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Articles by Cameron Madill
Do you pass The Boat Test?
At our company, we have a philosophy called “The Boat Test”. We don’t do business with people with whom we wouldn’t want to spend a day on a boat. It’s simple, life is too short to do business with horrible humans. A couple of years ago, we had a meeting with one of the largest agricultural chemical distributors in the country. As a small manufacturer, this could have turned into a huge deal for us.
Nussle calls for ERTC consideration ahead of tax bill markup
America’s Credit Unions President/CEO Jim Nussle sent a letter Thursday to the House Ways and Means Committee and Senate Finance Committee urging them to fix an oversight to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) when marking up the tax proposal announced earlier this week.
Nurturing financial futures: Credit unions' responsibilities to the next generation
In our ever-evolving financial landscape, credit unions play a crucial role in shaping the financial well-being of individuals, particularly younger generations like Gen Z and beyond. With unique needs and expectations, these digital natives demand a new approach from credit unions. Check out a few of the primary ways your credit union can support and engage with the generations of the future.
Finding purpose in 2024
We’ve entered 2024 with good intentions and strong goals. Some of us have strayed, but remember each day is an opportunity to refocus and regroup. Some of us are on track and making progress. No matter where you are on your journey, you are here and showing up for yourself and that is what matters most.
Embracing the credit union difference: A closer look at where it shines
There has been a lot of conversation lately about the credit union difference, with some arguing that what we as credit unions hang our hat on, doesn’t stand out much from other mainstream financial institutions. I refuse to agree with this rising chorus. I’m not afraid to admit that I’m a credit union enthusiast (geek).
Your bank or credit union consumer experience hinges on repeat successes
The member or customer just walked out the door, hung up the phone or closed the chat. Phew! It’s over…you made it through. Until the next person arrives (or until the same person returns for something else). One excellent experience isn’t enough. You must provide an amazing bank or credit union consumer experience every single time someone seeks your services. According to Salesforce, 79% of consumers expect consistency in their interactions with any of your employees or departments. That’s right.
Budgeting for the budget
What is a budget and why do we do it? A budget is an essential planning tool for estimating your business or personal future income and expenses. A budget can be used to set goals and priorities and ultimately determine what you can and can’t do from a financial position. What it doesn’t do, however, is produce itself—however much we wish it did! But how do you budget for a budget? Or, in other words, how do you ultimately decide what to prioritize when making a budget?
America’s Credit Unions announces upcoming layoffs affecting 25–30% of its workforce - CUInsight
Credit Union National Association, doing business as America’s Credit Unions, will implement layoffs as a result of a recent merger and forecasts of business needs going forward, according to a WARN notice. The layoffs will affect employees in Wisconsin, the District of Columbia, Virginia, and various remote locations reporting to those states, including employees at 4703 Madison Yards Way, Suite 300 in Madison. Layoffs are expected to begin in March and continue through July.
Consumers turn to unregulated buy now, pay later plans
Shopping has changed in recent years as more and more of it has moved online. Now, for many consumers, especially younger ones, the way those purchases are paid for is changing too. One of those changes is the rapid growth of buy now, pay later plans that let shoppers buy in four easy payments with just one click, often with the promise of no interest charges or hidden fees.
3 Questions with PSCU/Co-op Solution's Karen Postma
CUInsight Publisher & CEO Lauren Culp is joined by Karen Postma, Managing Vice President at PSCU/Co-op Solutions for a quick interview with just 3 questions about cybersecurity and AI… Three questions: (0:31) In today’s digital-enabled world, the rise of artificial intelligence (AI) has become a powerful tool. However, this same technology is also being used by cybercriminals for malicious purposes.
Mortgage rates drop to 7-month low
Mortgage rates dipped again this week, enticing more rate-sensitive buyers and sellers to return to the housing market. The average rate for a 30-year loan dropped to 6.60% from 6.66% a week prior, according to Freddie Mac on Thursday. The latest average is the lowest level in seven months, since May 2023, when rates were around 6.57%. Homebuyers are returning to the market as borrowing costs retreated nearly 120 basis points from their October high when rates nearly broke the 8% mark.
How many credit cards should I have?
Credit cards can help you build a healthy credit history if you manage them properly. You may also benefit from rewards like cash back or points to be used for travel or other things you enjoy. Given these factors, it’s no surprise that of U.S. consumers who plan to apply for new credit or refinance in the next year, 57% are planning to apply for a new credit card, according to data from the Q4 TransUnion Consumer Pulse Study.
Nussle: CFPB overdraft proposal removes lifeline for many consumers
The CFPB released a proposal Wednesday that would apply Truth in Lending Act provisions to overdraft services charged by financial institutions with more than $10 billion in assets. America’s Credit Unions strongly opposes efforts to limit the availability of overdraft services and previously wrote to the CFPB that overdraft fees are not junk fees, disclosures are clear, and overdraft services are understood and requested by consumers.
Three unexpected leadership lessons I learned during my 20 years as a CEO
Twenty years ago, when my father and I launched a fledgling marketing agency, I had no idea it would lead me to the credit union community, to the broader cooperative economy, or to a certification in marriage counseling. If I’m going to be perfectly honest, back then I was thinking, “I bet I can work at this for a few months and then log in for 10 hours a week from the back of a camel in the Sahara desert and make a comfortable living.” OK, it hasn’t actually turned out that way at all.
CUNA, NAFCU, trades request comment deadline extension for Fed's interchange proposal
CUNA, NAFCU, and other financial services organizations requested the Federal Reserve extend the deadline for its interchange proposal by at least 90 days in a letter sent Wednesday. The Fed proposed the changes at an October meeting, and comments are currently due Feb. 12. CUNA, NAFCU, Leagues, and credit unions strongly oppose changes to the current interchange system and are collaborating on a response with other financial services stakeholders.
NAFCU’s Long: FOMC minutes indicate potential for rate cut in early 2024
In recently released minutes from the Federal Open Market Committee’s (FOMC) latest meeting, members indicated they would be hesitant to raise rates again, unless economic data indicated insufficient progress in lowering inflation to its 2 percent target. “The minutes from the October FOMC meeting reaffirm that the committee believes monetary policy is currently restrictive,” said NAFCU Chief Economist and Vice President of Research Curt Long.
How Self-Help Credit Union helps communities help themselves
Is “ownership and economic opportunity for all” an idealistic pipe dream, or is it an achievable goal? Self-Help Credit Union would like to think the latter. Its mission statement embodies the credit union’s penchant for thinking big and pushing the boundaries of what credit unions can do and be.
Bulk emails: New requirements for your credit union
Your credit union is a bulk email sender. Consider all the types of emails that are sent from your credit union directly, or on behalf of your credit union including e-statement notifications, member marketing, password reset, multi-factor authentication, rate change notifications, member-defined alerts, and many more. Even credit unions with modest active member counts can generate ten thousand emails in a month, if not more.
A lot to be thankful for
I’m thankful to be part of a movement that does so much good for so many. I’m thankful for your support of America’s Credit Unions and belief in this new organization. I’m thankful for credit union members and how the credit union difference changes lives. And I’m thankful for leaders like you who make our movement a powerful force through your passion, creativity, and dedication. It’s an honor to work alongside you. continue reading »
Will federal guidance have ‘chilling effect’ on banking-as-a-service?
Federal regulators have been ramping up scrutiny of banks’ third-party relationships for years, but the emergence of banking-as-a-service and other fintech relationships intensified debate and produced new interagency guidance in early June.
The rise of the credit union
Credit unions are member-owned, non-profit financial cooperatives that provide a wide range of financial services, including everyday banking, and savings accounts, loans, credit cards, and investment products. According to the latest statistics from the Association of British Credit Unions Limited (Abcul), there were 246 credit unions in the UK.
Distinguishing your credit union through community engagement initiatives
Today’s consumers are constantly bombarded by marketing for financial services: checking accounts with notable perks, access to special debit cards with their favorite sports team’s logo on them, promises of cash incentives for signing up, and countless other gimmicks. These marketing ploys — primarily coming from for-profit banks — do little to create long-term, meaningful relationships with consumers.
They came for the deposit rates. How do you convince them to stay?
Not everyone likes to think that a consumer chose their credit union simply because of a great rate, but we all know that’s the case for some portion of every credit union’s membership. In fact, a study by Morning Consult reveals that “prices and fees” rank #2 in the top five reasons that consumers switch their primary financial institution. Today, given the high-interest rate environment of the last year and a half, CDs are the rate-driven product most likely to capture a consumer’s attention.
Healthy growth in the age of economic uncertainty
Bank collapses, recession forecasts, and rising interest rates, oh my! If there’s anything we know for certain, it’s that uncertainty is here to stay. As much as we’ve tried to get back to “normal,” the volatility that Covid set in motion seems determined to wreak havoc on our best-laid plans.
How credit unions can think, and act, globally
Most credit unions are fiercely committed to their local communities, and we think that’s great. Sometimes, though, it’s important to take a few steps back and broaden our perspective. That’s where the World Council of Credit Unions (WOCCU) comes in.
Put an end to shoddy stock photography: Here’s how
Your credit union’s choice in stock photography may seem like a minor part of your overall marketing and design strategy, but it can have a massive impact on your organization. Over the course of 11 years in the credit union industry, I’ve seen bad stock photos ruin a perfectly good campaign, and even implode larger projects like rebrands or website launches. Stock photography is often an afterthought, a last-minute effort to fill the gap in a campaign before it goes live.
Debt trends: How to spot and address potential delinquencies
Years of experience in collections services has shown me the importance of being proactive about member debt. Addressing potential delinquencies before they can happen fosters more financially healthy members and increases their trust in your credit union. Staying on top of debt trends can help with this goal. Below is a brief breakdown of the latest debt trends that could impact your members and practical steps your credit union can take to help.
Where has all of the empathy gone?
Empathy is in my blood. It’s one of my core values, and I work hard to practice it – especially with people who seem to need it most. This past month, I had the pleasure of leading several hundred team members of one of the 20 largest credit unions in the US through discovering the benefits of empathy and practicing how to use it. As part of the introduction to the final session, I shared how powerful empathy can be and mentioned how few credit unions are using it as a differentiator.
Meet the 2023 Credit Union Rock Stars
The 2023 Credit Union Rock Stars are here. Announced Monday, Credit Union Magazine’s 11th-annual Rock Star class features 25 credit union innovative, creative credit union professionals. While holding varying roles, living all over the U.S., and working at credit unions with wide-ranging asset sizes, each Rock Star excels and makes the movement a better place. “Prepare to be inspired and motivated by the 11th-annual class of Rock Stars,” says Bill Merrick, Credit Union Magazine deputy editor.
NAFCU warns lawmakers of potential reg overreach in cannabis banking bill
Ahead of tomorrow’s markup of the Secure and Fair Enforcement Regulation (SAFER) Banking Act, NAFCU sent a letter to the Senate Banking Committee highlighting some potential revisions to the bill to provide greater clarity and certainty to credit unions and other financial institutions looking to provide services to marijuana-related businesses (MRBs) in states that have legalized marijuana.
"Fall" doesn’t have to describe bank or credit union staff morale
Fall is here! You can practically smell the pumpkin spice lattes, see the auburn leaves tumbling to the ground…and feel the tension of busy season heading toward you and your staff like a speeding locomotive (if it’s not already here). This fact might spark fears of employee burnout, a sensitive issue in a complex labor market. But while busy season may be unavoidable, burnout is not. Here are some ways to keep up community bank or credit union staff morale during the dreaded busy season.
Helping small business loans go global
The problem: small businesses need financing to grow. The solution: financial institutions should lend them money. Easy, right? Of course, it’s never that simple. Especially for financial institutions in developing countries, which often don’t have the resources to deliver efficient, risk-mitigated SME (small and medium enterprise) lending. That’s where Technology and Innovation for Financial Inclusion (TIFI) comes into play.
Good Governance: Oath of office versus code of conduct
I recently joined the board of my local retail cooperative and at the annual general meeting, I not only returned a signed copy of the director oath of office but also recited it in front of the members in attendance, both in person and virtually. I was the only newly elected director, but all the directors recited the oath. Should this practice be adopted by all cooperatives, and how is this practice any different from signing a code of conduct?
Capital Corner: September promising to be the busiest and most consequential month of 2023 in Washington
Several critical issues are on the clock, and DCUC is on top of all of them. Here’s a grab bag of what we’re watching closely: Both the Senate and the House have wrapped up work on their versions of the annual defense bill…but now the fun part begins, as the hard work of reconciling the two versions begins. From a credit union perspective, DCUC, in close collaboration with NAFCU and CUNA, once again repelled the (tiresome) banker efforts to get free lease space on military bases.
Give borrowers financial breathing room with auto refi
Inflation and rising costs are impacting every sector. Vehicle purchases, in particular, plus insurance premiums and repairs, continue to become more expensive. The good news: People are still buying cars. The not-so-great news: cars are claiming greater shares of consumers’ budgets. Inflation, high interest rates, unemployment, fintech competition, and rising delinquencies. There are so many factors compressing budget margins. Increasing loan terms are the evidence that backs this story.
The future of value: Rethinking banking in an era beyond money
For decades, discussions of the future of banking and finance have centered on money — how it may be digitized, dematerialized and disrupted. But money itself is now being unbundled from its traditional forms, prompting a more profound shift in perspective. As banking becomes embedded into broader non-financial ecosystems, the relevant lens is no longer just about money, but the exchange of value. This requires rethinking the actual exchange process and the role of financial institutions.
Fighting fraud starts with educating, enlisting, and engaging your members
Fraud—or the opportunity for fraud—is pretty much everywhere. In our increasingly online world, virtually every aspect of our personal and professional lives is vulnerable. In 2022, U.S. consumers lost nearly $8.8 billion to some kind of fraud, and credit union fraud rates increased by more than 70 percent. In a perfect fraud protection scenario, safeguarding members would be a problem your credit union could solve with a just-right mix of process and technology.
Does your credit union struggle with personalization? Here’s how to get it right.
If you’re a credit union marketer who feels like you should be doing more with automation and personalization, but you’re not sure how, you’re not alone. Kristin Harrison, Director of Business Development for WebStrategies, joins us to talk about why personalization has so much potential for credit unions and why it’s so hard to implement effectively. Here are tips for overcoming common obstacles and ensuring that your personalization efforts don’t do more harm than good.
How to start a credit union from the trunk of your car
The “About” pages on credit union websites are full of stories about humble beginnings—small groups of people getting together to pool their resources. Nueva Esperanza Credit Union has a similar story, but with one crucial difference: It was founded in 2010. This month, CEO Sue Cuevas shares her inspiring journey, starting with recruiting inaugural members by copying their ID documents with a portable copy machine she kept in the trunk of her car.
The 3 key DOs and DON'Ts of lifecycle marketing
Every credit union would like to be every member’s primary financial institution—the place they turn first whenever they have a new financial need, concern, or goal. And while it’s always taken time, effort, and a well-crafted strategy to build long-term relationships with members, it’s fair to say that journey has become even more fraught in recent years as credit unions find themselves competing with fintechs and other new players in the field.
How credit unions can catalyze social change
Credit unions have long been enthusiastic champions of their communities, but can they be doing more? How can they think outside the box to catalyze social change?
What cooperation among cooperatives looks like in practice
Most credit union employees are familiar with the cooperative principles, including Principle #6: Cooperation Among Cooperatives. Yet it seems this principle has yet to be fully realized within the credit union movement. That’s why when we saw that Coastal Credit Union had hired a VP of Cooperative Strategies, we took notice. We’d never heard of someone with that job title at a credit union before.
How can credit unions leverage AI without eroding member trust?
Ever since OpenAI released its ChatGPT artificial intelligence (AI) chatbot in November 2022, there’s been growing buzz around the role AI could play in pretty much every aspect of life. Emotions around AI range from wonder and excitement to worry and fear, and it’s easy to see why. The potential applications for AI are seemingly endless.
What does it mean to bank on a human scale?
Credit unions are known for the emphasis they place on building authentic human relationships with their members. But at the same time, digital advances are transforming the financial industry, smaller credit unions are getting acquired, and larger credit unions are only getting bigger.
How five credit unions joined forces to tackle affordable housing
Credit unions have always been better cooperators than competitors. The joint investments of five Washington-based credit unions to the Evergreen Impact Housing Fund (EIHF) is a shining example of the “cooperation among cooperatives” principle in action. The greater Seattle area is one of the country’s most expensive metro regions, and escalating housing costs make it hard for working-class consumers to live in the area.
How to market your credit union’s social impact in the era of ESG backlash
Florida Governor Ron DeSantis has ended nearly six decades of perks for Disney, stressing that he will not allow “a woke corporation based in California to run our state.” A Texas law bans municipalities from doing business with financial institutions that have ESG policies against fossil fuels and firearms.
What does it mean to be a CDFI, and why do CDFIs matter?
Credit unions, by their nature, are community oriented, but some are more intentional about their commitment to impact. Community Development Financial Institutions, or CDFIs, are a perfect case in point. Credit unions now represent a third of the CDFI industry, serving more than 16 million predominantly low income consumers and communities of color.
The 6 principles of values-based banking
Is the financial industry committed to the common good? If you equate the financial industry with megabanks, the answer would likely be a resounding no. Though millions of Americans are megabank customers, it’s doubtful many of us believe that these banks have our best interests at heart. Here’s the good news: The financial industry presents us with many viable alternatives.
How co-ops can pave the way to a solidarity economy
Many credit unions differentiate from banks by pointing out that they are member-owned, but the average consumer doesn’t always understand what that means. Though our country tends to idolize entrepreneurs and CEOs, we are less likely to think too much about ownership and its various implications.
Beyond competitive rates — 3 innovative ways for credit unions to make housing more affordable - CUInsight
Anyone who has tried to buy or rent housing in the last few years knows all too well that it’s expensive—really expensive. that housing price increases have outpaced inflation by 150% since 1970—which means the median home price isn’t the $177,788 that would align with the inflation rate, but a whopping $408,100. And according to August 2022 data from Zillow, monthly rent in the United States was up 12.3% over the previous year, four percentage points more than the national inflation rate.
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