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Articles by John Pesh
Chartway Credit Union Creates Pathways to Purpose
Vice President of Talent Growth & Readiness We weren’t trying to fill roles—we were investing in the next generation of talent within the communities we serve. The program’s design began during an unprecedented time: the COVID-19 pandemic. With onboarding paused, Edsall’s team had the opportunity to step back and think long-term. “We asked ourselves how we could create something that would have lasting impact—both for students and for our organization,” she added.
The New Rules of Credit Union Executive Compensation
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Five Reasons Organization Stay Stuck and How Next-Gen Leaders Can Break the Cycle
7 minutes Outline for how managers, even without formal authority, can begin to shift dynamics. Creating an engaged, modern workplace isn’t about free snacks, trendy perks, happy hours, or the occasional teambuilding day. Creating an exceptional culture starts with leadership—specifically, the daily practices and behaviors of executives and managers. It requires consistent, intentional, human-centered leadership. And the bar has never been higher.
Four Strategies for Enriching the Financial Lives of Veterans
Freedom isn’t free. Neither is life after military service. Even the small joys of everyday life come at a significant cost for veterans of all ages and backgrounds. Challenges to mental and physical health, financial wellness and a stable place to call home top the long list of obstacles facing active, returning and long-since-returned service members. Credit unions, rooted in the ‘people helping people’ mission, are in a unique position to offer support.
What Does It Take to Be a Great CEO?
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How credit unions can help fiercely independent Gen X executives retire well
The “forgotten generation,” more popularly recognized as Generation X, is characterized by many traits. Perhaps none is more notable than the trait of independence. Coming of age as so-called latchkey kids, Gen Xers from dual-income households were often responsible for tasks that prior generations relied on adults to handle. Kids got themselves home from school, finished their homework, and in some families, started dinner while also caring for younger siblings.
How Credit Unions Can Help Fiercely Independent Gen X Executives Retire Well
6 minutes Explore strategies to help Gen X execs retire well while keeping their leadership and experience driving credit union growth. The “forgotten generation,” more popularly recognized as Generation X, is characterized by many traits. Perhaps none is more notable than the trait of independence. Coming of age as so-called latchkey kids, Gen Xers from dual-income households were often responsible for tasks that prior generations relied on adults to handle.
The pros and cons of using your home equity when interest rates are high
One good thing about the current economy for homeowners is the massive amount of equity that you might have. However, using your home’s equity while interest rates are high can be both beneficial and risky. Let’s dive in to a couple pros and cons… Lower than the alternative: While the interest rates on home equity loans or HELOCs may be higher right now, there’s a good chance they’re still lower than rates on credit cards or personal loans.
Navigating the fast lane: 4 challenges of instant payments
In today’s fast-paced financial industry, instant payments are game-changing—and causing significant challenges for credit unions. Emerging rails such as TCH RTP and FedNow have revolutionized the way your members can transfer money, allowing for real-time transactions that provide unparalleled convenience to consumers and businesses alike. Yet, the immediacy of these transactions coupled with the ever-present threat of fraud also poses considerable risks.
Credit Union Wealthy: The power of partnerships in wealth management
Managing wealth wisely is key to long-term personal financial success and stability. Although credit unions are known for their member-focused services and community-oriented approach, little is known about their collaborations with wealth management companies to provide comprehensive financial services to their members.
NextGen Know-How: Increasing leadership influence through intentional language
Two months ago, I was on a flight from Washington D.C. to North Carolina to work with a client. Just before takeoff, the pilot announced over the intercom, “Um, so unfortunately, we’re showing a lot of bumps on in the forecast here—there’s bumps all around us. I’m hoping it’s not as bad as what the forecast is showing, but we’re hearing from some other aircraft that it’s a very unpleasant ride. So, ah, unfortunately it’s not going to be a great ride today.
CU 2.0 Podcast Episode 299: Bo McDonald and the fight to save small credit unions with big marketing
Regular listeners know that a pet peeve of mine is how poorly most credit unions market. And then I discovered Bo McDonald, founder and CEO of Your Marketing Co. where the focus is on marketing for small credit unions. That’s right: small as in under $400 million in assets. In most cases, McDonald’s company acts as a kind of in-house marketing department because the institutions he serves often have few if any internal marketing staff. continue reading »
MeridianLink Executive Summit recap
On the eve of MeridianLink®LIVE! in Nashville, our Executive Summit gathered a record number of industry executives, innovators, and experts for an afternoon and evening of insightful dialogue, peer connection, and indulgence in exquisite bourbon. With over 100 registrations, representing a staggering $330 billion in AUM and a combined loan portfolio of over $235 billion, this year’s summit included an unparalleled peer group for engaging in industry-shaping discussions.
Recession-proof stocks are leading the market's latest leg higher
Stocks have rebounded from a rough April, led by two sectors that typically outperform when the economy is in a downturn. Since April 16, around when the S&P 500 (^GSPC) hit its recent bottom, Utilities (XLU) have led the charge, rising nearly 12%, accounting for all of the sector’s gains year-to-date. Consumer Staples (XLP) stocks have risen almost 5% in that same period, while the S&P 500 is up about 2.7%.
How digital tools can amplify credit unions’ membership advantage
When it comes to building financial health, there are three fundamental concepts intrinsic to a customer’s journey: math, money and data. Whether a potential customer is fresh out of college or a first-time homebuyer, everything from the types of loans they are eligible for, the rates they can get, how much they are able to save and the class of home or vehicle they can afford hinges on mastery of these concepts.
US weekly jobless claims highest in more than eight months
The number of Americans filing new claims for unemployment benefits rose last week to the highest level in more than eight months, further evidence that the labor market was cooling. The weekly jobless claims report from the Labor Department on Thursday, the most timely data on the economy’s health, followed news last week that the economy added the fewest jobs in six months in April, while job openings dropped to a three-year low in March.
Credit unions call for national data security standards
America’s Credit Unions President/CEO Jim Nussle stressed credit unions’ support of a strong national data security and privacy standard in a letter to the Senate Commerce Committee Subcommittee on Consumer Protection, Product Safety, and Data Security Wednesday. “Since 2005, there have been more than 18,000 data breaches exposing billions of consumer records,” Nussle highlighted.
4 lessons on teamwork from the greatest football movie ever made
We’re coming up on the 30th anniversary of the movie Little Giants (I suddenly feel really old). This classic family sports comedy is super ridiculous (and honestly it’s not the greatest football movie ever, that’s Remember the Titans) but it can teach us a few valuable lessons about teamwork… Inclusion: Despite their differences in size (mostly small), skill (mostly none), and experience (absolutely none), the team learns to work together and includes anyone who wants to play.
How agile is your credit union’s compensation strategy?
The legacy organizations that are thriving in the Experience Age are those that have mastered strategic pivots. From reengineering conventional products to reconfiguring entire business models, the changes these winners are making are all in the name of relevancy with stakeholders. For credit unions, two stakeholder groups receive the lion’s share of attention when strategists are shooting for relevancy: members and employees.
Jeanne D'Arc CU Offers Employees $400 Account-Opening Incentive
Natasha Chilingerian Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019.
Executive Benefits Packages That Weather Merger & Acquisition Storms
Credit/AdobeStock As credit unions prepare merger and acquisition deals, it’s important to lean into best practices and lessons learned. Key among them is the importance of maintaining executive employee satisfaction. After all, leadership succession (or a lack thereof) is often the root or a contributing cause of a combination. It’s an increasingly critical practice to have effective executive compensation and benefits in place as part of a well-designed succession plan.
Expanded options for charitable donation accounts
Supporting members is a core value of the credit union heritage. Importantly, that support doesn’t only manifest in fair and dignified financial services and products. It’s also found within the engagement credit unions have with causes and communities. Because community advancement is part and parcel of the credit union industry, people expect credit unions to do the right thing. Fortunately, there are a growing number of options available for credit unions to do exactly that.
The Leader Ladder
As a CU, we must operate in perpetuity, recognizing that we’re stewards in the process until the next person comes along. Relevant Insight Delegate as much as possible. “Cross-train your senior leaders; make sure they understand the responsibilities of various positions, the scope of each position and what is important for that role,” advises Lugrand.
Mental Health May
3 minutes May is Mental Health Awareness Month. It’s been observed in the U.S. since 1949 and was started by the Mental Health America organization. I recommend visiting the group’s website. It’s full of resources, especially the 2023 toolkit that you can download with articles and social media materials, printable informational handouts, posters and DIY tools.
Nine steps to creating a deferred compensation program
Strengthen your executive compensation strategy with long-term incentives that competitors can’t easily match. It’s easy for a competitor who’s courting one of your best executives to offer a higher salary and annual bonus.
Saying ‘Open Sesame’ to Open Banking
VP/Digital and Payment Technology asset size — $23 billion There’s no doubt that customer expectations are being reshaped around digital banking and payments. How the credit union system reacts to this change will be pivotal in how our clients can support their members.
CUSO Makes Charitable Giving Easy and Fee-Free
4 minutes NetGiver app allows members to make safe, secure and direct donations to nonprofits. In 2019, more than $18 billion was lost from charitable donations to credit card and platform fees. Credit unions built NetGiver to solve that problem. NetGiver, a Minneapolis-based credit union service organization founded in 2019, is an easy-to-use mobile app that allows individuals to make safe, secure and direct donations to any nonprofit nationwide, fee-free.
Why this may be the perfect time to set up a charitable foundation
The three stages to setting up a foundation with key advantages over simply donating from your operating expenses. Even if your credit union is well established as community benefactor, in times of intense turmoil you may feel called upon to stand up and make a new, visible act of leadership and service. This maybe a perfect time to create a charitable foundation and to use it as a platform to engage and support your community on behalf of your employees and members.
Start planning post-COVID-19 investment strategies now
CARES Act impacts—followed by rising interest rates during a lengthy recovery—can make non-703 investments for benefits pre-funding and CDA programs worth another look. The impact of the COVID-19 pandemic on credit union income statements won’t be clear for many months or even years, but it’s not too soon to consider some long-term recovery strategies.
Start Planning Post-COVID-19 Investment Strategies Now
4 minutes CARES Act impacts—followed by rising interest rates during a lengthy recovery—can make non-703 investments for benefits pre-funding and CDA programs worth another look. The impact of the COVID-19 pandemic on credit union income statements won’t be clear for many months or even years, but it’s not too soon to consider some long-term recovery strategies.
Three ways to avoid NCUA exam red flags
Common triggers for an ‘expanded scope’ look by regulators. In a National Credit Union Association examination, a certain type of investment on a credit union’s books is likely to trigger extra attention from the examiner. In this post, I’ll describe what raises that red flag, and what you can do to prepare for—or even avoid—an “expanded scope” NCUA exam. According to the online NCUA Examiner’s Guide, examiners should document the expected scope of an exam before the on-site portion of the exam.
How to make charitable donation dollars work harder
CAMPUS USA Credit Union uses foundation and charitable donation account to focus its community service. As part of its strategic planning five years ago, CAMPUS USA Credit Union leaders decided to make its already-generous charitable giving program a more organized, focused operation.
7 key risks of funding benefits programs
If you’re a credit union executive or board member, you’re probably familiar with the seven key risks identified by the NCUA: credit, interest rate, liquidity, transactional/operational, compliance, strategic and reputation. You may not be aware, however, that the NCUA has detailed in its online Examiner’s Guide how each of these risks applies to a specific—and too often misunderstood—area of credit union investments: employee benefits funding.
Adjusting deferred compensation
Any executive non-qualified deferred compensation plan looks great when its assets are growing smoothly along with a strong economy. The proof of a well-designed deferred compensation plan, however, isn’t only good returns—it’s how well the plan protects the credit union’s bottom line when the economy isn’t strong. The board of $106 million, 7,220-member Railway Credit Union, Bismarck, N.D., chose wisely when setting up a deferred compensation plan for CEO Paul Brucker in 2005.
Deferred compensation: Not just for CEOs
When Bruce Foulke joined American Heritage Federal Credit Union in 1979, it was a $5 million financial institution serving 4,000 members. Under the CUES member’s leadership as president/CEO, the credit union has grown to $2 billion.
Executive compensation: Preparing for new 457(f) rules - CUInsight
As more credit unions use non-qualified deferred compensation plans (NQDC) to recruit, retain, and reward CEOs and other top executives, regulations relating to a common component of supplemental executive retirement plans (SERPs) may change soon. The Internal Revenue Service is expected to issue final rules for Internal Revenue Code Section 457, following the issuance of proposed final regulations on June 22, 2016. If the final rules are issued in 2017, they could go into effect as early as Jan.
Executive compensation: Preparing for new 457(f) rules
As more credit unions use non-qualified deferred compensation plans (NQDC) to recruit, retain, and reward CEOs and other top executives, regulations relating to a common component of supplemental executive retirement plans (SERPs) may change soon. The Internal Revenue Service is expected to issue final rules for Internal Revenue Code Section 457, following the issuance of proposed final regulations on June 22, 2016. If the final rules are issued in 2017, they could go into effect as early as Jan.
Proactively manage interest rate risk - CUInsight
While NCUA constantly monitors all risk, in recent years it has made interest rate risk (IRR) a particular priority. IRR reflects the concern that an investment’s value will change due to a variance in the absolute level of interest rates. That change affects the value of bonds more than stocks, and depends on the investments’ sensitivity to changes in the market. Credit unions can reduce overall risk by diversifying the duration of investments it holds at a given time.
Proactively manage interest rate risk
While NCUA constantly monitors all risk, in recent years it has made interest rate risk (IRR) a particular priority. IRR reflects the concern that an investment’s value will change due to a variance in the absolute level of interest rates. That change affects the value of bonds more than stocks, and depends on the investments’ sensitivity to changes in the market. Credit unions can reduce overall risk by diversifying the duration of investments it holds at a given time.
Increase Giving With Charitable Donation Accounts
“Giving Tuesday” has gained popularity in recent years as an event timed around Thanksgiving that promotes donating to worthy causes, a counterbalance to the consumption-oriented Black Friday and Cyber Monday promotions. Giving Tuesday aligns with the credit union ethic of charity and community support. And a recent NCUA rule change gives credit unions the opportunity to increase their charitable contributions.
Charitable Donation Accounts 2016
4 minutes For credit unions, donating money to charities isn’t just a humanitarian act; it’s an investment in making your communities better places to live. And as a result of December 2013 National Credit Union Administration rule changes described in more detail below, you can now make these donations from a charitable donation account that uses otherwise impermissible and potentially higher-yielding investments to generate the funds. The advantage of doing so is twofold: 1.
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