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Articles by Opal Tomashevska
Investment priorities change from executive to executive
One person’s vision of retirement may be quite different from another’s. As credit union leaders design executive benefits packages to attract and retain diverse talent, it’s important to keep this in mind. Gone are the days of one-size-fits-all retirement plans that fail to recognize the distinctive needs and preferences of individual executives. Modern retirement plans must be flexible and personalized, catering to the unique goals and aspirations of each leader.
DAKOTA CREDIT UNION ASSOCIATION
While passionate credit union advocates support people over profits philosophy, it can have some drawbacks for an executive’s own financial well-being. by Opal Tomashevska and Kwame Smith with TruStage Many of the executives who lead today’s credit unions have been in the industry for decades. As such, they are full-time, passionate advocates of the people-over-profits philosophy. This is a great thing for the membership, staff and community.
Untangling mental health: Why we dodge important talks
May symbolizes Mental Health Awareness Month, a time when society focuses on the profound importance of mental well-being. However, conversations about mental health should extend far beyond just thirty-one days. Every day, in every workplace, there’s a pressing need to cultivate an environment where employees feel empowered to share their mental health challenges.
CFPB and credit unions clash on fee income reporting and protections
The fight against overdraft and NSF fees has been a popular topic in the financial industry over the last few years, as the Biden Administration has worked to eliminate those it considers “junk fees” in the name of consumer protection. Opponents argue that financial institutions such as credit unions have relied on this income for too long and have reached near-predatory levels with the amount and frequency at which they charge.
Leveraging credit union leadership team strengths with working genius
Community bank and credit union leadership teams are incredibly diverse. Your leaders have a wide range of skillsets, interests and opinions. Certain executives might even seem like oil and water with each other – so far apart in leadership styles that it hurts the group. But those “oil and water” differences aren’t always a bad thing. In fact, they are strengths you must learn to leverage effectively. Patrick Lencioni’s Working Genius model teaches six types of “geniuses” make up the workflow.
Navigating vehicle insurance risks: A holistic approach for lenders
As a lender, it is imperative to proactively manage the risks associated with vehicle insurance to safeguard against uninsured collateral. The average premium exceeding $1,800 annually highlights the financial strain faced by borrowers, often resulting in lapsed insurance coverage. To address these challenges, a borrower-centric approach is essential. Many lenders are realizing the importance of adapting their strategies to address insurance lapses, total losses, repossessions, and delinquencies.
Don’t ask your bank customers if they’re happy. Watch what they do, instead.
Measuring customer satisfaction — the degree to which your customers are happy with the products and services your company provides—is a persistent challenge that seems only to get harder. Four recent perspectives summarized below put a fine point on it: The data we gather is increasingly unreliable or incomplete; and getting it right demands the kind of sophisticated digital infrastructure that most retail organizations, including banks, simply don’t have.
Former Democratic economic policy officials ask Congress to preserve CFPB funding
Thirty-two economic policy officials from the past two Democratic administrations are warning congressional leaders that an upcoming Supreme Court ruling on the Consumer Financial Protection Bureau’s funding mechanism could upend the entire financial regulatory system.
Purposeful Talent Development: How to develop a solid success structure for learning
Sometimes we set big learning goals—so big that they’re daunting. For example, how many credit union leaders do you know who’ve said, “My goal is to get promoted in two years” but never quite managed to do what it takes to get there? A technique I recommend for accomplishing big learning goals is to build a structure for learning that includes breaking down big goals into smaller, attractive ones.
This week: Congress returns, CDRLF grant round opens
Both chambers of Congress return to Washington, D.C., this week, and America’s Credit Unions will be engaged on several fronts to advance credit union priorities.
Helping members prepare for homeownership
Preparation is paramount for first-time homebuyers embarking on the journey of homeownership—especially for members in underserved populations and communities who may be the first in their families to purchase a home. Fortunately, credit unions are uniquely positioned to offer the extra attention and personal service that many first-time homebuyers require. But before they can do that, credit unions must ensure all members can get to that point in the first place.
Don’t let altruism become a setback to equitable executive benefits
Many of the executives who lead today’s credit unions have been in the industry for decades. As such, they are full-time, passionate advocates of the people-over-profits philosophy. This is a great thing for the membership, staff and community. It can, however, have some drawbacks for the executive’s own financial well-being. The fact of the matter is that traits like altruism and selflessness can stop an executive from asking for the compensation they really need or want.
DAKOTA CREDIT UNION ASSOCIATION
Trustage offers three mindful people practices to expand diversity on credit union boards and in upper management. by Opal Tomashevska and Kwame Smith Credit unions are making steady progress in the pursuit of greater diversity on boards and in C-suites. There is still room for improvement, of course, and it’s encouraging to see the many different leaders rolling up their sleeves to help credit union executives diversify their top talent.
Curate benefits for multicultural leadership
Broadening the perspectives of leadership is becoming a strengthening pillar of credit union growth strategy. Not only can a diverse C-suite attract a diverse employee and member base, it can also inject top-down ingenuity capable of earning the credit union actual dollars-and-cents benefits. More people of color are joining the C-suite and board-of-director ranks. Minority representation on credit union boards increased to 14.2% by 2021, according to a report from CU Collaborate.
Advance C-suite diversity with 3 mindful people practices
Credit unions are making steady progress in the pursuit of greater diversity on boards and in C-suites. There is still room for improvement, of course, and it’s encouraging to see the many different leaders rolling up their sleeves to help credit union executives diversify their top talent. Succession plans are becoming a popular area of focus for the experts who are collaborating with credit unions on diversity, equity and inclusion advancement. After all, executives and board volunteers move on.
Fair housing can enhance financial well-being
As National Fair Housing Month, April offers credit unions an opportunity to continue pushing affordable housing and equal opportunity initiatives forward. Homeownership is directly tied to a community’s well-being and helps cultivate wealth for families, making fair housing initiatives perfectly aligned with the mission of the credit union movement.
Seeing the People Behind the Data
Credit unions know the value of data. Leaders of these people-centric organizations are often reviewing the latest in consumer preferences and learning how to tailor products and services to serve members better. Research can tell us many things about how to approach consumers – what needs they have, how they are making decisions or what behaviors are changing. However, an important perspective that is often left out of the research is the human stories that make up the data.
Why a multicultural and multigenerational look at consumers matters
To be competitive and to live up to our founding principle of people helping people, multicultural business strategy isn’t optional. It’s essential. As our country continues to become increasingly diverse, understanding multicultural consumers – from product preferences and ownership to financial habits to consumer worries, hopes and dreams – is increasingly important.
Why Multicultural Business Strategy is Essential to All Credit Unions
Through a process of inquiry and reflection, you can learn about your current state and identify key business opportunities. by Opal Tomashevska, Director, Multicultural Business Strategy, CUNA Mutual Group As I talk with credit unions around the country, I’ve been able to engage with many in the movement around multicultural business strategy, and there is one message I repeat over and over.
Why multicultural business strategy is essential to all credit unions
As I talk with credit unions around the country, I’ve been able to engage with many in the movement around multicultural business strategy, and there is one message I repeat over and over. To be competitive and to live up to our founding principle of people helping people, multicultural business strategy isn’t optional. It’s essential.
The multicultural opportunity in financial advising
Diverse consumers look to credit unions for financial advice and guidance. People of color are drastically underrepresented when it comes to financial advising, both in advising and receiving these services. That means less access to the resources and systems that can make financial stability and generational wealth real. Diversity in financial advising has historically been challenging. But it doesn’t need to be.
The multicultural opportunity in financial advising
People of color are drastically underrepresented when it comes to financial advising, both in advising and receiving these services. That means less access to the resources and systems that can make financial stability and generational wealth real. Diversity in financial advising has historically been challenging. But it doesn’t need to be.
6 key differences drive multicultural consumer behavior
Over the past five years, multicultural consumers* have accounted for 100 percent of the U.S. population growth and 61 percent of credit union membership growth. As the population becomes increasingly diverse, understanding cultural differences might cause credit unions to reconsider their communication messages and product delivery channels.
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