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Articles by Lisa Hochgraf
From Risk to Resilience
6 minutes vISOs Are Transforming Credit Union Security and Governance Virtual Information Security Officers can help you fill immediate cybersecurity talent gaps, guide long-term strategy, and ensure compliance with evolving regulations. The cybersecurity landscape is more complex and volatile than ever for credit unions.
Earned wage access emerging as a competitive requirement
CUES member Elizabeth Sharpe recently shared with the CUES Net member community that a couple of her members had moved their accounts to Chime “because of the early availability of their funds.
Protect members from job ‘opportunities’ fraud
In our post-pandemic world, lots of people want to work from home. Credit union members who don’t have a traditional job that allows them the flexibility of remote or hybrid work may be particularly susceptible to work-from-home scams. According to First Line of Defense, which provides low-cost online fraud prevention training to credit unions, people are most likely to search for a new job in the first two months of the year.
The strong business case for pursuing DEI—and now B - CUInsight
Many people in the credit union movement like to talk with pride about how today’s credit unions were founded on the principle of serving people “of modest means” who might not have been able to get financial services elsewhere. Many would say that credit unions are all about financial inclusion and the diversity of membership and staff that supports it.
Signs of a cybersecurity—or other fraud—concern - CUInsight
Fraudsters design their scams to get people’s attention—and later their money. Here are three things that First Line of Defense is teaching credit union staff people this summer so they can better prepare members to avoid losses. If a member is talking about signs promoting a quick home sale, encourage them to speak to someone from the credit union who knows about home sales.
Ensure no one leaves their magic in the car
Ideas for individuals and organizations that want to be better allies to members of the LGBTQ+ community At the CU Pride Leadership Conference on Wednesday, Tammy Schultz said she’s determined to be an ally to LGBTQ+ community members and people from other diverse backgrounds because she needs every one of her employees to feel comfortable bringing their “magic” to work.
They have faith in their finances—and strive to help others - CUInsight
In June 1952, what’s now $19 million Faith Community United Credit Union formed as Second Mt. Sinai Baptist Church Credit Union to serve the members of the Cleveland-based church by the same name. Later, the credit union expanded to add family members of church members to its field of membership.
The pitfalls of public WiFi
To help your staff help your members learn how to more safely use public WiFi, first explain how public WiFi is different from other internet connections and then provide steps they can take to protect themselves, suggests our most recent edition of First Line of Defense, offered by CUES in partnership with TRC Interactive, Inc.
Forged check checklist
Teach your front-line staff the definition of 'negotiable instrument' and about ‘words of negotiability.’ To help your front-line staff spot forged checks before they cash or deposit them, first teach them about “negotiable instruments” and “words of negotiability,” suggests our most recent edition of First Line of Defense, offered by CUES in partnership with TRC Interactive, Inc. Then give them a checklist of things to look for.
Financial education on TV and social media opens younger demographic
Since early 2022, Integris Credit Union has been partnering with CKPG, the only broadcast station in the area, to produce “Money Matters” segments that are part of the station’s CKPG Today programming. Such key topics as loans, managing inflation, estate planning and creating a financial plan have been discussed by experts from the credit union, which has $1.8 billion in assets under management and is headquartered in Prince George, British Columbia.
Diversity Insight: What are you doing with your DEI committee?
Four quick case studies from credit unions with CUES members Back in May, CUES member Alexis Beuchert was wondering what other credit unions were doing in terms of forming and running diversity, equity and inclusion committees. Executive Assistant at $500 million NextMark Credit Union in Fairfax, Virginia, Beuchert posted the following message to CUESNet, the online community for CUES members.
Questions to help validate your ‘deep pass’ strategy
A key role of boards during strategic planning is to do a reality check. During his first High Performing Boards Digital Series session in April, Seve Morrissette used setting football strategy as an analogy for setting strategy for a credit union.
Good governance: How to ensure board-level commitment to inclusive business practices
Keep it strategic and data-driven; consider your policies; and emphasize learning. How many times have you heard credit union leaders say they’re all about the members? That they’re committed to being “people helping people”? That they want to help members improve their financial lives? When it comes to member service, a commitment to diversity, equity and inclusion throughout the organization—including at the board level—can help a credit union serve more members better.
Reflections on intersectional allyship
During the CU Pride Leadership Conference earlier this month, members of one of the panels talked about their experiences with “intersectional allyship.” Being an ally, in simple terms, means being someone who aligns with and supports a cause with another individual or group of people.
The value of the rainbow market
NCUA Chair, Visa regional VP encourage CU Pride conference participants to continue working on financial inclusion for LGBTQ+ people and all who are underserved. Keynoting Friday’s CU Pride Leadership Conference, both the chair of the board of the National Credit Union Administration and a regional VP at Visa encouraged program participants to keep on with their work to serve the underserved needs and build the visibility of the LGBTQ+ community. Promote Financial Inclusion The Honorable Todd M.
Good Governance: Hybrid board meetings get solidly mixed reviews
But videoconferencing is here to stay—so what best practices can be learned? During the first April session of the High Performing Board Digital Series, presenter Steve Morrissette surveyed course participants and found that 25% of them were holding board meetings entirely in person; a somewhat greater proportion was meeting entirely via videoconferencing; and about 40% were having hybrid meetings, with some directors in the room and other directors attending virtually.
On Compliance: The devil’s in determining which data security and privacy rules apply
State laws continue to add to regulatory burden, as public concern over cybersecurity remains high. For the third consecutive year, a 2021 survey of U.S. financial institutions by Wolters Kluwer Compliance Solutions showed greater pessimism about seeing regulatory relief within the next two years. Issues related to data security and privacy remain a central concern, with cybersecurity the top risk management priority for 2022 cited by 70% of the credit unions and banks surveyed.
What’s your definition of primary financial institution?
CUES members discuss more than metrics. Putting your focus on becoming your members’ primary financial institution begs the question, “How do you define a PFI?” CUES member Dan Clarke, SVP/member experience with $5 billion Service Credit Union, Portsmouth, New Hampshire, posed this question to the CUESNet member community in December. (CUESNet is a benefit of CUES membership.) “To get the ball rolling, I’ll go first,” Clarke wrote.
Getting to ‘know your customer’ in new ways promotes trust and prevents fraud
IDology’s flexible quiz product taps deeper insights for online ID verification. By now, most folks who do any banking online have seen warning after warning—often from their financial institution—not to divulge personally identifiable information online (looking at you, Facebook “Answer these 10 questions” quizzes).
Your data is only as secure as your third-party providers
Tips on vetting vendors that access your members’ sensitive information Your reputation as a reliable steward of your members’ personal financial information today doesn’t rely solely on your internal data security program—your reputation also relies on any third parties you give access to this data.
Baby showers for male employees promote goodwill and gender equity
Attendees of the first CUES RealTalk! program describe how they’ve celebrated fatherhood. The Zoom chat went wild with messages of support when panelist Jill Nowacki, CEO of Humanidei + O’Rourke suggested during the first-ever CUES RealTalk! program that organizations could set the tone for gender equity by throwing baby showers for expecting dads. In addition, several participants said they had already done so. They contributed their experiences and best advice to this article.
This credit union’s members can add their driver’s licenses to their mobile wallets
Utah Community CU helps state test a secure, convenient system for members to verify their identity for face-to-face transactions. Imagine you’re hitting the road to your credit union and a store or three, and in your pocket is just a set of keys and your smartphone. No wallet. No problem. It might not be too long before you can store not only your cards and digital payment credentials but also your driver’s license in your mobile wallet.
Mother’s rules—to show up and step up—promote top performance - CUInsight
Directors Conference speaker describes a formative experience with reaching for a dream—and how courage is contagious. Manley Feinberg told the more than 500 in-person and remote attendees of Directors Conference earlier this month about how his mother’s two rules are rules we should all live by. What were those rules? Show up. Step up. And this is the story Feinberg told about them. continue reading »
2021 credit union resiliency, 2022 supervisory priorities
At Directors Conference, NCUA Board Member Rodney Hood took stock in pandemic resiliency and described upcoming areas of regulatory focus. Chairman of the National Credit Union Board when the pandemic hit, the Honorable Rodney E. Hood took stock last week in the fact that credit unions have fared well during the pandemic. He also offered his thoughts on what’s coming next for them in terms of NCUA’s supervisory priorities.
When you’re the ‘first’ or the ‘only' at the leadership table
Good advice from a leader who’s been there and knows others who have been too Cecilia Muñoz had worked as the director of intergovernmental affairs for President Barack Obama for three years when she was promoted to director of domestic policy and something happened that made her doubt her abilities. An outgoing chief of staff said things to the press—that were then published—that suggested she was only promoted because of who she was (a Latina) and not because of what she could do.
A loss of $7,227 per ‘people problem’ per day
Directors Conference speaker an expert in how leaders can help their teams be more effective at a lower cost. In research about the cost of “people problems” published in Harvard Business Review in 2016, Tanya Menon and Leigh Thompson report that “executives estimated wasting an average of $7,227.07 per line item per day, for a total of $144,541.30 per day.
What to say when you can’t stand what’s being said
Here’s a tool for how to call out someone’s bias—or to call someone in to have a courageous conversation about diversity, equity and inclusion. Ever had one of those moments where you can’t believe the statement of bias you just heard—but you feel unsure about how to respond? I was heartened to learn from taking the “Diversity, Inclusion and Belonging” course on Harvard ManageMentor (a benefit of CUES membership), that interrupting bias can sometimes be as simple as saying “Um” and pausing.
How to warm up for strategic planning
Review external data and trends in addition to internal results. Plus, ask lots of questions. Athletes warm up because it raises the temperature of their bodies and their muscles, readying them for high performance. The same is true when board members and executives are getting ready for a strategic planning session. They will perform better if they first warm up their thinking. Experts in strategic planning suggest that reviewing external data and trends is a good place to start.
A different view of ‘people helping people’
This credit union lending pro finds helping other cooperatives to be just as worthwhile as helping members. What motivates CUES member Bill Vogeney, chief revenue officer at Ent Credit Union in Colorado Springs to find time in his hectic schedule to help a group of smaller credit unions all the way across the country in North and South Carolina? And what motivates him to write his “Lending Perspectives” column for CUES’ CUmanagement.com content site month after month?
How boards can overcome 5 key challenges to effectively governing innovation
Harvard Business School Professor Linda Hill provided studied insights during Directors & Dialogue December Linda Hill, Ph.D., not only studies the link between what leaders do and whether their organizations can innovate time and again—she also seeks to answer the question: What does the senior management team need from the board to facilitate innovation?
Agility means turning a smashed tart into a best-selling dessert
Build these skills so you can better respond to situations and crises. To illustrate what it means to be agile in your thinking, Francesca Gino told participants of Knowledge & Networking November the story of a chef and sous-chef at a top restaurant in Italy.
Reopening the doors … to members wearing masks
Experts discuss concerns about security, compliance and, of course, health for in-person branch operations during the pandemic. Donning a mask to walk into a financial institution has been “one of the weirdest experiences” that Ian Kildow has had in recent times. Financial fraud investigative supervisor at the Colorado Office of the Attorney General, Department of Law, Denver, Kildow is much more accustomed to masks being thought of as something robbers wear.
Recruiting millennial directors both a challenge and an opportunity
CUES learning event highlights this and other key considerations for today’s credit union boards. Conversations with attendees at Directors Conference, recently hosted by CUES, point to the idea that director recruitment is often a fairly challenging—and sometimes downright scary—undertaking.
Linda Medina named 2019 CUES Distinguished Director
The board chair at Guadalupe Credit Union is known for her passionate community work. President/CEO John Pembroke (left) and 2018 CUES Distinguished Director James Sackett were on hand to congratulate this year’s honoree, CUES member Linda Medina, chair of $175 million Guadalupe Credit Union, Santa Fe, New Mexico. Also a CUES member, Sackett is vice chair of $1.3 billion Firefly Credit Union, Burnsville, Minnesota.
They asked to join the board, but you have to hunt for most new directors
Key governance lessons from the onboarding experiences of two younger-than-average directors. CUES member James Sackett wanted to be involved in his community in some way. He had always known about and loved the idea of credit unions. So, when he moved to Minneapolis and joined a credit union in nearby Burnsville, he reached out and started the process of joining his CU’s board.
The ‘union’ part of ‘credit union’ is alive and well
Five examples of collaboration in action from my trip to Miami. Many of us think of Seth Godin as a man of big ideas. When I heard the author and former .com business executive present the opening keynote last week at CUES Supplier member CO-OP Financial Services’ TH!NK conference in Miami, he said that in the phrase “credit union,” “union” is the important part.
Love Contracts: Good or Bad Idea?
Some employers have policies prohibiting workplace romances, but I’ve come to believe that you can’t stand in the way of love. We need policies and tools that deliver ways for people to be honest about workplace relationships, so those relationships can be managed. Mark Kluger Founding Partner Kluger Healey LLC What’s at Risk?
The ABCs of employee (or board member) engagement
Motivate people by meeting their needs for autonomy, belonging and competence. In her presentation at CUES Symposium in late January, Kathleen O’Connor, Ph.D., told attendees that research shows how engagement drives not only employee retention but also company profitability.
What to do about outrageously bad board behavior
CUES Symposium session emphasized the importance of knowing what real board contributions look like and more. During CUES Symposium last week, Jim Brown described some examples of bad behavior he’s seen in his work with boards. According to Brown, principal consultant with The Table Group and consulting partner with STRIVE!, one director was explaining to attendees of a credit union annual meeting why they should vote for him. His phone rang and he answered it, talking all the while into the mic.
Define your CU’s non-negotiable criteria
Knowing what the organization needs most can help top leadership make key decisions—like who to hire as the next CEO. At CUES Symposium on Monday, Ram Charan described how a big technology company he worked with chose its new CEO.
A shutdown's a perfect time to call your local news outlets
If your credit union is helping furloughed federal workers, be sure to pick up the phone and tell your story—or answer a call from the media. Friday was the first day many federal workers missed a paycheck as the federal government shutdown—and the news coverage of it—continued past the three-week mark.
Deposit dilemma pushing mergers?
I read with interest the “Deposit Dilemma” article in Invictus Group’s recent Bank Insights newsletter, which asserts that the current economic situation is pushing more banks to boost their deposits through an unconventional means: mergers.
These investments require pre-purchase analysis
Due diligence is a good idea before any credit union purchase. But the National Credit Union Administration actually requires a formal pre-purchase analysis before you buy investments to fund your employee and executive benefits plans. How is this best done? In Episode 61 of the CUES Podcast, Greg Smyth gives insights and guidance.
Are you hoarding talent?
Talent hoarding is prevalent and detrimental. According to a survey, more than 50 percent of managers admitted they keep their team members from growing and advancing—for a variety of reasons. Unfortunately, this practice can cause lowered staff morale and engagement, increased turnover, and a lessened ability to do internal recruiting. As my guest on the CUES Podcast Episode 60, Annette Matthies, founder/CEO of Aspen Edge Consulting, explains how to tell if you are hoarding talent.
In the interest of interchange, plus . . .
The Kroger grocery chain is poised to expand its ban on Visa credit cards: 21 supermarkets and five gas stations in California no longer will accept Visa credit cards starting Aug. 14. And Mastercard may be the next card to be rejected. Why? The issue is the level of fees Kroger has to pay Visa. Players in the payments marketplace are clearly duking it out to maximize the income they receive.
Loan Zone: How to drive auto loans forward
Toby Hayes and his family were shopping for a new car a few months back. “We went to a dealership and never said anything about being a member of or working at SAFE Federal Credit Union,” explains Hayes, VP/marketing for the $1 billion CU in Sumter, S.C. “As we were picking out a car and finalizing the details, the finance guy came to me and said, ‘We’ve got a great deal for you, and it’s with SAFE Federal Credit Union.
Be prepared to pivot from your first decision
How exactly does Enron make money? That was the gist of the big question reporter and writer Bethany McClean asked then Enron-CEO Jeff Skilling during what was perhaps the biggest interview of her career as a business writer. Based on her study of the company’s financials, McClean thought something seemed off in the company’s stock value. Of course, it wasn’t too long after that that the company went under and the leadership team and board were investigated for wrongdoing.
Work on the big stuff first - CUInsight
As the daughter of a soil scientist, I listened up when Heidi Macpherson, Ph.D., started talking about filling a jar with rocks and sand.
Meet George, the unlikely mentor - CUInsight
When Heidi Macpherson, Ph.D., was working at a college in the United Kingdom, she had a colleague named George who had something of a Dr. Jekyll/Mr. Hyde thing going.
Thankful, encouraged, inspired, powerful, giddy, connected, honored and proud - CUInsight
“I sit here, trying to put into words my experience with Next Top Credit Union Exec and the CEO/Executive Team Network conference,” wrote Shannon Cahoon, the winner of last year’s challenge, in a blog post shortly after the culminating event.
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