WASHINGTON–America’s Credit Unions’ new CEO is sharing how he spent his first week on the job, a week that involved travel, a lot of phone calls and meetings with credit union leaders who shared what they are also looking for from the trade group beyond just advocacy in the nation’s capital.
Scott Simpson, who said he spent his first week on the job on the road meeting with credit unions in the Western U.S., with America’s Credit Unions’ team members in Madison, Wis. (the trade group’s one-time headquarters), as well as with representatives of congressional offices who were in their home offices due to the shutdown, said he also conferred with ACU’s advocacy team in Washington.
Beyond advocacy, which Simpson and his predecessor at America’s Credit Unions, Jim Nussle, have consistently said is the trade group’s primary job, when asked by the CU Daily about what else he has heard from credit unions that they want to see, the new CEO said he has heard numerous concerns, and that every credit union has its own unique worries.
‘Protection of the Business Model’
“Obviously, the protection of their business model is always paramount in whatever form that takes and that’s why I think advocacy is always front and center,” Simpson said. “I had conversations with a lot of small credit union CEOs last week and they’ve got a different set of worries. They worry about not having the bandwidth to manage all of the hats they have to wear and they’re looking for and hoping for tools and guidance to help them, just because of all the work they’re required to do as a small credit union.
“Midsize credit unions have got their own set of challenges as they mature as organization and have to pivot to you know upscaling their talent development,” Simpson continued. “They also have lots of operational concerns. And then you get to these sweet spots like crossing the $10 billion threshold and instantly losing $30 million of net income.”
The latter is a reference to losses in net income from capped debit card interchange fees, along with increased regulatory burdens for credit unions over $10 billion in assets.
‘Different Concerns’
“I think it absolutely is it depends on who you’re talking to and they’ve all got different concerns that are relatively categorized, and I’ve heard from all of them with those specific concerns in just the last few days,” said Simpson.
Separately, Simpson said America’s Credit Unions is looking to fill the chief advocacy officer role previously filled by Carrie Hunt, who resigned in August. Hunt had extensive experience in credit unions and advocacy, having held positions with NAFCU and as CEO of the Virginia Credit Union League prior to joining America’s Credit Unions when CUNA merged with NAFCU to create the new trade group.
Simpson said that while America’s Credit Unions is reviewing candidates for the role he is pleased with the advocacy team currently in place.
