By Sarah Snell Cooke, Principal, Cooke Consulting Solutions

The Feb. 25 Underground Collision was standing-room only. We were excited to see so many bright, innovative minds in one room, packed with people who care about the future of credit unions! With every Collision we strive to get the credit union community thinking and acting on matters that are typically fodder for the impromptu hallway conversations by placing them on the center stage.

While opening the event, Dr. Brandi Stankovic explained that she’d asked several credit union executives in preparation for the Collision, “What pisses you off?” The unanimous response was they wanted less talk, more action. Credit unions must Learn, Love and Kick ASS! That’s what the Underground exists to accomplish. Here’s a roundup from the event, action items we intend to take and links for further reading.

#FakeNews

Credit unions need to get seen and change the story. Bank bashing doesn’t work at best and is hypocritical at worst, so what do credit unions need to do? 1) Stand out to grab attention; 2) News that affects the community—whether credit unions or your field of membership—is news whether you like it or not, so learn to respond; 3) Consumers lack faith in institutions like the media and financial services, but credit unions can give them a reason to believe again; and 4) Do it quickly because people have the attention span of a goldfish.

Follow-Up: Support CUNA’s existing awareness campaign.

Read the Underground blog post, Wake Up: Move Past the Bank Bashing, #FakeNews Vortex.

Become a credit union game changer! Sign up for FREE at mitchellstankovic.com today.

Diversity

Credit union membership in the US doesn’t represent America. It’s not young enough. It’s overly white. Why aren’t credit unions reaching different ethnicities and colors, people of different abilities and sexual persuasions? A few are doing an excellent job of reaching out, marching in gay pride parades and others who don’t look like those who are serving in the executive suites and on the boards of credit unions. How do we engage, recruit, retain and elevate more minorities and women? We must not only talk and plan, but also take action. As I said during the Collision, credit unions must walk the walk!

Follow-Up: Board recruitment in particular is an issue globally. Diversity starts at the top. Create a plan for diversification and recruitment.

Read the Underground blog post, Credit Unions’ Lack of Diversity Has Some Leaders Fired Up.

Worst Practices

Everyone’s quick to discuss best practices. Credit unions also need to be open to sharing worst practices as well, so they can be fixed. Seasoned credit union executives addressed issues in which credit unions are not shining such as acting and talking like banks, lack of collaboration, surrendering differentiators and distancing themselves from their members. Credit unions must reinvigorate the ownership base and make them care about their credit unions to get others to care about and understand the credit union difference—not to mention working with and sometimes around the regulators as we can to meet that objective. And that is why credit unions need to embrace our differentiators.

Follow-up: Develop a platform for re-educating and re-invigorating credit unions on their shared mission.

Read the Underground blog post, Credit Union Executives Talk Community's Worst Practices.

PSCU Chief Talent Officer Lynn Heckler and Ventura County Credit Union CEO Joe Schroeder

Social Justice & Financial Inclusion

The economic problems credit unions can be addressing with and for members stretch worldwide, such as housing and caring for aging populations. Many resources can be leveraged to help tackle these issues. Credit unions can collaborate with hospitals and other healthcare related organizations, universities and government programs, but very often they do not.

Follow-up: Streamlining processes for outreach and collaboration to leverage credit unions’ social mission with aligned organizations. Identify private and public resources for credit unions to leverage.

Acceptance Corp.

Credit unions are prime lenders, which forces many eligible members to look outside to payday and other predatory lenders. We can help make our mark, generate the PR, word of mouth and goodwill by creating programs that serve those with credit scores of less than 600 that is also good for credit unions’ business. Credit unions are well-positioned to provide financial education and coaching, but do they have the will?

Follow-up: Create an alternative that credit unions can adopt and scale.

Read the Underground blog, Credit Unions Must Dig Below Prime Scores for Riches.

Dead & Gone

Credit unions must develop ambassadors to keep the mission of credit unions alive, because right now, executives, directors and members are aging out. Younger members are looking for modern financial services providers that are also human. We must diversify our boards, executive leadership and memberships to keep credit unions relevant. Credit unions are being scrutinized by their regulators and members and potential members for diversity. If younger potential members don’t see it, credit unions will end up dead and gone.

Follow-up: Research and educate on how have other industries or organizations experienced some success and duplicate.

Read the Underground blog post, Attract Younger Credit Union Members Before They're Gone. 

CU Response to Tragedies

Credit unions are required to have disaster continuity and recovery plans, but what about the affected communities they serve? The recent fires in California were a prime example of credit unions putting their best foot forward in the short term, but disasters of that magnitude will have long-lasting effects. Members will move, lose jobs, lose the homes that were collateral for their mortgages and more. For those that stay, how can credit unions help heal their psychological scars?

Follow-up: Research and develop a program for Social Disaster Recovery

Read the Underground blog post, California Wildfire Response: Redwood Credit Union Plan Douses Metaphorical Flames.