The purpose of America’s Credit Unions Councils is connection, conversation, and community, Executive Committee Chair Brad Barnes says. Speaking at a breakfast held in conjunction with the Governmental Affairs Conference on Tuesday, Barnes thanked the leaders in attendance for engaging with one another.
“This is why the Councils exist, we bring leaders together across all different roles, across different asset sizes and geographies, and we share a perspective,” he said. “We challenge each other's assumptions, which I think is really, really important, and we build relationships to grow stronger together. This breakfast is a powerful example of that in action.”
Six credit union CEOs participated in a panel during the breakfast, moderated by America’s Credit Unions President/CEO Scott Simpson. The leaders shared perspectives on how credit unions are working to ensure they remain relevant far into the future.
The credit union tax status is the reason behind the credit union difference, and advocating for it is a must, said America First Credit Union President/CEO Thayne Schaefer. He shared how consistent engagement with policymakers paid off during last year’s tax battle.
“When we first engaged with our federal delegation, we were told that we were overreacting, but we didn't let that slow us down. We kept the pressure on, we kept communicating, we kept interacting with our federal delegation,” he said. “As we look back, it’s a testament to the advocacy long game with our delegation. The fact is, we're not an unknown, our elected officials know who we are, they understand our mission, and we've been really good at educating them on that.”
Multiple panelists agreed that finding new ways to bring youth into credit union membership is essential for the movement.
Leigh Brady, president/CEO of State Employees’ Credit Union (SECU), said connections to the community make credit unions stand out in the marketplace. She estimated SECU’s Reality of Money presentation reached more than 100,000 students last year
“There may be banks partnering with local organizations, but they’re just writing a check, they aren’t necessarily boots on the ground,” she said. “Credit unions specifically work to demonstrate that difference by being the boots on the ground, by teaching the kids face-to-face, by teaching adults face-to-face, to get in there and get our hands dirty for the betterment of the communities we serve.”
Mountain America Credit Union President/CEO Sterling Nielsen said his credit union is working hard to reach growing youth populations in its field of membership.
“We are involved heavily in the high schools. A program called Keys to Success, where we encourage students to learn, to excel in schools. Also, with universities in various markets, including Arizona, where we have the sponsorship of the arena there,” he said. “It’s important to be involved where they are, and they can be exposed to financial education, because the services you can provide help them as they start their lives out. That's what we've really strived to do, is just really be there when they need us.”
Another young population to connect with is military members, often young people stationed around the globe who may not otherwise know how to take care of their money. Dietrich Kuhlman, president/CEO of Navy Federal Credit Union, says they are intentional about reaching servicemembers.
“The first thing we do is not give them a credit card, intentionally. More we try to bring them along, make [financial education] part of their training, and then get them to the point where they're building credit on their own,” he said. “This is a very important program for us, and the average age is the same as many of the youth programs talked about here, because we get the sailors, the soldiers, the Marines, and the airmen very early, and I think that makes a big difference…especially because if we don't provide this education, they're probably not getting it.”
As his credit union works to expand access to credit, SchoolsFirst President/CEO Bill Cheney said artificial intelligence (AI) has been a great resource.
“We’re using AI in our consumer lending, not member-facing, but it’s empowering to our team. We’ve launched it in all our consumer lending products after using it only on personal loans for about a year,” he said. “What it's doing is tripling the rate of automated approvals. Now, all those loans that a human used to have to look at, so many more an hour are approved, they can spend more time on the application, and we make a lot of consumer loans.”
Beverly Anderson, president/CEO of BECU, said AI is credit unions’ next opportunity to reimagine how they deliver meaningful services.
“The way we're talking about it is to say, there are things that you do every day, and your everyday jobs. That's ‘no joy’ work. How do we let AI help us with the ‘no joy work’ so that you get more opportunities to serve your members, our members, and to create value for members?” she said. “The second thing we're doing, is looking at ways that vendor partners can work with us. To do things better, create productivity, create more efficiency.”
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