Use #STANDUP to Celebrate and Seriously Consider the Future

By Susan Mitchell, CEO, Mitchell, Stankovic & Associates

Celebrating credit union’s success in serving members is welcomed in 2019 as record loan and membership growth hits the headlines for 2018. Yes, there is much to cheer, yet the loudest roar is coming from the large credit unions, with Navy Federal surpassing a record landmark of over $100 billion in assets. There are 33 credit unions with more than $5 billion in assets and 306 credit unions now greater than $1 billion in assets nationwide. While 5,245 credit unions are less than $1 billion, 4,999 are less than $500 million and 3,939 are less than $100 million, according to Callahan and Associates 2018 data.

What does this mean for the industry? Some argue that to gain scale, a credit union must be $1 billion in assets. Others comment that those credit unions with less than $100 million will have a really tough go facing challenges with technology, cyber threats, market awareness and leadership transitions. Is it time to celebrate while seriously considering the future of the industry?

Credit unions are facing a multitude of challenges, ranging from fintech competition to regulatory constraints to ensuring the preparation of the next generation of dynamic leadership. I am committed to creating a dialogue that enhances the credit union industry. The Underground initiative is the brainchild of Mitchell, Stankovic and Associates, and we encourage a collection of credit union-lovers to passionately advocate to ensure credit unions are forging their path forward, while also recognizing their history, their philosophy and their mission.

Now that we’ve whet your appetite to dive Underground, get more information and sign up to attend our March 10 Underground Collision here!

We are a growing community of credit union leaders willing to stand up and actively engage in
honest, transparent, and challenging discussion about issues that are needed for bold action. We are peers, colleagues and co-change-makers. The Underground’s ultimate mission is to take bold action during this time of political transformation, ensuring credit unions’ place as the consumer choice for financial services.

The Underground has a simple goal: Create an intimate environment for explosive dialogue, believing that the energy of focused debate will echo beyond the moment and become a catalyst for change.

Our growing community of champions, collaborators and credit union believers bring about thought leadership that challenges the current business practices of cooperatives, enhances member engagement, and resonates with relevant credit union industry participants for years to come. The Underground will generate a body of work that in the next three years will accumulate to encourage true diversity and impact with topics that will rise to the top and garner true investment of time and action from credit union leaders set on success.

Our recent strategic planning session for the Underground Community included great discussion full of passion and conviction! We talked about new topics to cover in our blogs and concerns to tackle during our Underground Collisions. We would love to have more of you contribute to the blog or participate in our Collisions.

Contact Sarah Snell Cooke at [email protected] to learn more about contributing to the dialogue!

The Underground is about a collision of ideas, challenges to the credit union industry value proposition that are important for the future relevance of the industry. The Underground is a strategic influencer in the credit union market. We start conversations behind the scenes that rise to the forefront for both our collaborators and our voyeurs. We may not always get nor take credit for the action, but we are seeing change. As we move forward with our efforts, our goals are to listen, learn, see and be seen, make waves – in short, ensure credit union leaders feel our impact on critical topics. We look to be disruptive, create a radical change and drive results by being honest, authentic and diverse in tone to encourage engagement.

The Underground represents a broad mix of credit unions – both boards and professionals of all levels, the Underground Advisory Council, contributors and other players invested in the credit union community and all that its future holds. We collide with key organizations for maximum impact, cooperating with like-minded organizations intending to help credit unions disrupt themselves for the better. Our goal is to go even more places, to #STANDUP more frequently, spreading a consistent message. Our deliverables will be ideas and actions through Underground Collisions, white papers, case studies, coaching, speaking engagements, blogs, social media and other opportunities arise.

The Underground community comprises dreamers, innovators and change drivers who are also realists, pragmatists and forecasters. We are on the precipice of changing the credit union world or going extinct. The credit union community wants us next to them. Individuals want to be with us. And many actively watch our every move as voyeurs. We’re ready to do the work and the groundswell of support is growing through contribution, spreading the message and funding, but we are also selective about who we invite into our tribe. We want true credit union believers, who know there’s a brighter future ahead with some tweaks here and disruption there.

The Underground Community prioritizes change, but we recognize it doesn’t come from above. Individual Underground members commit to taking back ideas from blogs, from our Collisions, from group discussions in our exclusive social communities and making it their own path to change. Our tribe is not afraid to disrupt themselves! Then come back and share your stories with us. Demonstrate the accomplishments of disruption!

We thank you for your belief in the credit union industry and your willingness to #STANDUP for disruptive dialogue that challenges all leaders to sharpen the saw, increase member impact and ensure relevance into the future.

Here’s to the realities of 2019, Happy New Year!