Erik Payne
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Articles by Erik Payne
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.
Asset Liability Management (ALM)
Empyrean Solutions – Transforming the Office of the CFO No Comments Empyrean Solutions is a leading provider of asset liability management, risk, and performance management solutions for banks and credit unions. Empyrean’s software allows financial institutions of all sizes to take control of their balance sheet management, scenario planning, and risk & performance analysis in a single integrated software platform. The company offers a host of Read More »
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.
Fellows Step Into Local Leadership Roles - General Features - News | Credit Unions
Top-Level Takeaways Since 2015, SECU Foundation has connected college students with leaders in rural communities. In 2018, the foundation partnered with a nonprofit to extend local government opportunities to recent graduates. In 2015, SECU Foundation created an internship program that connects rising sophomore and junior students at 15 North Carolina state universities with local leaders to obtain real-world work experience while giving back to communities.
BIN There, Done That: Air Force FCU Topples An Attack - General Features - News | Credit Unions
Top-Level Takeaways Stolen Bank Identification Numbers allow hackers to systemically generate full card credentials to conduct fraudulent transactions. In early 2021, Air Force FCU experienced a BIN attack that required quick work to manage.
Can Dora Help Credit Unions Find A Foothold For The Future? - General Features - News | Credit Unions
Top-Level Takeaways USALLIANCE spent nine months building a custom mobile-only application through which new users can open a fee-free checking account that comes with a debit card. The cooperative neobank provides a checking account and debit card to those who may be excluded from mainstream financial products.
A Fund To Fight The Flames - General Features - News | Credit Unions
Over Labor Day weekend 2020, 11 different significant wildfires — defined as burning 1,000 acres or more — broke out in Oregon. All told, these fires burned more than 721,000 acres of land, destroying thousands of structures and causing dozens of injuries and even death. The largest of the group, the Holiday Farm fire, raged in Lane and Linn counties between September 7 and October 26, affecting 173,000 acres, destroying 770 structures, and resulting in six injuries and one fatality.
How Listerhill’s Digital Team Keeps Its Eyes On The Process - General Features - News | Credit Unions
Top-Level Takeaways In December 2020, Dustin Holland was hired as Listerhill’s digital strategist, reporting to the CEO. Acting as a hub for all digital development, Holland brings together talent from several key departments to make digital change happen. Digital services are not a one-size-fits-all component of a credit union’s operations.
What Does ‘Digital-First’ Mean For Clearview FCU? - General Features - News | Credit Unions
Top-Level Takeaways Clearview FCU is on a mission to improve its digital strategy to make banking more convenient for members and more efficient for employees. Since 2019, the credit union has focused on digital channels, internal processes, and technological education for front-line staffers. Clearview Federal Credit Union ($1.6B, Moon Township, PA) is no stranger to digital banking. For years it has offered digital channels and tracked how members engage with them.
Is It Time To Reskill To Pay The Bills? - General Features - News | Credit Unions
Top-Level Takeaways State Employees’ Credit Union's Foundation runs a scholarship program designed to help unemployed or underemployed populations access higher paying jobs with real career potential. A full 56 out of the state’s 58 community colleges participate in the program. With 58 community colleges throughout the state, North Carolina boasts one of the largest community college systems in the country.
2 Sides Of The Coin: How Greenwood Credit Union Serves Core Members And Everyone Else - General Features - News | Credit Unions
Top-Level Takeaways Greenwood operates as a full-service credit union for members that live within five miles of the cooperative’s lone branch. It also serves members from all corners of the country that have loan-only relationships. Greenwood Credit Union ($657.4M, Warwick, RI) is a mid-size credit union headquartered not from T.F. Green airport, the largest airport in the small state.
The Case For A Vaccine Mandate In The Workplace - General Features - News | Credit Unions
Top-Level Takeaways Credit Union of Texas is making the COVID-19 vaccination a condition of employment as of Sept. 20, 2021. Currently, 70% of its 500-person workforce is vaccinated. On Aug. 9, 2021, Credit Union of Texas ($1.7B, Allen, TX) announced it would require all employees to receive a COVID-19 vaccine as a condition of their employment. It was one of the first credit unions to publicly do so, but it likely won’t be the last.
How BECU Supports Black Communities In Seattle And Beyond - General Features - News | Credit Unions
Top-Level Takeaways BECU introduced its Belonging, Inclusion, and Leveraging Differences initiative in 2018 to create a more diverse, equitable, and inclusive workplace. BECU also has launched a fund to support historically overlooked Black-led nonprofits in the Seattle area. BECU ($28.6B, Tukwila, WA) has been on a journey the past three years to create a more diverse, equitable, and inclusive organization.
1 New Department. 3 New Products. And 50% Loan Growth. - General Features - News | Credit Unions
Top-Level Takeaways Idaho is among the fastest-growing states in the country, and the state’s credit unions are posting huge numbers as a result. East Idaho Credit Union’s metrics particularly shine among Gem State cooperatives. There must be something in the Idaho water, because the state’s credit unions are growing like crazy.
A Balanced Scorecard A Decade In The Making - General Features - News | Credit Unions
Top-Level Takeaways Merck Sharp & Dohme FCU adopted a balanced scorecard more than a decade ago to track its progress toward four strategic objectives. The scorecard, which has 11 goals, ties bonus incentives to financial performance, encourages employees to work in the best interest of the credit union and its members. It was 10 years ago when Merck Sharp & Dohme FCU ($802.0M, Chalfont, PA) contracted a strategic planner to facilitate its annual planning session.
Where Do PPP Loans Fit In The Credit Union Balance Sheet? - General Features - News | Credit Unions
The U.S. federal government signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020 in response to the economic fallout from the COVID-19 pandemic. Within that $2.2 trillion relief bill was a $953 billion loan program designed to help certain businesses and organizations continue paying their workers. Since the Paycheck Protection Program’s inception, 5,467 lenders have approved nearly 12 million loans worth approximately $800 billion.
A Search For The New Normal Work Experience - General Features - News | Credit Unions
Affinity Plus Federal Credit Union ($3.5B, Saint Paul, MN) plans to operate in a work-style similar to the pandemic mode through the rest of 2021. Its branches are open and staffed, and select back-office employees have fully or partially returned to its headquarters; however, most will remain at home through December. “We made the call in February,” says Jennifer Klapak, the credit union’s director of training.
Sustainability Spurs Industrywide Action At UNFCU - General Features - News | Credit Unions
Top-Level Takeaways United Nations FCU set eight goals for 2015-2020 to make its operations more sustainable. It achieved seven. The cooperative has now set 12 new goals — half aimed internally, the other half geared to grow sustainability within the credit union movement. United Nations FCU ($7.0B, Long Island City, NY) established its Global Sustainability Program (GSP) in 2015.
Sustainability Spurs Industrywide Action At UNFCU
Top-Level Takeaways United Nations FCU set eight goals for 2015-2020 to make its operations more sustainable. It achieved seven. The cooperative has now set 12 new goals — half aimed internally, the other half geared to grow sustainability within the credit union movement. United Nations FCU($7.0B, Long Island City, NY) established its Global Sustainability Program (GSP) in 2015.
Nothing Beats The Real Thing | Credit Unions
Top-Level Takeaways A surge in growth forced CCU to start hiring more employees directly into the contact center, rather than transitioning them from traditional teller roles. The knowledge and proficiency needed for the role took a significant amount of time to acquire, which put pressure on level two support teams at the company.
How To Build BI From Scratch | Credit Unions
Top-Level Takeaways As late as 2019, Teachers FCU had no business intelligence team. Now, a newly formed department uses real-time data to tell the story of the credit union and its members. Teachers Federal Credit Union ($8.7B, Hauppauge, NY) welcomed Brad Calhoun to the chief executive seat in June 2019. As Calhoun, the former chief retail and marketing officer at First Tech FCU, settled into his role, other changes also were taking hold at New York’s second-largest credit union.
3 Managers. 2 Decades. 1 Agile Digital Team. - General Features - News | Credit Unions
Top-Level Takeaways MSUFCU has had a dedicated digital team since 2000. The group develops in-house projects, manages member feedback, and assesses organizational needs. Throughout the past 20 years, the organization of the team has taken several forms. When Ben Maxim started as a developer at Michigan State University Federal Credit Union ($6.2B, East Lansing, MI) in 2007, the cooperative was embarking on a first-of-its-kind digital project: It was developing its own iPhone app.
An Unusual Brand Partnership Offers A Hoppy Experience - General Features - News | Credit Unions
Top-Level Takeaways Illinois-based R.I.A. FCU partnered with a neighboring brewery to develop a co-branded beer — R.I.A. I.P.A. The popular beer sold out in two days. Now, the brewery is making more to coincide with R.I.A.’s largest annual charitable event. As with many good stories, this one starts with a joke.
Equity Housing Bridges A North-South Divide - General Features - News | Credit Unions
Top-Level Takeaways In 2019, Verity Credit Union committed to building a branch as part of a mixed-use development project in Seattle’s south side. The credit union then jumped at the chance to finance the limited equity housing project, potentially jumpstarting a new affordable housing strategy in the process.
A Strategy To Engage Sports Fans And Tap New Audiences - General Features - News | Credit Unions
Top-Level Takeaways Esports are gaining in popularity in Arlington, TX, home to Texas Trust Credit Union. To capture community interest while creating a resourceful sponsorship opportunity, the billion-dollar cooperative set up a 50-person Super Smash Bros. Ultimate tournament in April. On April 10, Texas Trust Credit Union ($1.6B, Arlington, TX) and the athletics department of the University of Texas at Arlington (UTA) partnered to sponsor the Mavericks Smash Challenge, an esports tournament.
The Driving Force Behind American 1’s Auto Lending | Credit Unions
Top-Level Takeaways American 1 holds 63% of its loan portfolio in autos — that’s more than double the national average. Operations, programs, and adaptability all have helped the credit union become a first-choice auto lender in its market. Take a look at the loan portfolio of American 1 Credit Union ($552.1M, Jackson, MI), and it’s clear the cooperative is laser-focused on consumer loans.
A Lean, Green Lending Machine | Credit Unions
The proof is in the numbers: GreenState Credit Union is a lending machine. Compared to peers, the large Hawkeye State cooperative is growing faster and holds a deeper wallet share. Its members also are more likely to have an auto, credit card, or mortgage loan with the credit union. GreenState ($7.1B, North Liberty, IA) is an aggressive lender, willing to take calculated risks to ensure those who come to the credit union leave in a better financial situation than they arrived.
Conversations Transform Members’ Finances | Credit Unions
Top-Level Takeaways Members’ financial health and wellbeing are tied to mission, vision, and values statements at Teachers Credit Union. A formal training program provides guidance to front-line employees on how to build deeper connections during member interactions. Teachers Credit Union ($4.2B, South Bend, IN) ties the health and wellbeing of its members to its mission, vision, and values.
A Better Life For Members Is A Phone Call Away | Credit Unions
Top-Level Takeaways During the pandemic, the outbound calling team at Affinity FCU took on financial wellbeing among at-risk members. The five-person team contacts members who report financial stress on Affinity FCU’s bi-weekly pulse surveys. Affinity Federal Credit Union ($3.6B, Basking Ridge, NJ) has had an outbound calling team for more than a decade, but the now five-person team has taken several forms during that time.
A Force Of Change For Diversity, Equity, And Inclusion | Credit Unions
Top-Level Takeaways A 12-person DEI task force at Teachers Credit union looks for ways to advance the cooperative’s diversity, equity, and inclusion initiatives. Early data suggests the task force is moving the needle on several balance sheet metrics, including wallet share. Teachers Credit Union ($4.0B, South Bend, IN) has worked to raise awareness around diversity and create an inclusive work environment for more than a decade.
Barbara Mahoney On Leadership | Credit Unions
In August 2020, after spending 13 years at Leominster Credit Union ($815.9M, Leominster, MA), John O’Brien announced he would end his nearly eight-year-stint as CEO on Nov. 30. To take the helm after O’Brien’s departure, the board of the Bay State credit union selected Barbara Mahoney, a 17-year employee of Leominster who joined the cooperative in 2003 as vice president of human resources. In her time at Leominster, Mahoney has overseen HR, training, and facilities.
A Strategy To Help Credit Scores Soar | Credit Unions
Top-Level Takeaways In July 2020, Patelco introduced its ScoreUp Credit Builder Loan to help members rebuild credit. In less than a year, more than 1,000 members have taken out the loan. Within three months, nearly two-thirds of those members increased their credit scores. Patelco Credit Union ($8.4B, Dublin, CA) is a large credit union with a laser focus on the financial health and wellbeing of its members.
In Search Of Savings? Try Tapping Employee Talent. | Credit Unions
Top-Level Takeaways TruWest Credit Union launched its Brilliance Squad at the end of 2018 TOWHAT. The seven-person team vets employee suggestions for how to improve processes or save time or money for the credit union. Process improvement initiatives at TruWest Credit Union ($1.4B, Scottsdale, AZ) have historically been a top-down proposition.
Having Grit, Giving Grace, And Celebrating Success In DEI | Credit Unions
Top-Level Takeaways The May 2020 killing of George Floyd in Minnesota pushed Washington’s Verity Credit Union to make greater strides in its DEI efforts. In the past year, the cooperative has reworked how DEI initiatives fit into its strategic plan and several employee resource groups have sprung up to spur difficult conversations. Efforts to improve diversity, equity, and inclusion have taken many forms at Verity Credit Union ($732.3M, Seattle, WA).
A Force For Good In Banking | Credit Unions
Top-Level Takeaways To differentiate itself from competitors and better live its mission, Clearwater FCU adopted a values-based approach to banking in 2017. In its efforts to become a force for good in banking, the credit union developed metrics for its 2020 strategic report that ensure it is fulfilling its five core principles. Five years ago, Clearwater Federal Credit Union ($752.8M, Missoula, MT) was feeling the pressures of a mid-size shop.
Swipe, Dip, Tap: Contactless Offers A New Way To Pay | Credit Unions
Top-Level Takeaways Before COVID-19, only 30 million Americans paid by contactless card or digital wallet. Now more than 160 million do. Three credit unions — MSUFCU, Navy FCU, and American 1 Credit Union — have introduced contactless cards in recent years to great success. Credit and debit cards have long been a popular payment method in the United States. In 2016, card purchases in the United States represented 56% of all transactions.
6 Practices To Adopt In Appointment-Only Branches | Credit Unions
Top-Level Takeaways In search of a better branch experience, Community First Credit Union of Florida adopted an appointment-only model. Changing calls to action and rethinking lobby furniture are just two of the six best practices the credit union has developed in the past year. The COVID-19 pandemic has given Community First Credit Union of Florida ($2.0B, Jacksonville, FL) license to reimagine its branch experience.
Branch Problems Are The PIT's | Credit Unions
Top-Level Takeaways Community First Credit Union of Florida created a process improvement team three years ago. The cross-functional team identifies better ways to do business and has even reconsidered branch strategy. The training department at Community First Credit Union Of Florida ($2.0B, Jacksonville, FL) operates a centralized portal through which staff at the north Florida cooperative can submit requests to update procedures.
How To Charter A Credit Union | Credit Unions
Top-Level Takeaways Growing Oaks FCU, the only credit union chartered in 2020, received its charter in August and opened its doors in December. Earning that charter, however, required years of effort and coordination. On August 7, 2020, the NCUA granted its first — and only — credit union charter of the year to Growing Oaks Federal Credit Union ($964,059, Goldsby, OK).
How 3 Credit Unions Are Handling The COVID-19 Vaccine - General Features - News | Credit Unions
Top-Level Takeaways The COVID-19 vaccine should be available for the general population in spring of 2021. Credit unions are considering what’s best for the organization, employees, and members when deciding whether to require employees to get vaccinated. The first reported cases of COVID-19 in the United States occurred in January 2020. The shockwaves from the virus — economically, socially, and physically — continue even 14 months later.
Tips To Turn 2021 Into A Banner Year For Employee Engagement | Credit Unions
Top-Level Takeaways After a tough 2020, credit union leaders are looking for new ways to engage employees. Food delivery and surprise stipends were popular initiatives last year. The ongoing pressure from the coronavirus pandemic has been both disorienting and demoralizing for credit union employees. Many employees were able to move into a remote office environment and hit the ground running when branches shut down and social distancing became standard operating procedure 12 months ago.
Delayed Branch Opening. Deeper Community Connections. - General Features - News | Credit Unions
Top-Level Takeaways COVID-19 forced Abound FCU to push back the opening of a new branch and move training into a remote environment. The pandemic also prompted the credit union to develop a new strategy that enabled Abound to forge deep community ties early on. Abound Federal Credit Union ($1.9B, Radcliff, KY) has a 10-year plan to expand its branch footprint.
SMCU Distributes Dollars And Dreams During A Destructive Year | Credit Unions
Top-Level Takeaways In response to the COVID-19 pandemic, San Mateo Credit Union set up a community fund and distributed nearly $11 million in 2020. The fund has accepted contributions from the county, cities, local foundations, and individual benefactors. When the citizens of San Mateo County started experiencing economic distress caused by the COVID-19 pandemic, their local community credit union sprang into action, creating the SMCU Community Fund on April 14, 2020.
How Does A People-First Culture Fare During The Pandemic? | Credit Unions
Top-Level Takeaways Advancial’s remote work handbook includes tips and tricks as well as formal guidelines. Back-office employees are fully remote, and whereas connectivity is not a concern, the disintegration of culture is. The pandemic has forced credit unions and other businesses across the United States to send employees home and transition into a remote-work environment.
The Most Magical Credit Union On Earth | Credit Unions
The Walt Disney Company has a simple mission: to entertain, inform, and inspire. And through its various business segments — which include media networks, studio entertainment, and parks and experiences — Disney has grown into one of the largest and most successful media companies operating in the United States.
Truity FCU Takes A New Approach To New Hire Training | Credit Unions
Top-Level Takeaways In the past, new hires at Truity FCU have attend a week-long orientation at the credit union’s headquarters. Training couldn’t stop when travel did, so the credit union brought the training to the trainees. Before the COVID-19 pandemic brought travel to a halt, Truity Federal Credit Union ($935.4M, Bartlesville, OK) brought all new hires to its corporate headquarters for orientation and training.
Best Practices From The Year Of COVID-19 | Credit Unions
When COVID-19 hit the United States in the spring of 2020, the resulting shutdowns and restrictions separated people from families and friends, decimated entire industries, and disrupted the finances of millions. Credit unions responded quickly to the harms presented by the novel coronavirus by implementing strict hygiene and distancing measures, deploying remote staffing operations, rolling out virtual services, closing branches, and more.
The Search For The ‘Fat Middle’ | Credit Unions
Kemba’s automated indirect decisioning engine reduces the work load of human underwriters while improving the member experience. Top-Level Takeaways KEMBA Financial Credit Union merged two LOS systems to offer automated decisioning for indirect applications. A series of if/then rules helps the credit union make better decisions overall and automate decisions for half its indirect loans. At KEMBA Financial Credit Union ($1.2B, Gahanna, OH) necessity is the mother of invention.
More Than Money: How Fort Knox FCU Makes A Community Impact - General Features - News | Credit Unions
Veterans programs, financial wellness, and food donation are three ways the Kentucky credit union serves its local citizens. Top-Level Takeaways Fort Knox FCU has programs that ease the transition of military veterans back into the civilian workforce as well as promote entrepreneurship. One-third of the credit union’s members are military veterans; however, Fort Knox FCU also has a range of programs for the community at large.
The State Of Prize-Linked Savings Accounts | Credit Unions
Americans need to save more. But it's difficult to encourage people to consistently contribute to a nest egg for years on end. For some, it’s hard to prioritize less pressing long-term goals when there are current expenses to cover. For others, a better savings habit means unwanted lifestyle changes.
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