A Direct Line Blog

By Donya Parrish, MCU VP – Risk Management

Let’s face it, mergers across the credit union industry are continuing. This blog is not about offering my opinion on whether that is a positive or negative trend. Instead, I want to highlight some information that could be useful to you in your role as a CEO or as a board member.

In his article Credit Union Consolidation is Real: Don’t Panic, Plan with Purpose, author Jeffrey Paille notes, “It is worth reviewing why this trend continues and how your credit union might be positioned in relation to sustainability as an institution.”

His article goes on to discuss three of the main drivers of consolidation:

• Management and Succession Challenges
• Complacent Boards
• Lack of Purpose

Each is a full discussion of its own, and the article is insightful about how to take action now to focus on what you can control and keep your credit union in the driver’s seat on your future. I would urge you to provide Paille’s ideas to your board members, add them to your agenda for a strategic discussion, and be proactive about your own credit union’s future. Now, that is a future we can all get behind!