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Articles by Greg Mesack
From "weird bank" to a calling: My journey to the credit union movement
I grew up in a small Michigan community, just outside a well-known city home to a world-class university. Our town had two national banks on Main Street, several doors down from each other. Over the years, a few regional and community banks also opened their doors on the fringes of town. Regardless of their size or location, every single one of these financial institutions has since changed ownership or rebranded through merger or acquisition.
Banks’ tax hypocrisy will hurt Main Street, not credit unions
Recently, the Independent Community Bankers of America (ICBA) urged Congress to end what it calls an “unwarranted tax subsidy” for credit unions. The demand is as predictable as it is outrageous. While bankers paint credit unions as freeloaders, they conveniently ignore how banks themselves exploit the tax code to avoid paying taxes. Let’s call this attack what it is: a blatant attempt to eliminate competition by punishing the very institutions that put consumers and communities first.
Maintaining advocacy momentum
A record-breaking America’s Credit Unions’ Governmental Affairs Conference just wrapped up, with over 6,000 credit union advocates in Washington, D.C. GAC is more than bringing lawmakers and advocates together in the credit union industry’s premier advocacy event. It’s about the power of our unified voice and using it to move the industry forward. Addressing the credit union status was central to every Congressional meeting as our top advocacy priority.
New branches dot the landscape in the City of Brotherly Love
The addition of a couple of large players to the Philadelphia banking market has forced legacy credit unions and banks in the region to double down with branches. Glenn Grau, EVP of Sales at branch design firm PWCampbell in Pittsburgh, told Tyfone he is seeing a lot of building activity in the Philadelphia market, especially with community banks and credit unions. So what’s driving the move to more brick and mortar? “I think it is about growth,” Grau said.
We need the entire fleet!
Kicking off a new year always fills me with hope and renewed energy. That’s especially true this year, as our movement steels itself for skirmishes big and small. Given all the legislative and regulatory challenges that credit unions are facing, we need to be vigilant not to allow fragmentation or infighting to creep in. The solution lies in reinforcing and leveraging the unified advocacy machine that has been meticulously built over decades.
Help educate Congress about the credit union difference at GAC
March ushers in America’s Credit Unions’ Governmental Affairs Conference (GAC), a transformative event set to drive progress and innovation across the credit union industry. Leaders, policymakers, advocates, and vendors from around the country will come together to tackle urgent challenges, share forward-thinking strategies, and champion financial well-being for communities nationwide. Taking place March 2–6 at the Walter E.
Making the most of opportunities as the 118th Congress closes
It can be uncharacteristically quiet in the nation’s capital during the post-election “lame duck” session before the end of the year. Even more so after a presidential election, when most eyes are on next year, the next Congress, the next assignment in the next administration. Both chambers of Congress and their committees will look different next year. Retirements, administration appointments, and filling those vacancies mean new leaders and new staff.
EFTA liability expansion bill would harm consumers and credit unions alike
Credit unions face a growing tidal wave of fraud costs. In fact, you’d be hard-pressed to find anyone involved in the financial services marketplace that isn’t looking for a solution to combat both fraud and the rising costs of fighting it. A recent bill introduced in both Chambers of Congress claims to tackle this problem. However, it instead threatens to upend the financial services marketplace as we know it, with community institutions like credit unions—and the people they serve—hardest hit.
Top 10 CUInsight Community posts in 2023
As 2023 draws to a close, we at CUInsight remain both inspired and grateful for the many amazing humans in the credit union world. So many of the thought leaders in our industry contribute content to CUInsight, and we share a heartfelt thank you to each and every one of them for gifting us with their insights, calls to action, and words of wisdom. We’d also be remiss if we didn’t thank you: our audience who turns to CUInsight daily as The Place for All Things Credit Union.
Leaders need downtime too
I recently communicated with the CEO of a large credit union, who held his executives’ need for time away from the office sacred. While I’ve encountered many CEOs in my time who understood the importance of rest and recovery, this CEO understood this need at a different level. He knew that to function well, these leaders – these humans – needed complete downtime to impact at an elevated level in 2024. Here are two sets of tips for leaders during the holidays.
Credit union loans outstanding increased 0.4% in October
Credit union loans outstanding increased 0.4% in October, compared to a 0.5% increase in September of 2023 and a 1.2% increase in October of 2022, according to CUNA’s latest Monthly Credit Union Estimates. Home equity loans led loan growth during the month, rising 3.4%, followed by credit card loans (1.3%), adjustable-rate mortgages (1.2%), unsecured personal loans (1.1%), other mortgage loans (0.09%), and used auto loans (0.2%).
NAFCU, trade groups write opposition letter on rate cap bill
NAFCU and other financial services trade groups sent a joint letter to the U.S Senate on Tuesday opposing Sen. Jack Reed’s, D-R.I., Predatory Lending Elimination Act. The legislation would impose a limitation to fees and interest charged on consumer loans through an all-in national rate cap of 36 percent, preventing lenders the ability to appropriately assess borrower risk.
Leadership Matters: How to write ‘the morning email’ (to all staff)
Ahh the rigors of the modern financial services environment. The pace is faster, the turnover is spiraling, technology changing, the complexities … well, complex. What is a leader to do these days to set direction, convey emotion, paint vision, foster support, create belief, inspire? Well, you can build boxes for your people, draft airtight job descriptions and have your management “enforcers” make sure everyone stays in their lane! The horror, the horror ….
How returns demonstrate respect to owners
As cooperatives, we have a responsibility to provide patronage dividends to our owners. But when does a company decide to provide returns to owners? While it may seem logical that discussions about returns begin around fiscal year-end, in actuality, a well-run company begins discussions during the fiscal year-end of the preceding year. In order to guarantee returns to owners, a responsible cooperative company will include dividend distributions in next year’s budget.
How and why Navy Federal got aboard instant payments
Navy Federal Credit Union went live on the Real Time Payments Network in early November and on its first full day received over $2.7 million in real-time deposits, setting a network record. Adding Navy Federal to the network is strategic to The Clearing House, the private-sector group that runs several payments systems, including the RTP Network, according to Elena Whisler, chief client officer at TCH. The reason is its sheer size and its profile.
CFPB: Consumers surprised by overdraft fees
Most consumers who were hit by overdraft fees during the past year said they were surprised by the charges, the Consumer Financial Protection Bureau said Tuesday, in a study that appears to contradict a key argument made by financial services trade groups. Using data from the agency’s Making Ends Meet survey, the CFPB said that only 22% of the people assessed overdraft fees had expected the fees.
The humble leader’s guide for credit union resilience
There is a delicate dance of expressing gratitude this time of year. There is a stronger desire to show employees appreciation through festive cheer, gift-giving, and sugary bliss in the breakroom. But how can you go beyond surface appreciation? Expressing thanks and showing appreciation fosters a sense of mutual respect and connection with others. However, wouldn’t you agree that gratitude should know no season?
4 tech titles to add to your credit union’s wish list this holiday season
Credit unions always make the nice list – so when you’re preparing your wish list for this holiday season, make sure these four tech titles are at the top! Your credit union has enough data to fill the North Pole – but if you’ve got to make sure you’re actually using it. Data Scientists examine your credit union’s data, identify trends and help your credit union make data-driven decisions.
Boosting loans & deposits: The blueprint for credit unions to maximize CRM data strategy
Data is the key to unlocking a robust member experience. That’s because it enables CUs to learn deeply about members and predict and identify their next best needs. Doing this allows the credit union to demonstrate itself as a partner in their financial journey and conveniently position its products at just the right time. To succeed with data, credit unions need a strategy to bring data together and use it to drive actionable insights.
New year, new NCUA budget, same old outcome
Credit unions are an integral part of the American economy. They provide safe and affordable financial products and services to their nearly 140 million members and Main Street small businesses. As not-for-profit financial cooperatives, every dollar that goes into a credit union goes back into serving their members and communities – unless it’s money they’re required to pay to their federal regulator. For credit unions, that regulator is the National Credit Union Administration (NCUA).
Culture drives success, DEI is essential to culture
CUNA Vice President of Diversity, Equity, and Inclusion (DEI) Samira Salem hosted a panel discussion Thursday on the present and future of DEI, part of United in Sustainability’s sixth annual summit for credit unions. The event featured a variety of events focused around building resiliency through sustainable actions. Salem moderated a panel on whether DEI is a “fad” or something more permanent.
CFPB’s Chopra grilled on bureau’s regulatory approach
CFPB Director Rohit Chopra appeared before the House Financial Services Committee Wednesday and will appear before the Senate Banking Committee today to deliver the bureau’s semi-annual report to Congress. During Wednesday’s hearing, Chopra was questioned on the bureau’s rules to implement Sections 1071 and 1033 of the Dodd-Frank Act.
Leaders in Lending | Ep. 128: From big bank to community leader
Our guest connected his love of helping and being around people to his career in banking, and the work he has done for the community is astonishing. Neil Stevens, President and CEO at Oconee State Bank, graduated from Mercer University in 1989 with an Accounting degree and a Communications degree. After working as a paramedic through college, he had his eyes set on working in the business administration side of healthcare.
What is credit utilization ratio?
Your credit utilization ratio is a percentage of how much credit you’re using compared to your total credit limit. It’s an important credit score factor, so knowing how to calculate and monitor it is useful to build and maintain a good credit score. Your credit score, which is a snapshot of your credit health, is based on certain information in your credit report. To create a credit score, credit scoring models look at relevant information in your credit report and place them into factors.
Here’s why budgeting in your 20s is important and how to get started today!
While everyone is telling you in your 20’s that you have your whole life ahead of you and you are young. Do not underestimate the importance of the financial decisions you make in your 20s. Making smart money moves when you are just starting out in life can make all the difference in the success of your financial future. A few smart choices and strategic cut backs in your 20s may actually help you have the means to have an even better quality of life in the future.
Waiting voices: Casa del Sagrado Corazón, El Paso, Texas
Publisher’s Note: Scroll down for a Spanish language version of this article. On October 10th, NLCUP participated in a workshop in collaboration with the National Credit Union Foundation. Perhaps each attendee at the event will agree on how immersive and enlightening it was for all of us.
Six fraud trends and the best way to deal with them
Over seventy percent of small financial institutions are experiencing an increase in fraud rates (PYMNTS). Fraud attacks are not only increasing, but they are also becoming more sophisticated. Even some old threats are being revived with new tactics. At Envisant, our fraud team has identified six trends in 2023 that credit unions should watch. These are outlined below along with some best practices for addressing them.
The shadows of what may or may not be in 2024
Once again, we have reached that stage of the calendar year. Along with cooler temperatures, shorter days, and planning for the holiday season comes a focus on 2024 and predictions for the year ahead. If you are expecting prophetic statements regarding the Super Bowl, the stock market, or the Powerball, I’m afraid you will have to look elsewhere. The focus of my crystal ball is strictly some happenings we might see concerning the ever-evolving credit union industry.
Overtime proposal could have negative impacts on small, rural CUs
CUNA is concerned the Department of Labor’s overtime proposal—while it attempts to strike a balance between the 2016 and 2019 overtime rules—will have negative impacts on credit unions in rural and low-cost areas, it wrote to a House subcommittee Tuesday. The House Education and Workforce subcommittee on workforce protections conducted a hearing on the rule, which would increase the salary level test to be exempt from overtime rate of pay for working more than 40 hours in a given week.
CFPB fines Bank of America $12M for HMDA violations
The CFPB Tuesday announced a $12 million order against Bank of America for submitting false mortgage lending information to the federal government under the Home Mortgage Disclosure Act (HMDA). The bureau’s order requires Bank of America to pay the full $12 million to the CFPB’s victims relief fund.
Leadership alignment benefits both executives and the board
A few years ago, we started working with a CEO who had only been in the role for a few years. They wanted to implement a professional development program that would thrust the organization forward, strategically and culturally. It was time to unshackle the organization from its sleepy history. This metrics-driven CEO liked the comprehensive nature of our Organization Alignment Assessment.
The three phases of credit union website development
The credit union website development process sounds quite intimidating, especially if you lack an IT background. Words like “programming” and “code” make the process seem completely inaccessible. But don’t let it scare you! You can get help creating your website, and the process is simpler than it first appears. Let’s look at the three phases of credit union website development and discuss what happens when you redesign your digital branch.
The future of payments: RTP & FedNow
Humans are naturally impatient creatures, yet we are forced to wait before we can enjoy the majority of our worldly pleasures. Trips to amusement parks consist of hours upon hours of waiting in lines for thrilling rides that last less than a minute. Going out for dinner requires you to wait to be seated, wait to order, and then wait for your food to arrive before you can feast.
Is bankruptcy the end of the road for credit unions?
Generally, once a bankruptcy case closes, the bankruptcy judge issues an order of discharge and the debtor is discharged of all dischargeable debts. Once a debt has been discharged, a credit union is barred from attempting to collect on that debt. However, if your credit union has a security interest in the debtor’s property, all may not be lost. A bankruptcy discharge does not normally void a creditor’s security interest in the debtor’s property.
AI simplified: Real-world tactics for transforming your financial workflow today
Are you ready to see what artificial intelligence can really do for your Credit Union or Community Bank, beyond the buzzwords and the hype? Forget the jargon and the tech-speak; this episode is tailored for Credit Union and Community Bank professionals who want to harness the power of AI without getting bogged down by complexities. We’re cutting through the noise to focus on what AI really means for you, the backbone of our local financial institutions, and the communities you serve.
SECU and OpenAI, what went wrong!
Before I discuss this dysfunction between the board of directors and leadership at OpenAI and SECU, we must understand that today, a credit union is a technology company, not just a place to make deposits and take out loans. Almost everything in a credit union is built on multiple technology platforms and applications. The recent happenings at OpenAI and SECU have a lot of similarities.
Here we go again: Fed’s interchange proposal – An attempt to solve a non-problem - CUInsight
The Federal Reserve (Fed) met late last month to discuss debit interchange fees and routing under Regulation II. During that meeting, the Fed issued a request for comment to dramatically reduce debit interchange fees for non-exempt issuers. This is not the first attempt to bring down interchange fees – and it won’t be the last. But just like previous efforts, this is a proposed solution to a non-problem. In 2010, Sen.
De minimis exception to submitting credit card agreements to the CFPB
Happy Monday! Tomorrow is Halloween and I am looking forward to going trick-or-treating with my niece and nephew. They are both so excited to dress up and get candy (and I may or may not also be excited to snag a piece from them here and there)! My compliance Halloween treat is a continuation of my last blog, which can be found here. In that blog, I wrote about submitting credit card agreements to the CFPB.
Endless decisions, in a decision filled world. Where to start?
Recently a client asked me to talk with her team about decision making. Honestly, the assignment seemed a little stale – haven’t we talked about decision making enough? Don’t we have decision fatigue about decision making? But the more research I did, the more I realized that decision making remains relevant because we’ll never actually solve – or answer – how to make decisions easier, quicker, and more efficiently.
Harper touches on overdraft in prepared remarks at REACH
As NCUA Board Chair Todd Harper touched on overdraft and non-sufficient funds (NSF) products during his speech at the California and Nevada Credit Union Leagues’ REACH 2023 conference, the Leagues are reminding credit union leaders that his remarks were prepared beforehand — which is not unusual for the chairman’s public appearances.
Court issues nationwide stay of CFPB’s 1071 rule
The U.S. District Court for the Southern District of Texas Thursday issued an order expanding its suspension of the CFPB’s 1071 rule to apply to all financial institutions, including credit unions, covered by the rule. The implementation is delayed until the Supreme Court rules on the constitutionality of the bureau’s funding structure. The court’s initial stay applied only to members of the banking trade groups that sued.
NextGen Know-How: Best practices that support employee well-being and a thriving culture
In our constantly evolving workplaces, there is one area that all organizations should prioritize as a strategic focus to attract and retain the best talent: well-being. Well-being is a state of being comfortable, healthy and happy—a feeling of fulfillment, satisfaction with life and positive functioning. The pandemic has taken a toll on the mental, physical and emotional well-being of many employees.
How to avoid community lenders’ most common tech mistakes
As the demand for digital banking experiences continues to rise, community lenders need to focus on making these experiences as streamlined and secure as possible. Exceptional customer service has always been a significant competitive differentiator for local banks, which is why many have digitized their products and experiences in recent years.
Stressed millennials could use some advice on managing their growing debt
Financial institutions casting around for ways to reach Millennials should promote their money management tools and share helpful advice for paying down debt. Nearly seven in 10 Millennials, or 69%, cite getting out of debt as their biggest financial goal in a survey commissioned by Real Estate Witch, a website that provides consumers with information on home buying. Despite their intention, however, more Millennials are falling behind.
Unleashing the power of AI and digital marketing to supercharge credit union membership growth
In today’s digital age, credit unions face stiff competition in attracting and retaining members. The key to thriving in this environment is harnessing the potential of Artificial Intelligence (AI) and digital marketing strategies. By combining the strength of AI-driven insights with targeted digital marketing campaigns, credit unions can not only expand their member base but also enhance member engagement and satisfaction.
Modern SIEM solutions in action: What to look for
Organizations face increasing cybersecurity challenges that demand a new approach to Security Information and Event Management (SIEM) solutions. The traditional role of SIEMs centered around data ingestion and compliance, is no longer sufficient in the face of complex security threats. As cybercriminals continually find ways to exploit blind spots, organizations need an evolving SIEM to meet these challenges head-on.
Embracing education is well worth the investment
I have talked extensively about how leaders are made – not born – and how the springboard of success starts with a seed of motivation to learn. As one of our founding fathers and the face on the $100 bill, Benjamin Franklin said, “an investment in knowledge pays the best interest.” No pun intended with the quote, but the message rings true for our core mission as credit union industry leaders.
CFPB's Chopra on regulation: Because I say so
Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion claiming large financial institutions cannot charge certain legal fees.
The CUPP | Episode 22: Labor & employment law issues facing your credit union with Victor Cardwell
Join Victor Cardwell, Principal and Chairman at the law firm of Woods Rogers Vandeventer Black PLC, as he discusses top labor and employment law issues your credit union should be aware of. Cardwell dives into unionization efforts, leave and flexible work policies, the importance of diversity, equity, and inclusion (DEI) policies, and what you should know about affirmative action plan requirements from the Department of Labor.
Credit unions' actions speak louder than words
To build member’s trust, credit union leaders must consider all the ways members can feel respected. Respect for their time. Respect for their hopes and fears. Respect for their lifestyles and work arrangements. Banking for many members is just one more errand on a long to-do list. If they have to go into a branch for a simple transaction, that is not showing respect for their time.
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