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Articles by JB Collaborates
The age of innovation
Who do we turn to when we need fresh ideas? It seems our natural tendencies favor the younger workers, no doubt fueled by traditional stereotypes and cliches: Can’t teach an old dog new tricks He’s all washed up I feel like a dinosaur compared to these new hires She needs to be put out to pasture Yet studies* show, we actually get more creative and innovative as we age.
Strengths: The keys to an enjoyable, versatile, resilient career
Follow your passion. Do what you love. Go where the need is. These are some typical tips a young graduate or someone looking for a change will hear when it comes to figuring out what kind of career to pursue. While these can be helpful for exploring options, what seems to be the key for a career that’s both enjoyable and can withstand changes is to step into your strengths. Our passions can come in strong but then fade away.
Special report from day three of the Governmental Affairs Conference
Good morning, readers, and welcome to another special report from CUSO Magazine, featuring all the latest news from day three of the Governmental Affairs Conference in Washington D.C. From beginning to end, the day was filled with lots of learning opportunities and discussions, which means we have a lot to cover, so let’s get started.
Fed's Powell: Don't expect a soft landing victory lap
The soft landing, it appears, will not be televised. At least it won’t be announced, declared, or advertised, Federal Reserve Chair Jerome Powell told members of the U.S. House Financial Services Committee in testimony that wove around direct mentions of the upcoming presidential election and efforts to pull him into disputes over fiscal spending, energy policy, and housing, or any claim that the Fed’s sought-after “soft landing” – of low inflation and low unemployment – had already arrived.
Critics vow to challenge CFPB final credit card rule
Within hours of the release of the Consumer Financial Protection Bureau’s final rule restricting credit card late fees to $8.00 at the largest issuers, opponents began lining up to threaten procedural and legal challenges to the plan. Those challenges include a planned lawsuit and an effort to convince members of Congress to nullify the rule. The CFPB unveiled the long-awaited final rule on Tuesday.
PayPal’s Dan Schulman on the future of banking: Digital, seamless and consolidated
It’s 2034. Many of the ways you think about retail banking and payments today no longer exist. Plastic cards for credit and debit? Extinct. Coins and paper currency? Relics for museums. Banking and payments will have melted into each other, as the longstanding promise of in-the-moment financial management has become a practical reality. Ten years from now, the organization you currently work for — bank or credit union or fintech — may no longer have direct connections to consumers.
The evolving journey of identity for new-to-country consumers
As individuals navigate life events, financial institutions face challenges to consistently and confidently verify their identities. Without a comprehensive view, weak identity verification at account opening leaves the door open for fraudsters to slip through, and for inequitable access to financial services for customers who may lack specific legacy verifiable information. The focus of our story today imagines the life of Mia, a young woman immigrating to the United States.
America’s Credit Unions board member to testify before House subcommittee
Karen Harbin, president/CEO of Commonwealth Credit Union—and secretary of America’s Credit Unions Transition Board—will testify before a House Financial Services subcommittee Thursday on behalf of America’s Credit Unions. During the hearing, Harbin will share how increasing regulatory burdens are hampering credit unions’ ability to serve members, including the CFPB’s recently finalized rule on credit card late fees.
Largest global credit union event convenes in Boston
Uniting credit union professionals from around the globe, the 2024 World Credit Union Conference (WCUC) in Boston, July 21-24, offers an unparalleled opportunity for innovation, industry insights, and networking. This premier event occurs in the U.S. only once every four years, so it is a rare “local” opportunity for professionals seeking to foster global collaboration and learning.
What does BNPL’s popularity mean for credit unions?
The payments industry sees many trends come and go, but perhaps nothing has dominated the headlines like Buy Now, Pay Later (BNPL) has lately. Whether via fintech companies dedicated to short-term financing – like Klarna and Affirm, among others – to installment payments offerings from credit unions and other financial institutions, BNPL has secured its spot as a key player in the financial services ecosystem and is projected to continue as a mainstay for years to come.
Be the hero of your career journey
You can be the conquering hero! Vanquish the tyranny of bureaucratic promotions and internal politics! Slay the double-headed dragon that spews forth doubt and indecision! Conquer career challenges once and for all! OK, OK. I won’t go completely medieval here, but bear with me as we imagine what it would feel like to be the king or queen of your career, guiding it with a clear direction, defending it against sneak attacks to overthrow your rule as you create a full and satisfying reign.
Interest rate cap proposal would hurt small dollar borrowers
A rate cap bill introduced by Sen. Jake Reed, D-RI is raising concerns about its potential negative impact on consumers who need access to small dollar loans. CUNA, NAFCU, and other financial trade associations joined in a letter to address this and other issues with the bill, which would cap consumer loan rates at 36%.
CFPB raises HMDA, Reg Z thresholds for 2024
The CFPB has finalized annual changes to the asset-size exemption thresholds under the Home Mortgage Disclosure Act (HMDA) and Regulation Z for 2024, based on the 4.1 percent increase in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12-month period ending in November 2023. Under HMDA, the bureau increased the exemption threshold to $56 million from $54 million. Credit unions with assets of $56 million or less as of Dec.
Embracing digital transformation: Key trends in consumer banking solutions
Over the next ten years, the United States will experience an immense transfer of wealth from older Americans to largely Millennials, Generation Z (Gen Z), and Generation X (Gen X). $16 trillion to be exact. Wouldn’t you want your financial institution to retain or acquire a piece of that pie? These consumers are about to inherit the greatest transfer of intergenerational wealth, which is a huge opportunity for financial institutions to capture deposits and establish life-long relationships.
From bookstore to Amazon: How a new paradigm spurs credit union growth
For credit unions, new member acquisition can be a costly proposition. The price to acquire a new member is around $400, each of whom generates around $100-200 annually. Many of those members will churn before the credit union has a chance to generate revenue from their accounts. For corporate accounts in the financial services industry — and credit unions taking on more business clients — the onboarding time is on the order of 100 days.
Impediments & achievements: Hindsight gleaned from 2023
2023 has offered an assortment of learning opportunities, and as we highlight insights provided by Callahan & Associates from Q3[1] it becomes evident that credit unions are traversing a landscape equally marked by opportunities and challenges. Beyond the traditional metrics of savings, share growth, delinquency rates, and loan originations, our exploration extends to critical facets that demand attention and foresight when it comes to growth and managing risk.
Is mid-career malaise impacting your leadership?
She came into our coaching session looking a bit sad, letting out a big sigh when I asked her how she was doing. “I’m so bored at work. And it’s affecting my team. It’s a great job with a great credit union but I’ve been there 15 years and am starting to wonder if I can do this for the next 15. I should feel grateful to have a job like this, and for the promotions along the way, but I just feel stuck.
CUNA urges Congressional leaders to fund NFIP past Sept. 30
CUNA wrote to Congressional leaders Monday calling for an extension of the National Flood Insurance Program (NFIP) before it lapses Oct. 1. Funds for NFIP–and for the federal government– are set to expire Sept. 30. “The authorization for the National Flood Insurance Program has been tied in recent years to government funding legislation.
NAFCU kicks off 2023 Congressional Caucus
Today, hundreds of credit union advocates will gather in Washington, D.C., as NAFCU begins its 2023 Congressional Caucus. The conference features a fantastic lineup of influential administration officials, lawmakers, and regulators who will address credit unions throughout the week on key issues. NAFCU President and CEO Dan Berger will open the conference today with CUNA President and CEO Jim Nussle by discussing ways credit unions can fight for industry priorities in Washington.
The CUInsight Network podcast: International support - Worldwide Foundation for Credit Unions (#65)
Thank you for tuning in to episode 65 of The CUInsight Network, with your host, Lauren Culp, Publisher & CEO of CUInsight.com. In The CUInsight Network, we take a deeper dive with the thought leaders who support the credit union community. We discuss issues and challenges facing credit unions and identify best practices to learn and grow together. My guest on today’s show is Mike Reuter, Executive Director at the Worldwide Foundation for Credit Unions (WFCU).
Help build financial resilience around the world
Things are tough right now. The devastating wildfires in Maui. Communities left in ruins by Idalia and Franklin. Political tensions, at home and abroad. It’s at times like this that credit unions shine. Each and every credit union was born out of resiliency to struggle. From the to the Japanese American Community Credit Union and every other credit union. Our system is defined by people coming together in cooperation to deliver a brighter financial future.
Generate your Genius Zone: The best way to be energized and productive at work
When was the last time you completely lost track of time at work? When were you so immersed in the activity that you felt everything else just slip away? Which moments seem to produce your best work and uplift you at the same time? What are you doing when you’re in your Genius Zone? Yes, your Genius Zone: that feeling of doing your best work through your best effort and for the best reasons.
How to find joy in our work and why it’s so important
Credit unions are very familiar with how important employee satisfaction and engagement are to the overall strength of their organization. We hear the buzzwords, surveys gather the data, workshops and webinars train the managers. But let’s go beyond the buzzwords. Forget just being satisfied, let’s find joy in our work. Joy in our work might seem like an oxymoron. The very definition of work calls for extended effort in either a physical or mental capacity.
The power of connecting vs selling: How networking can boost long-term loyalty
At a recent local chamber of commerce networking event, I met three people from three different financial institutions. The only remarkable thing about them? They were unremarkable. I literally had nothing to remark about them. I was actually more taken with how alike they all seemed to be. The pitches were almost exactly the same: New branch! Fantastic products & services! We love serving the community! Check out our special certificate rate! The way they dressed was the same.
Key to creativity: Embrace imposter syndrome
You know that voice in your head questioning your credibility? The one asking “who do you think you are for even trying this”? Instead of trying to silence it, give that voice a warm welcome. Embrace your imposter syndrome. It’s critical for creativity! Creativity is often defined as having new and novel ideas. Imposter syndrome often creeps in as we’re facing new ideas and situations. So just when creativity is starting to take shape, that’s exactly when many of us start to doubt ourselves.
Respect the(ir) process
The creative process: organic, nonlinear, unpredictable and very distinct to each person. Are you respecting that process? Providing a safe space for ideas to blossom? I’ll never forget an executive from another department demanding on-the-spot ideas when I was the Creative Services Manager at a top 30 credit union. It felt like she threw down the gauntlet when she stared at me expecting innovation at that very moment.
The courage to be creative
Whether we’re talking about a workplace or a person, being creative elevates the impact we have in the world. Creativity, what some might call the intersection of imagination and intellect, propels innovation and society at large. Yet, allowing ourselves and our organizations to be fully creative takes quite a bit of nerve doesn’t it? New and useful ideas are often viewed with skepticism at first.
Identity crisis: Is your credit union losing its way?
Who am I? Many of us at some point(s) in our lives have pondered that very question. It tends to come up during big transitions or milestones. Graduating seniors ask it. Those marking a birthday ending in zero mull it over (ask me sometime how I know that one). Empty nesters might ask it as their kids are taking flight. We can also start questioning our identity when we stray from our core purpose or when we get enamored with pursuing shallow goals, keeping up with the Jones let’s say.
Need marketing ideas? Let's get creative!
Whether you’ve worked in Marketing for 15 years or 15 months, coming up with fresh ideas on demand can be a bit overwhelming. How many different ways can we advertise an auto loan promotion anyway? The constant pressure to attract attention with our marketing and advertising efforts can be daunting, especially for those who may not consider themselves creative.
Stake your claim in 2021: How to stand out from the crowd
Make this new year, THE year your credit union stakes a claim. Puts a flag in the ground. Marks your territory. Drops a pin. Only then will you be able to rise above being a commodity and start thriving as a trusted provider. But how can your credit union make a dent in this crowded space? Get out of the rate race? Compete with the BofA’s and Regions of the world? Maybe your credit union can’t even process online account openings yet. Don’t let those block your growth mindset.
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