and Vancity's board recognized that her skills and background easily compensated for her lack of direct expenience.
Net earnings at Vancity had been in decline for four years from through ; however, there was a turnaround in with earnings increasing at per cent see Exhibiti and Vrooman was committed to building on this positive change.
In the face of the financial crisis gripping the world in and trust in traditional financial institutions such as the major banks was eroding. Despite this declining trust Vancity continued to attract new members, with membership increasing from to in the first quarter of Vancity was perceived to be different from other financial institutions, and comments from members reflected this perception:
"Vancity is the type of organization that one can be proud to be associated with. It sets the bar very high in many areas: diversity, service and respect for its members, community involvement and support."
Member since
"This is one financial institution that sees things the right way from the member's point of view."
Member since
"They give me all the financial services I need, and they support the community." Member since
Over time, traditional financial institutions were also moving towards a greater community focus, but Vancity continued to lead n this area. The company had developed a statement of values out of a highly consultative process involving a broad crosssection of staff, directors, members and representatives of the communities in which it operated see Exhibit,"
Every two years the organization reported how well
it lived up to its values and commitments in an externally verified accountability report. In one of these reports it also listed fo
The following questions may be assigned in advance to facilitate student preparation:
How have policy makers responded to the global financial crisis, and what effect is this having on Vancity?
How is Vancity different from a normal commercial bank?
What is Vancity's business strategy?
Should Vancity reprice its loans?
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