In speaking at various bank and credit union events about the banking of businesses that are cash intensive, or “Money Services Businesses” (MSBs), one common theme is clear: despite changes in the regulatory landscape, the process for banking MSBs has remained the same. As a result of systematic “de-risking,” MSBs across the country have been losing access to the financial system. But with a driving force behind de-risking, Operation Choke Point, now officially ended, it is time to assess the aftermath of de-risking, and specifically how financial institutions can service MSBs in this new environment. For this to happen, institutions must be ready to discard legacy concepts and practices associated with banking MSBs and embrace a new approach.
Each month we highlight at least one NACUSO member by interviewing one of their top executives. It’s an opportunity to tell their story in a casual and fun way. This month we sat down with Patrick Connealy.
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’m the Executive Vice President of Commercial Banking for the National Cooperative Bank and I oversee nine Business Development officers that cover a variety of cooperative business segments nationwide.
What would you say most motivates you to do what you do? What are you most excited or passionate about?
I’ve been working with co-ops my whole life and have been with NCB for 30 years. I started my career in the agriculture co-op banking business and spent seven years with them including three years with the Farm Credit Administration. I moved to NCB in 1986 when the bank was six years old. We fill the financing gap for co-ops that are not agricultural or electric co-ops. I am most passionate about the long term customer relationships developed by NCB- some of which have been with us since 1980!