By Randy Karnes, President/CEO, CU*Answers
After a recent strategies event with credit union CEOs, I was charged up. One of the main themes for the week was working as a CEO to “see the way forward.” And the best way to see the way forward or be inspired to move forward is to count on what and where your advantages might take you. One of my favorite approaches to how to find your advantage is Bernard Boar’s five basic categories of competitive advantage:
1. Cost advantage: The advantage results in being able to provide products and services more cheaply.
It can be tough given the X’s and O’s in banking tactics. Where do you use your scale and operations to have a cost advantage? You have them; you have to execute on them. Hint: Cooperative owners set the expected returns (profit expectations): Where do your owners let you off the hook? Did you know they could?
2. Differentiation advantage: The advantage creates a product or service that offers some highly desirable feature or functionality.
Also called value-added advantage. This is more than simply packaging consumer things nicely (good tactic), but it might be the flavor of local, or social bonds, or pride of ownership is layered to give advantage. Don’t get too hung up on the products you offer; as a CUSO we work together to build the products needed to remain competitive, but in most cases, we’re bringing these products second to market, and not offering something no other financial institution can offer. Where we find value is in the services we can provide our members and the unique ways in which we can get them involved in the cooperative process.
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By Shana Richardson, CEO, Ser Technology
When I discuss Current Expected Credit Losses (CECL) with credit unions, about one-third say they are confident and already parallel testing methodologies; another third is nervously becoming aware of CECL’s impact and feeling unprepared. The remaining third is somewhat in Pollyanna mode, and think the regulation won’t be as onerous due to their asset size or don’t feel they have the resources to comply in full.
Here’s the reality though—the NCUA has been clear about the need for credit unions and their boards to become familiar with the new accounting standard and take the proper steps toward implementation.
The first step is a basic gap analysis. Most credit unions must review their balance sheets and the assets they have, asking the question, “Is this a CECL asset?” If the credit union doesn’t have a model, it has a gap to fill.
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By CU Weekly, California Credit Union League
A week from today, on Nov. 7 during the California and Nevada Credit Union Leagues’ REACH Conference, Great Basin FCU Commercial Loan Officer Nina Hallock will be honored as the 2017 Tomorrow’s Star Award recipient.
She is joining a group of 38 future leaders that have been recognized with this award since it was first presented in 1993. Over the years, some of the criteria has changed, and today, the Tomorrow’s Star Award honors those ages 35 and under from California as well as Nevada.
What role/title did you have when you received the award? Is that different today? No changes here.
Acting human resources executive at Boulder Dam CU and managing partner at Mitchell Stankovic & Associates
What are some of the highlights in your career since you received the award?
National Credit Union Foundation, CUDE Individual Achievement (2017); Credit Union Times, Under 40 Trailblazer (2016); and launched The Strategic Hotbox
The Strategic Hotbox is a leadership platform designed to help all leaders, young to mature, front-line to chief executive take control of their life and achieve greatness. The fundamental outreach is through a bi-weekly video podcast. The Strategic Hotbox has more than 296,000 followers with more than 176,000 that check in daily; 98 percent are mobile users; 91 percent are 18-34 years old; Average of 8,000 new follows/downloads/likes every week; Average 30,000 post engagements and 104,000-plus post reach on Facebook alone; Touchpoints on Twitter, Facebook, LinkedIn, Instagram, iTunes, YouTube, TuneIn, Stitcher.
When I started in credit union land it wasn’t “cool” to be young. Although I finished my MBA with a hefty-sized chip on my shoulder, it didn’t last long. My elder cohorts kicked my booty. I spoke when was spoken to. I carried the weight. I shoveled the poop. I attended every meeting. I volunteered at every turn. I said yes to every request. There were no networks that solicited my voice or paths that secured my involvement. I had to earn it. And, I am indebted for every tongue-lashing and cold-shoulder I got. It fuels my drive to succeed. And I urge all young people, Tomorrow’s Stars and those just struggling to make ends meet… that now is your time! Work hard, work together, and learn every step of the way.
How do you perceive the credit union movement as being today?
Credit unions have a unique story. In order to truly serve our community, we must understand, respect, and live the philosophy of “people helping people”. Despite the uptick in the US economy and the decreasing unemployment, many Americans are still struggling. Credit unions have a responsibility to give those consumers a hand up, while also doing good business for the entire membership.
I had the opportunity to travel to Kenya this year with the Credit Union Development Educators. In this journey, I was reminded of the development issues facing people and the opportunity credit unions have to make a difference. Microenterprise loans, outreach in the community, truly supporting the people. Many development issues act as barriers to economic growth and prosperity for the world’s families. These issues provide us with dilemmas and hardships, but more importantly they provide us with challenges to overcome and opportunities to capitalize on. Working together can make a real difference in the lives of people in our local, national and global communities.
How do you see the credit union movement going in the future? What do you see as your role in this future?
The future is bright! The industry will continue to thrive, even amongst the regulatory environment and disruption of fintech, if we all continue to work together. Strength in numbers. Synergy.
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BOULDER CITY, Nevada – The Board of Directors, CEO and staff at Boulder Dam Credit Union are proud to welcome Steele Hendrix as the new Executive Vice President. Steele’s background includes more than 20 years of leadership experience in credit unions, technology and financial services.
CEO Eric Estes believes Hendrix will be an important fit for the credit, “Steele brings extensive experience with information technology, electronic product delivery, marketing, member relations, and community outreach. He is also a Nevada native and will truly understand this Credit Union’s unique difference!”
Hendrix said he is thrilled to work with the team at Boulder Dam Credit Union. “This is a great opportunity for me. Boulder Dam is known for its amazing member service and impressive efficiency, both pillars of a great credit union. I look forward to learning from the exceptional staff and management at Boulder Dam and to being a part of the Credit Union’s bright future.”
Background on Hendrix:
Hendrix is a lifetime Nevadan, growing up in small town, Lund, where he learned the value of hard work on the family ranch. Hendrix has a Bachelor’s in Business from the University of Nevada Las Vegas and a Master’s in Information Systems from the University of Phoenix. He also completed several integral credit union designations, including Western CUNA Management School and the CUES Certified Chief Executive designation.
Hendrix’s credit union experience includes executive level leadership in information services, marketing, security and operations with a focus on improving member relationships and efficiency through technology. He has held the position of Chief Technology Officer, Senior Vice President of Marketing and Business Development, and Senior Vice President of Nevada Operations and has supervised departments including accounting, electronic services, security, facilities and lending.
Hendrix is proud of his participation in a project that made Cumorah Credit Union an early adopter in the transactional website space in 1997 and his ongoing passion for improving member self-service technologies continues today. Hendrix has facilitated several credit union mergers including the purchase and assumption of Cumorah Credit Union by Credit Union 1 in 2009 and the merger of Kolob Credit Union with Cumorah Credit Union in 2006. Hendrix was also instrumental in designing and building Cumorah Credit Union’s 43,000 square foot headquarters in 2007. Hendrix’s vast experience in credit union operations has giving him a holistic view of the credit union business model and a unique perspective on operational efficiency and member relationships.
About Boulder Dam Credit Union:
Boulder Dam Credit Union is a $600M credit union serving 22,000 members in Southern Nevada. Chartered in 1940, the credit union began serving the workers of the Hoover Dam and has grown to the premier institution for financial services to members, families, businesses in the community of Boulder City. Through education, community involvement and exceptional member service, Boulder Dam Credit Union maintains high field of membership penetration, member satisfaction, and has remained a staple in the community for over 75 years. For more information, please visit: www.boulderdamcu.org
By Christopher Morris, NCUF | 608-231-4374 | email@example.com
Foundation Recognizing Mitchell with Award for Outstanding Individual Achievement
Madison, Wis. – In recognition of her dedication to the spreading of the credit union idea worldwide and determination to fostering diverse representation in credit union leadership and membership, the National Credit Union Foundation (the Foundation) is pleased to announce Susan Mitchell, CEO of Mitchell, Stankovic & Associates, as the recipient of a 2018 Herb Wegner Memorial Award for Outstanding Individual Achievement.
Mitchell’s award will be one of four Herb Wegner Memorial Awards presented at special fundraising event hosted by the Foundation at the Marriott Marquis Washington on February 26th, 2018 in conjunction with the Credit Union National Association (CUNA) Governmental Affairs Conference (GAC). Registration for dinner tickets and sponsorships will be available on the Foundation website (ncuf.coop) later this year.
"Sue is such a tremendous bundle of energy," said John Gregoire, Chair of the Foundation's Wegner Awards Selection Committee and President of The ProCon Group. “We have all benefitted from that energy focused on enhancing the lives of all those touched by credit unions. I know her as an excellent consultant, but even more for her wonderful work in the founding and continued success of the Global Women’s Leadership Network."
A Force for Diverse Credit Union Representation
Mitchell currently serves on the SCE FCU, Ventura County CU and BDCU nominating committees to ensure that future leaders represent a diverse field of membership. She works with boards and volunteers to give educational programs and ensure balanced governance in terms of diversity and representation.
She recently asked her clients “What about the loyal savers?” which challenged them to consider initiatives beyond chasing the millennial market. This created programs for members over 70 to engage and tell their children and grandchildren the importance of people helping people, nondiscrimination, diverse representation and democratic control.
In 2009, Mitchell became the founding Chair of the World Council of Credit Union’s Global Women’s Leadership Network (GWLN) due to her passion about the importance of women to not just run the household and the family, but also serve as leaders in the community. She volunteered her time with no budget and limited resources to create the premiere global credit union program for women, engaging thousands of women from an international network. She has created an initiative to raise $2 million for scholarships, member education, empowerment grants and programming facilitation opportunities for credit union women.
Her contributions also include the creation of the Athena Leadership Award, presented to an individual who has made an outstanding contribution to women’s leadership in the international credit union movement. The Athena Award presents individual impact and recognition of women’s efforts to financially empower each other, women within their communities and credit union members.
Mitchell has continued to donate her time and expenses to meet with strategic influencers, travel to key credit union movements, mobilize volunteers and communicate the importance of financial empowerment of women.
“Over the last eight years, she has invested more than her time – she has invested herself in changing lives all around the world. It is her passion for people and the mission of credit unions that make her special!” said Barry Jolette, retired CEO of San Mateo Credit Union, and past chair of both CUNA and World Council.