PALM DESERT, Calif.–Just what kind of a “family” are credit unions really?
The word “family” is often used and has positive connotations around connection and caring, but does the reality live up to that. During a session titled, “It’s a We Thing! We Say We are Family. Are We?” during Mitchell Stankovic’s Underground meeting—held in conjunction with the REACH Conference—three people offered their take on that question.
Participating as panelists were:
- Jackie Tacque, CXO with Edwards FCU
- Harold Roundtree, president/CEO of UNCLE Credit Union
- Keith Sultemeier, president CEO of Kinecta FCU
The session was moderated by Dr. Brandi Stankovic. Below is some of what was discussed.
Stankovic: If we are a family, do our decisions reflect it?
Taque. Not always. I think it depends on us. We actually have to be proactive. I think a strong family can be a noisy family. Not all families are perfect; not all family units are perfect. There are issues, but are we actually reaching out? Are we collaborating? Is it just a saying on our wall, or do you actually agree on the value of collaboration? When it costs something, do we still collaborate? Can we compete and collaborate?
I have children and they’re always in competition. But if you do something to one of them, they have each other’s back. I think that’s what we do as credit unions.
Sultemeier: So, I’m going to give us a passing grade on the whole. When there’s an existential threat, we come together. The issue is when there’s not an existential threat. As an industry we tend to move pretty slowly.
The reason I give us a passing grade is anyone could pick up a phone and call another CEO or board member and ask them for help. They will open the vault to the crown jewels and tell you what is going on. That is unique in my experience to this industry. We have never turned down a request for help. I think where the issue comes is there is still some distrust between small and large credit unions, and while I believe large definitely can help small, there has to be an ask. I’m not looking to merge you; I am looking to help you.
Roundtree: I think we are given opportunities to be family, to share. I think we do a good job of that. But you have to reach out to do that. If you are sitting at your desk at your credit union, some people are nose to the grindstone and may not want to share.
Being here at REACH is about sharing. When you have those opportunities, you have to get off the sidelines. For us, being in an advisory role for Shapiro Credit Unions and I think I got more out of it than they did. We are a mid-tier size CU and sometimes I feel like a pork chop when people want to go to lunch with you. This idea of the industry collapsing has caused some challenges for some
Stankovic: Why the comparative nature?
Sultemeier: We’re Americans. That’s what we do. Is your hat taller than mine and do you have more cattle than I do? Some of it is maybe wanting to find peers. Whether good or bad, it’s who we are as people.
Roundtree: This is a relatively small industry. I came from a bank, but a lot of times I think we do get caught with the size thing. I guess it does matter for some people, especially when it gets into things like compensation. But we can learn from one another, regardless of asset size. We are a small industry as a whole and collectively we can do a better job.
Taque: Coming from a small credit union, I think a lot of times it’s fear-based. I call Kinecta Federal Credit Union often. But I think it can be a super-power used for good if we get out of this fear. But first you have to pick up the phone and reach out. We have to be proactive.
