Author: Denise Wymore

In an effort to learn more about the changing credit union landscape and key issues of executives, CU Service Network partnered with Edge (Kordeleski) Consulting to compile a comprehensive survey on Shared Services and pain points. Sixty credit unions in the Rocky Mountain and Plain States, ranging from $30M to $1.6B total assets, participated in the survey.

One question in particular illustrated the increasing pressure on credit unions and the need for collaboration-mindedness. The question referenced top issues facing credit unions in the next five years, and how critical each of those issues were to the participating credit union based on a scale of “completely agree” to “strongly disagree.” The issues were as follows:

1. Compliance Burden
2. High Expense Ratio
3. Loan Growth
4. Skills Shortage
5. Membership Growth
6. Cyber Security

Continue reading Credit Union Survey Reveals Current Burdens and the Need to Share Services

Americans love freedom of choice, be it in cereals, cars or financial services.  When I began representing credit unions, the consumer protection philosophy was to give the consumer information and let the consumer make their own informed decision.  That is how we got Regulation Z and APR disclosures.   The concept is that people have the right to make their own choices but the government can require the financial services providers to state the terms of their loan offerings in a manner that enables consumers to compare offerings (the “Knowledge Approach”).

The CFPB takes a different philosophical approach.  The CFPB has so tightly defined the terms of financial products; it is now in the business of prescribing which financial products may be offered. The burden is on the financial services provider not the consumer to determine if the consumer is financially able to repay a loan.   The CFPB’s world view seems to be that all lenders are actual or potential predators; a pack of wolves ready to pounce.  The public are sheep who do not have the ability to analyze and make good financial decisions on their own.  Therefore the CFPB must prescribe which financial products the providers will be permitted to offer (“Restricted Market Approach”).

Continue reading Freedom of Choice by Guy Messick

Here’s a summary of the possible election impact from former NCUA Chairman Dennis Dollar:

“There is no doubt but that the Trump victory, coupled with the Republicans retaining control of the House and Senate, will bring about changes at both the NCUA and the CFPB.  If history holds true, it is likely that Trump will make the sitting Republican board member McWatters into NCUA Chairman shortly after he is sworn in.  The second board member nominated in 2017 will be another Republican, probably much more aligned with McWatters than with the Matz and Metsger approach at NCUA.  That change, coupled with Metsger’s term expiring in August 2017, will have an impact on the second FOM regulation and likely the supplemental capital issue as well.  Both are much more likely to move under a Chairman McWatters.

Continue reading Words of Wisdom from Ronald Reagan

I was born and raised in Portland, Oregon. Not a big sports town. In fact, the only major sports team, the Trail Blazers won their last championship when I was still in high school (the 70’s).

My mom and dad didn’t play sports, we all played musical instruments. Our family didn’t even watch sports, or much TV for that matter. We listened to music. So, not a big sports fan. Until this last October. You see, my husband was born and raised in rural Illinois. His father drove a UPS truck for almost 25 years. They were a blue collar big family living in the same house for their entire childhood in a really small town. They played sports beginning in grade school, they watched their beloved Cubbies on television and occasionally could make the 3-hour trip to Wrigley Field and see them in action.

So last night, when the Cubs made history, broke the curse of the goat and finally brought a World Series trophy back to Chicago after 108 years, I got a little misty-eyed. With all of my years of therapy I started to psycho-analyze my sudden devotion and emotion to something I have no history with. Why did I care so much?

And it comes down to this. Legacy, honor, loyalty, family memories…..common bond.

Continue reading Cubs Win! Cubs Win! Why should I care?

Each month we are highlighting at least one NACUSO member by interviewing one of their executives. The format is meant to be fun and informative. This month we are excited to share the story of Xtend. Enjoy!

PART ONE: Life Story and Experiences

What’s your current position and can you give me a brief overview of what it is you do in your work?

I am the President of Xtend, a multi-owned CUSO headquartered in Grand Rapids, Michigan.  Xtend’s core business is providing shared resources to credit unions and developing relationships with industry partners that are looking to expand their markets in the mid-market space.  As the senior executive, my responsibilities are centered on developing and driving our vision, providing mentorship to my staff and ensuring the Board of Directors and Management are in synch tactically and strategically.

What would you say most motivates you to do what you do? What are you most excited or passionate about?

We started our CUSO 14 years ago by tossing $60K into a hat with a goal to build something special that could help credit unions survive, and even thrive in a consolidating market.  Now that we are a successful company approaching 75 employees, I am motivated by two things:  looking for that next disruptive innovation that we can bring to our mid-market customer-owners, and leading a group of credit union professionals, a significant number being millennials, to work on the business plans of those customer-owners.

It might sound a bit Pollyanna-ish, but having the opportunity to work with credit union professionals on a daily basis, both internally and externally, and wearing a bunch of hats in the process – mentor, peer, business partner and friend – keeps me motivated on the business side.  On the personal side, spending time with my family (wife of 29 years and three sons in college) and friends when everyone’s busy lives afford us that opportunity, are moments I cherish.  Time spent golfing, fishing, hunting and camping top that list.

Continue reading NACUSO Spotlight on Scott Collins, President of Xtend