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Articles by E.C. Harrison
The Benefits Of A Centralized Analytics Department
Credit union analytics teams touch nearly every part of the organization, from marketing and lending to finance and senior management. In their daily duties, they use specialized tools to generate hundreds of reports to track trends and uncover insights needed to make essential decisions for the cooperative. Increasingly, they also are delivering predictive analytics for deeper insights and focusing on governance to help safeguard member data.
Putting CECL Accounting To The Test
It’s been just over 18 months since the Financial Accounting Standards Board’s new rules around current expected credit losses took effect, and credit unions that transitioned to that loss model finally have some hindsight. One of the biggest shifts has been how lending and finance leaders consider qualitative and environmental factors in anticipating loss reserves.
Business Continuity
No Comments Cornerstone Resources is a multi-faceted credit union service corporation. We are committed to credit unions and offer reliable, innovative, and strategic solutions to secure and grow your business. Our motto says it all… Your Business, Our Focus, Expert Solutions. Whether you are looking for new lending products, technology solutions, auditing services, a hands-on compliance partner, Read More » No Comments Inside the cooperative’s pandemic response effort and remote working strategy.
Charting The Course For Member-Centric Excellence: PSECU’s Organizational Evolution
In the bustling landscape of credit unions, the mantra of “focus on the member” rings loud and clear. But as preferences evolve toward digital interactions and multifaceted needs emerge, who takes charge of ensuring exceptional member experiences?
10 Steps To Better Business Intelligence
Like many people, Juan Jimenez stumbled into the credit union business by chance. In 2016, he was working in senior analytics role as a reporting consultant for Verizon’s Southwest region, focusing on call center metrics, when he learned his job had been eliminated. That’s when he learned from a friend about a job opening at FirstLight Federal Credit Union for a portfolio analyst. “I took him up on it,” Jimenez says.
First Harvest Takes Charge Of Member Experience
Three years ago, during the height of the COVID pandemic, South Jersey Federal Credit Union embarked on a major experiment. The credit union, founded in 1940 to serve shipbuilding manufacturing employees, rebranded to First Harvest Credit Union ($462.0M, Deptford, NJ) and outsourced its member service center and marketing program. There were practical reasons for these changes — including the area’s slow recovery from the pandemic and labor market challenges.
PSECU Moves MX Up The Org Chart
Credit unions around the country are investing in digital banking technology, but how well are members embracing these tools? How easily can they navigate among digital self-service, call center, brick-and-mortar, lending, deposits, and more? How seamless is the experience? These are important questions for Pennsylvania State Employees Credit Union ($8.3B, Harrisburg, PA), which bills itself as a digital-first credit union.
BCU Builds National Reach One Relationship At A Time
In an era when many credit unions have moved away from the select employee group (SEG) model, BCU ($5.8B, Vernon Hills, IL) has done the opposite. The Illinois-based cooperative has built the bulk of its business around scaling to meet the needs of some of America’s most formidable companies, including Target, GEICO, UnitedHealth Group, Cardinal Health, and HCA Healthcare.
Inside The Connecticut League’s Approach To Media, Young Members, And More
Think Differently, Lead Purposefully. Join hundreds of credit union leaders who have discovered how to lead with purpose. Sustainable Business Strategy, a virtual learning experience Callahan & Associates offers in collaboration with Harvard Business School Online, designed to teach executives how to think differently and lead purposefully. Seats are filling quick and registration closes July 27. Don’t miss out on this unique opportunity Register Here
7 Tips To Straighten Out Vendor Management
From facility maintenance to core banking software, outside vendors supply credit unions across the country with essential services and products. In this age of staffing shortages and constant change, they play an integral role in helping credit unions serve their members and communities. If not managed properly, however, vendors also can eat up a credit union’s budget. Worse still, they can even drive members away.
TruWest Asked, Staff Answered
Twenty years ago, the sum total of many employee ideation programs took the form of a dusty suggestion box hanging on a breakroom wall. Today, businesses actively seek innovative ideas from their staff — some are even paying for them. In late 2018, TruWest Credit Union ($1.5B, Tempe, AZ) launched an initiative to gather ideas on how to save money and improve services to members. The Brilliance Program allows employees to log in to an in-house platform, post new ideas, and comment on others.
New Ideas Pave The Way For Better Experiences At TruWest
Twenty years ago, the sum total of many employee ideation programs took the form of a dusty suggestion box hanging on a breakroom wall. Today, businesses actively seek innovative ideas from their staff — some are even paying for them. In late 2018, TruWest Credit Union ($1.5B, Tempe, AZ) launched an initiative to gather ideas on how to save money and improve services to members. The Brilliance Program allows employees to log in to an in-house platform, post new ideas, and comment on others.
The Scrum Team’s Work Makes The Dream Work
Top-Level Takeaways The business transformation team at Grow Financial includes product owners, technologists, front-line managers, and efficiency experts. The team has tackled the onboarding process for indirect members, the implementation of a digital online platform, and the credit union’s electronic filing system. Business transformation is a team effort that requires time and resources. All too often, major initiatives fail or are abandoned in the face of organizational inertia.
How Does Louisiana FCU Give Technology A Voice At The Table?
As a college student studying to become a high school history teacher, Eric Starkey had no idea a job he took in IT support would change his career progression forever. Starkey realized he enjoyed “tinkering with computers,” and when he landed a full-time job while still attending Southeastern Louisiana University, he learned firsthand how a better-paying line of business would aid in supporting his young family.
Callahan Collections
The CEO of Idaho Central Credit Union, one of the fastest-growing credit unions in the country, shares insights on leading through change and planning for the future.
Low Emissions, Big Impact | Credit Unions
Two years ago, the Missoula Housing Authority was building a 13-unit housing project that targets renters making less than 30% of the area’s median income and frequent users of the city’s emergency services. However, cost overruns were forcing the authority to scrap plans for highly efficient heat pumps in favor of cheaper electric resistance units.
Organizational Structures And Today’s Credit Union | Credit Unions
There’s no question the C-suite is growing. In recent years, specialized roles such a chief risk officer, chief experience officer, chief digital officer, chief strategy officer, chief growth officer, and more have joined the ranks of CEO, COO, and CFO. At a high level, organizational charts at today’s credit union reflect the key responsibilities of the management team: serving members, controlling risk, and managing operations.
10 Ways VSECU Embraces Community Impact | Credit Unions
VSECU participates in a number of programs to improve the lives of the members and communities it serves. Serious support for a range of groups and projects should not be surprising coming from the second-largest credit union in Vermont — one that prides itself on being a values-based organization that publicly focuses on member economic prosperity, community wellbeing, and the total quality of life. Click picture to enlarge. Want more stories of credit union impact?
Kent Oram On Leadership | Credit Unions
Kent Oram took the first job he was offered out of college to begin his career at Idaho Central Credit Union ($8.3B, Chubbuck, ID) as data processing manager. Oram confesses that he expected the job would be a stepping stone to a technology career but says he quickly became a believer in the credit union mission. Kent Oram, President/CEO, Idaho Central Credit Union Now in his 38th year, Oram has served as ICCU’s president and CEO since 2007.
ELGA fuels growth for areas in need
The Michigan cooperative is going against the grain of other FIs by serving moderate to low-income members, opening new branches, and tapping CDFI funds to lend to people in need. In the early months of COVID-19, ELGA Credit Union ($1.15B, Burton, MI) became one of the first local financial institutions to reopen its branch lobbies in and around Flint, MI.
What Matters To Members? Ask Them! - General Features - News | Credit Unions
Financial wellness fills a large role within credit unions, bringing together financial planning, education, and savings and lending products. But it’s not always easy to determine which of these components matters most to members and how to best serve their needs.
VSECU Eyes A Green Future In Vermont | Credit Unions
Sandwiched between New York, New Hampshire, and Canada, Vermont embraces a fiercely independent spirit that dates back to the 1770s when Ethan Allen’s Green Mountain Boys fought for independence from the British. Home of maple syrup and Ben and Jerry’s ice cream, Vermont was among the first states to outlaw slavery and remains one of the more progressive states in the country. In addition to introducing the world to U.S. Sen.
The COVID Crisis For VSECU | Credit Unions
The U.S. changed in March 2020 as the COVID-19 pandemic raced around the world. Facing the first government-imposed lockdown, VSECU (Vermont State Employees Credit Union, $1.1B, Montpelier, VT) formed a pandemic response team on March 13. “We updated our disaster recovery plan in 2019, so the first thing we did was go to that,” says Terry Field, VSECU’s senior vice president of finance and chair of the pandemic response committee. “I give a lot of credit to our IT staff.
Have credit unions lost their way?
Bill Bynum, CEO of Hope Credit Union, makes the case for focusing on America’s poorest communities every day — not just during a crisis. Among CEOs, Bill Bynum has carved out a reputation of staying true to the credit union mission. He began his career helping to establish North Carolina-based Self Help Credit Union, a pioneer in programs targeting low-income rural communities. He moved to Mississippi in 1994 and founded Enterprise Corporation of the Delta.
Have Credit Unions Lost Their Way? - General Features - News | Credit Unions
Among CEOs, Bill Bynum has carved out a reputation of staying true to the credit union mission. He began his career helping to establish North Carolina-based Self Help Credit Union, a pioneer in programs targeting low-income rural communities. He moved to Mississippi in 1994 and founded Enterprise Corporation of the Delta. A year later, he organized Hope Credit Union ($367.6M, Jackson, MS).
Local Cooperatives Thrive With VSECU | Credit Unions
Top-Level Takeaways VSECU invests directly into cooperatives both inside and outside of Vermont without running against the 12.25% member business lending cap. Leaders there say other credit unions can do the same. The strategy helps the credit union increase the impact of where it invests its members’ deposits. America’s 5,000 food co-ops have more than 3 million members nationwide and ring up nearly $2 billion in sales annually.
5 Ways To Take Charge Of Online Reviews | Credit Unions
Online reviewers can be fickle. Sometimes, their only feedback in a lifetime of membership depends solely on their last interaction with the credit union.
7 Strategies To Support Self-Service | Credit Unions
Technology tips to lower call center volumes and deepen interactions with members. Wonder where customer service is headed? Just step inside a McDonald’s and order a Big Mac and fries. In a growing number of restaurants, customers are tapping their orders into self-service kiosks inside the store or picking up their food curbside after placing orders on a mobile app.
3 Secrets To Employee Retention And Executive Development | Credit Unions
Top-Level Takeaways Low unemployment and increased salaries are making attracting and retaining talent more difficult. When advancement opportunities are not available, credit unions are offering more in-depth training and face time with senior management.
Rod Flowers On Leadership - General Features - News | Credit Unions
Roderic Flowers, VP of Human Resources, SECU of Maryland Hardly a day goes by that Rod Flowers, vice president of Human Resources at SECU of Maryland ($3.1B, Linthicum, MD) doesn’t draw on a lesson from his past.
Kate Lee On Leadership - General Features - News | Credit Unions
Kate Lee, Director of Marketing, Affinity Plus FCU Kate Lee grew up in one of the smallest towns in northern Minnesota — Laporte, population 115. There weren’t many employment opportunities in Onigum, so at age 14, she headed across Leech Lake for a job in a gift shop in touristy Walker, MN. There, she worked for a husband and wife team and quickly learned her first lessons about navigating different leadership styles.
Leadership Qualities: Openness And Interaction Top The List | Credit Unions
Jennifer Hogan, CEO, Community Credit Union Jen Hogan was working as a radio station manager and ad sales rep in Lewiston-Auburn, ME, in late 2006 when a local newspaper interviewed her for a monthly feature on young professionals. When asked about career goals in an interview, she responded “marketing director.” Two months later, she heard from Community Credit Union (Lewiston, ME, $48.4M) about a job opening for a marketing and training coordinator.
Rise Of The Member Experience Manager | Credit Unions
The rise of senior-level customer experience managers is a relatively new phenomenon in the business world, but there’s no question the role is here to stay. Just last April, a global survey by Forrester Consulting identified “customer retention/loyalty” and “customer experience” as the top two business priorities for global companies across eight industries. “Grow revenue” came in at No. 3.
6 Ways To Build A Better Benefits Package | Credit Unions
HR departments are combining wages, bonuses, and retirement with telecommuting, quiet rooms, and family leave to build attractive benefits packages. By the end of January 2018 — approximately one month after the signing of the Tax Cuts and Jobs Act, which cut the corporate tax rate from 35% to 21% — more than 270 companies had announced wage and salary increases, bonuses, or 401(k) match increases, according to conservative group Americans for Tax Reform.
When It Comes To Millennial Hiring, Who Is Interviewing Whom? - General Features - News | Credit Unions
With more than 10,000 baby boomers projected to turn 65 every day for the next 19 years, HR managers and their recruiters are in full swing to hire a new generation of workers. With a large percentage of jobs going to tellers, member service reps, and other entry-level positions, credit unions are hiring more millennials than ever before.
Eric Givens On Leadership - General Features - News | Credit Unions
Eric Givens, Senior Director of Digital Banking, Arizona FCU In 2006, a career in digital banking was the last thing on the mind of Eric Givens. The 2005 graduate of Bethany College in West Virginia had moved from the outskirts of Pittsburgh, PA, to Phoenix, AZ, with the intent of furthering his budding career as a radio DJ.
Keith Domingue On Leadership - General Features - News | Credit Unions
Keith Domingue, CFO, First Community Credit Union Instead of switching jobs to climb the corporate ladder, Keith Domingue has kept the same job at First Community Credit Union ($1.2B, Houston, TX) and let the ladder do the work. FCCU has grown from $160 million in assets in 1995, when Domingue started, to $1.2 billion today. Likewise, Domingue’s role has expanded and his title has grown — from vice president to senior vice president to executive vice president and, now, chief financial officer.
The Role Of Lakota Federal Credit Union In A Banking Desert - General Features - News | Credit Unions
It’s hard to get a sense of the vastness of the Pine Ridge Indian Reservation in South Dakota. Bounded by Badlands National Park to the north and the Nebraska border to the south, an estimated 26,000 residents live in or near small communities that dot the countryside. The Pine Ridge Reservation is a true bank desert. The nearest bank, Security First, is 40 miles away from the center of the reservation in Martin, SD. First National in Gordon, NE, is 50 miles away.
Kathy Martin On Leadership | Credit Unions
Kathy Martin began her career in banking, but the senior vice president of development and support at Directions Credit Union was never a banker at heart. With a degree in corporate finance and early job experience in business development with an Ohio community bank, it seemed Martin was destined to have a career filled with commissions and number-crunching.
Have Credit Unions Hit An Interactive Teller Tipping Point? | Credit Unions
It was little more than five years ago that interactive teller machines (ITM) — a next-generation ATM with two-way audio/video screens connected to remote tellers — made a splash in the financial services space, and financial institutions have been testing the waters at branches across the country ever since. Now, two large Florida credit unions are taking the plunge.
Read & Watch | Credit Unions
Visit the Read & Watch page on CreditUnions.com for the latest coverage of credit union performance insights, best practices, vetted strategies, commentary, and more. READ & WATCH GreenState Credit Union has committed $1 billion toward home loans for communities of color. CEO Jeff Disterhoft is rallying the entire industry to take similar steps.
A small-town branch strategy for dispersed members
East Idaho Credit Union calls the state’s second-largest city home but also has branches in communities with fewer than 1,000 residents, where members are known to drive 30 miles or more to conduct their financial business. Celebrating its 85 anniversary, community-chartered East Idaho Credit Union ($309.6M, Idaho Falls, ID) serves more than 33,000 members across cities and towns that trace their heritage back to Old West wagon trails and river crossings.
5 ways to transform DEI talk into tangible action
After holding frank discussions with employees and communities about diversity, equity, and inclusion, these credit unions are taking the next step, from forming DEI councils to launching targeted charities. The employee book club at Michigan State University Federal Credit Union ($4.9B, East Lansing, MI) began reading White Fragility: Why It’s So Hard for White People to Talk About Racism in February, just a few weeks before the COVID-19 pandemic shut down most of the world.
Credit unions overcome PPP ‘nightmare’
Portal crashes. Controversies. Confusion. Despite a shaky start, the Paycheck Protection Program is providing badly needed capital to more than 4.3 million small businesses nationwide. When COVID-19 shut down commerce across the United States, local businesses in and around Millbury, MA, were counting on Millbury Federal Credit Union ($372.4M, Millbury, MA) to help them apply for forgivable loans through the U.S. Small Business Administration’s Paycheck Protection Program.
Tips for managing (and securing) work from home
Credit unions are optimizing work environments, integrating key systems, ensuring business continuity and cybersecurity, and adapting culture to new ways of working. Working at home is a new fact of life for millions of Americans. The initial frenzy of moving work from offices to homes is over. Barking dogs are now frequent guests on conference calls. “#WFH” is trending.
Puerto Rico’s credit unions stand together in the wake of natural disasters
Unprecedented earthquake activity on the south coast of the Caribbean island has impacted thousands of residents. Now, credit unions are helping with the recovery. Residents of southwestern Puerto Rico were on edge when they went to bed on the night of Jan. 6. The ground had shaken hundreds of times over the past 10 days in what seismologists describe as a rare earthquake storm, a series of tremblors not tied to a single event. In the early morning hours, the big one hit.
How Martin Eakes became the most hated man in America (by payday lenders)
The CEO of the Self-Help credit unions uses secondary capital to fight predatory lending and protect financially vulnerable consumers.
8 avenues to avoid a fair lending exam
Three credit union leaders talk about tactics to keep lending in line with federal regulations. The Federal Financial Institutions Examination Council (FFIEC) in September released HMDA data for 5,683 U.S. financial institutions on 12.9 million home loan applications in 2018. The report includes 48 data points, including many new ones, that help financial institutions, governments, mortgage experts, and more assess loan practices related to ethnicity, race, sex, and age of borrowers.
6 steps to prepare for a credit card breach
High-profile breaches are commonplace, but members still expect immediate action, fast resolution, and clear communication. Experts at Wright-Patt Credit Union share the best ways to prepare for the worst. It’s the nightmare scenario: A ex-Amazon employee is arrested for stealing credit card application data for 106 million people, plus 140,000 Social Security numbers and 80,000 bank account numbers — and then brags about it online.
Analytics offer a smarter approach to collections and underwriting
A new approach to debt collection at WSECU is cutting contact center costs by $8,000 a month and identifying borrowers that need early intervention. It costs approximately $1 a minute for the average call center to serve a caller. That’s according to callback solutions provider VHT. As such, reducing call volume by shifting calls to automated phone systems, online banking, and mobile apps can translate into big savings.
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