Mark Arnold
West Alton
Out by the Rivers
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Articles by Mark Arnold
Stop the 35% Byron Shire Rate Hike – Demand Fair Spending and Wage Accountability!
The issue To the Councillors and General Manager of Byron Shire Council, and the Independent Pricing and Regulatory Tribunal (IPART): Byron Shire Council is proposing a massive, compounded 35.03% Special Rate Variation (SRV) over three years. During a severe cost-of-living crisis, this financial burden is unacceptable—especially when community funds are not being managed fairly or efficiently.
I recently wrote an article discussing what culture is and how the sort of culture that leaves a legacy is one built by those on the frontlines. And shortly after, I had the opportunity to hear about one of these cultures firsthand. Tucson Federal Credit Union (TFCU) recently gave $100,000 to various nonprofits in its communities … as decided by employee vote.
The compound effect of marketing
Working in credit unions, you all know and understand the compound effect of interest. Most credit unions even teach that key principle in financial education workshops. Your principal and your money grow exponentially over time. The same effect holds true for marketing: the more you consistently market, the more exponential growth you experience.
When your strategic plan needs to change
In the dynamic world of business, changing your strategic plan is not a matter of if, but when. The challenge lies not in recognizing the need for change, but in identifying precisely what needs to change and why. Through years of experience in strategic planning, I have developed what I call the Smart Strategy framework—a simple system that breaks strategy down into distinct, manageable parts. This systematic approach also enables diagnosing and adapting strategic plans when they need adjustment.
The evolution of checking accounts
Checking accounts and other banking methods have been around for a very long time and the world has certainly learned effective ways to save, manage, and use money. There’s no question that checking accounts have evolved immensely from their beginnings as a safe place to store coins and jewels to the digital platforms that we know today. But with shifts in digital transformations, member expectations, and tightening margins, credit unions must continue to rethink the role of the checking account.
How credit unions can build cultural compatibility with members hesitant about the banking system
For many immigrants and refugees in the United States, fears of financial institutions stem from experiences in their home countries. Political instability, economic crises, or corruption may have eroded trust in banks, leading to cash-based lifestyles. For credit unions, which pride themselves on being community-driven and member-focused, understanding these cultural nuances is essential to earning the trust of these communities and driving product adoption.
Seven questions to ask during the last seven weeks of the year
Can you feel it? The pace is slowing down—PTO requests are coming in, and the hustle of the year’s initiatives is easing up. For credit union leaders, it’s the perfect moment to take stock, reflect and set the stage for a purposeful new year. Here are seven pivotal questions to ask yourself as you start to wind down the year: Do we know where we’re going? Closing out one year should come with a clear vision of the next. What’s on your credit union’s list for 2025?
Four credit union marketing myths
Bigfoot is real. The Loch Ness Monster exists. Elvis is alive. Just ask any conspiracy theorist. While many people acknowledge those myths are pure folklore…they still exist today. You might even see some people running around as Bigfoot or Elvis this Halloween night. Marketing myths also exist today. Everyone thinks they’re a marketing expert, and that results in many falsehoods about that key area.
How to help your bank or credit union finish 2024 strong
“It’s not how you start, it’s how you finish.” That much-used quote from author Jim George is a great principle to keep in mind when running your credit union or community bank. No matter if your financial institution had a fast or slow start to the year, you still need to finish 2024 strong. As the poet Henry Wadsworth Longfellow said: “Great is the art of beginning, but greater is the art of ending.” So, how do you end 2024 strong? How can you finish on a high note during the next few months?
Five ways to improve your credit union brand today
In today’s fast-paced culture, people are always looking for quick ways to improve. Fast diet plans and pills guarantee you can drop 20 pounds in two weeks. Quick exercise regimens offer ways you can move from the couch to a 5K in a month. It’s often the same way with branding…institutions want quick fixes. The challenge, however, is that branding is a long-term play. It’s certainly not an overnight process.
Are your credit unions really who they say they are?
In a now infamous rant, Dennis Green – former coach of the Arizona Cardinals – once said after a game, “They are what we thought they were.” And one of legendary coach Bill Parcells’ most famous quotes is: “You are what you are.” I was reminded of those lines recently when, after presenting a marketing audit report to one of our clients, the CEO said, “We’re not as good at service as we think.” He was referencing the mystery shop portion of the audit.
Antelopes and lions in credit union leadership training
Community financial institution leaders should always be on the move. Learning new things. Tackling new challenges. Growing, growing, growing. Because if you’re not growing…you’re stagnating. Like the antelope and lion in the proverb, you must run! But what’s the difference between the antelope and lion in bank and credit union leadership training? It might seem like the antelope is weaker since it “runs away,” but that’s not necessarily the case. Each leadership style has its strengths and weaknesses.
Credit union strategic planning sessions need “10% comments”
Successful credit union strategic planning sessions require a number of things. The right environment (going off-site always helps). The right people (mix of executives and board members). The right facilitator (yes, I’m biased on that point). But one often overlooked aspect of strategic planning is having the right level of honesty. Participants need to share the truth about the organization. The entire truth. And in some cases … the unvarnished truth. The challenge?
Stop training your credit union leaders
What? Stop training leaders? You might be saying, “That’s it…they’ve finally lost their marbles.” But don’t tune out just yet! You should stop “training,” but don’t stop building your leadership bench. Reframe how you think about developing people. It’s more than holding organizational hype sessions or learning a skill or two here and there. It’s more than using a digital system to click through modules. It’s about real, gradual growth.
The ABCs of a great credit union website
Some things in life—like walking, talking, and reading—are foundational. One of the first things you teach young children are their ABCs. And one of the foundational elements of any credit union is its website. The website is even more foundational than physical branches at this point. The website is now the front porch. The first impression. The place members visit the most. It is also one of your most important marketing channels. If your website is so foundational, what are its ABCs?
Targeting Star Wars personas with your credit union marketing
Understanding your market and targeting the right people is key to success. You can’t be all things to all people, so you must limit your scope and focus on consumers receptive to your message. Personas are incredibly helpful when narrowing down your niches. According to Ardath Albee, a persona is “a composite sketch of a key segment of your audience.” Of course, real personas require market research and core data analysis to ensure these sketches are true to your unique consumer base.
More Americans are reaching retirement age than ever — and they’re not ready - CUInsight
In the next few years, more Americans than ever will reach the traditional retirement age of 65. A study commissioned by the Retirement Income Institute and the Alliance for Lifetime Income found nearly two-thirds of those approaching retirement age are unprepared and will struggle to meet their financial needs. It noted wide disparities in retirement security based on gender, ethnicity and education.
ICBA: Credit union-bank deals are dangerous and harmful
The nation’s community banks have seized on the recently announced purchase of a bank by Houston’s largest credit union to renew their demand that Congress act “on this dangerous and harmful trend.” Texas Dow Employees Credit Union (TDECU), Houston’s largest credit union, announced on April 30 that it was purchasing Sabine State Bank and Trust Company, a Louisiana bank. When the transaction closes next year, the combined institution will have about $6 billion in assets and 471,000 Members.
Our employees won't leave and we don't know why
Strong employee retention is a hallmark of a thriving company culture. Fostering transparency, collaboration, and a sense of community can keep staff loyalty strong for decades. How can leaders replicate this success in their own organizations by building more than just a workplace, but a community?
Tales from NACUSO: Finding tech solutions that work for members and staff
As a credit union, your mission is to transform lives by creating trust and a solid financial foundation for growth. Members look to you for guidance to simplify and enhance their financial lives. However, you often find yourself grappling with tech solutions that, instead of easing your workload, lead to hours spent on the phone seeking solutions and widespread frustration.
This week: America’s Credit Unions’ advocacy on regulatory hot topics ramps up
This week, America’s Credit Unions will continue to relentlessly advocate on behalf of credit unions as several hot topics will be discussed on the Hill and at regulatory agencies.
The CUInsight Network podcast: Credit union websites - PixelSpoke
Thank you for tuning in to The CUInsight Network, with your host, Lauren Culp, President & CEO of CUInsight. 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 guests on today’s show are Katie Stone, CEO & Co-owner at PixelSpoke, and Dave Drouin President & Co-owner at PixelSpoke.
Expanding reach and attracting new members: How credit cards can benefit credit unions
In 2023, American credit card debt broke records, increasing beyond $1 trillion (Boston Fed). As cardholders deal with increasing levels of debt, many are looking for more cost-effective options. This presents an opportunity for credit unions to expand their reach by offering and promoting a cost-effective, member-first credit program. Credit cards continue to be a popular payment choice for Americans, making them an important part of any credit union’s portfolio.
When it comes to your credit union marketing: Stop, drop and roll
Is your credit union’s marketing on fire? While that is somewhat of a rhetorical question, you can answer “yes” in a positive or negative way. Yes (positive)—it’s on fire because you are seeing hot returns. Or yes (negative)—it’s so bad your credit union’s growth is burning away. When it comes to fire safety measures, you are taught at a young age to stop, drop and roll. When it comes to your marketing, you need to stop, drop and roll as well. It’s a simple technique that yields powerful results.
Space Coast CU Scores Major Brand Presence Boost With Miami Dolphins Deal
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.
Credit union strategic planning isn’t just a day on the calendar
Many institutions are submitting consultation requests for community bank and credit union strategic planning sessions this fall. As dates fill up, the conversations become increasingly centered around the calendar…what dates work and what dates don’t. And a date is necessary to have the session, but the session is not about the date. Too often, community financial institutions treat strategic planning as just a day on the calendar. But it’s a process. You must build a plan you actually use.
Transparency key to healthy credit union movement
Credit unions are financial cooperatives, mutually owned by their members. They are a special kind of financial institution organized and operated for the benefit of their membership. This unique structure is different from for-profit corporations which typically fall into categories of public company or privately held companies. According to Investopedia, an aspect of private company status is privacy.
We’ve discovered a treasure map that leads to the golden years
If you are looking for members with high deposit value and aren’t rate sensitive when borrowing, lthen you should be prioritizing your retiring members. That’s the message that our sponsored guest Rhian Horgan, President and CEO, Silvur, wants you to hear. In this episode, we discuss why retirees are often underserved and provide a contemporary blueprint for helping your members retire with peace of mind.
Don’t let your community financial institution get eclipsed!
On April 8, 2024, a total solar eclipse was visible in parts of the United States. The eclipse clocked in at just over four minutes, but some local governments declared disaster declarations due to the unusual influx of people. This incredible event “eclipsed” work, school and more in areas that experienced it. There’s an eclipse problem among community financial institutions too…and it’s not caused by solar phenomena.
Navigating the U.S. housing affordability crisis
The aspiration of homeownership has been deeply ingrained in the fabric of American culture. However, for millennials and Gen Z, this aspiration can be frightening with the harsh realities of housing affordability. As rent continues to rise and home prices reach unprecedented heights, younger generations find themselves struggling with the prospect of owning a home.
Ditch your SWOT and replace it with this
Tradition says that strategy starts with your SWOT analysis. What are the Strengths, Weaknesses, Opportunities, and Threats to your credit union strategy? The longer you have used the SWOT analysis as the basis for your credit union strategic plan, the less helpful it will be to building your strategy as most SWOT analyses don’t change much from year to year. A little history before I share my recommendation.
5 delinquent borrower objections (and how to overcome them)
When it comes to paying bills, some people have a million excuses (both valid and invalid) for skirting their obligations. Unfortunately, lenders constantly deal with borrowers’ excuses when it comes time to pay up. Here’s some guidance for responding to common collections objections and recouping the money you’re rightfully owed. Claiming a debt doesn’t exist is a common response to a collections call, and it could be that the borrower truly does not recall the debt.
This week: Congress back in session; NCUA hosts webinar, releases board meeting agenda
Congress returns to Washington after a two-week recess, and America’s Credit Unions remains engaged with lawmakers to advance credit union priorities. The House Financial Services Committee will hold a hearing Wednesday to discuss the U.S. Securities and Exchange Commission’s climate rule. Additionally, the Senate Banking Committee will hold also hold a hearing Wednesday on the Treasury’s work to counter illicit finance, terrorism, and sanction evasion.
The CUInsight Network podcast: Growth engine - Cotribute
Thank you for tuning in to The CUInsight Network, with your host, Lauren Culp, President & CEO of CUInsight. 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 Philip Paul, CEO & Founder at Cotribute. Philip shares what inspired him to address business concerns through technology.
Creating, measuring, and maximizing impact from financial education
Publisher’s Note: CUInsight is hosting a free webinar Wednesday, April 17, “Maximizing ROI: A Deep Dive into Financial Education”. We hope you’ll join us! Register here. Each Financial Literacy Month, we highlight the importance of credit unions investing in financial education programs for their members and wider communities, not just during April but all year long.
The employee = the experience
We all love formulas. Here’s a good one: Your Employees = Your Brand = Your Experience I’m no math expert, but we could even shorten the formula to: Your Employees = Your Experience One bad experience with an employee will destroy years of great branding you’ve done. People often don’t talk about brands; they talk about their experiences with brands. While marketing may be the public face of the brand, it’s your staff who lives it.
Unleash the power of storytelling: How video can amplify your credit union's mission
Every credit union has an interesting story to tell. No matter where they are based, whom they serve, or how they frame their purpose. These stories matter to your communities and they resonate in particular with younger audiences.
How to create the right curriculum for your managers’ learning
At CUES we’ve been talking a lot lately about the pressure credit union managers feel between the performance focus of leadership and the day-to-day needs of their direct reports. We’ve considered how managers’ development is often overlooked, especially when high-performing individual contributors are promoted to management but not trained in the success skills required for that new role. We’ve also discussed approaches to offering development today managers.
You’ve reached a number that has been disconnected or is no longer in service
Picture this, credit union peeps! You’re meeting with leaders to discuss upcoming events, issues, and strategies. Then, something pops up that sparks these conversations. But before you move forward, let me say this: The following scenarios are fictional and do not depict any actual person or event. Any resemblance to your leadership team implied or otherwise, is purely coincidental. Leader 1: Who in the world would use buy now pay later for groceries at Walmart?
Bipartisan letter questions impact of Fed interchange proposal
The Federal Reserve’s debit interchange proposal could undermine recent progress in bringing low- and moderate-income (LMI) consumers into the financial services system, a bipartisan group of representatives wrote Federal Reserve Chair Jerome Powell this week. The letter comes after strong credit union opposition to the proposal, and a credit union-backed bill was introduced this week to delay the rule until its implementation can be studied.
Consumer Reports blasts credit unions for overdraft income
Consumer Reports, which frequently recommends credit unions over banks, appears to be having second thoughts, citing a California report that credit unions are charging higher overdraft fees than banks. That’s not the only problem the consumer group and publication has with credit unions.
Where corporate growth and community impact collide
You can’t drive a car by pressing both pedals at once, and it doesn’t work if you only use one pedal and not the other — you need both to drive safely and effectively. In the business world, that means you have to have one foot in the present and one in the future if you want to successfully navigate transitions and transformations without losing core cultural company values. Nathan Cox, CEO of InRoads Credit Union, learned that fact as he stepped into the role of CEO this past year.
Keeping up with the cost of living
A weekly trip to the supermarket can set you back about $270 for a family of two and about $331 for families with children. That’s more than $1,000 per month. And high housing costs — whether you own or rent your home — is rubbing salt in the wound. While inflation accounts for the gradual increase in prices for goods and services, cost of living is more like a snapshot of the current prices.
Give your 10% during credit union strategic planning
What’s holding you back during your community bank or credit union strategic planning session? Not strategically (although that’s important, of course). Personally. Are you sharing everything you’re thinking? Probably not. Fear of humiliation, anxiety about looking dumb or flat out fatigue often keep participants from sharing their completely honest thoughts. In other words, leaders offer only 90% of their views. It’s time to break free of whatever restrains you from sharing ideas.
Credit union brand lessons (inspired by the GAC)
The GAC is one of the biggest events in the credit union industry. It inspires passion and innovation, drawing credit union leaders from all across the country to experience it. Everyone’s there. “Are you going to the GAC?” is a pretty common question this time of year. So, it’s unsurprising that it holds excellent credit union brand lessons. But do those lessons come home with you? Too often, leaders get a “conference high” only to lose the zeal once their feet touch home territory.
The CUInsight Network podcast: Strategy work - On The Mark Strategies
Thank you for tuning in to The CUInsight Network, with your host, Lauren Culp, President & CEO of CUInsight. 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 Shawn Temple, Strategy Director at On The Mark Strategies. Shawn shares his career journey in credit unions that led him to his current role.
Killing a campaign too early? You’re getting away with murder.
Most brands dream of standing the test of time. Few achieve it. In 2022, Coinbase made waves with a Super Bowl ad that featured nothing but a bouncing QR code linking to their website. In a single minute, they received visits to their landing page. But, just as soon as the spot appeared, it vanished from the airwaves. Others are in it for the long haul. Hershey has run the same exact “Christmas Bells” spot since 1989. The ad is a staple of the holiday season.
Assertive lending strategies for aggressive growth in 2024 & beyond
Consumer credit outstanding topped a record-breaking $5 trillion in November of 2023, putting growth at a 5.7% annual rate—the biggest gain since November 2022. Nonrevolving credit, including auto loans, increased at a 1.5% rate. To keep pace with the quickly evolving landscape, credit unions, community banks, and regional banks may feel like they’re doing a tightrope walk.
Nussle meets with credit union supporters on Capitol Hill
America’s Credit Unions President/CEO Jim Nussle met with several credit union supporters on Capitol Hill Wednesday, including Reps. Scott Fitzgerald, R-Wis., and Brian Fitzpatrick, R-Pa. Both members have introduced credit union supported legislation this year. Fitzgerald, along with Reps. Juan Vargas, D-Calif., Young Kim, R-Calif., and Brad Sherman, D-Calif., introduced the Expanding Access to Lending Options Act (H.R. 6933) in January.
A simple credit card lesson from a shark (or dragon)
Confused yet? I’m talking about one of the sharks from the TV show Shark Tank, Kevin O’Leary to be specific (Also previously a dragon on the Canadian version, Dragons’ Den). The Canadian businessman, investor, journalist, and TV personality known also as Mr. Wonderful is someone you’re all probably familiar with. In this digital era we live in, it seems like there’s always a slight risk that a hacker somewhere is looking to steal your credit card information.
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