By Donya Parrish, MCU VP–Risk Management
CUNA’s Small Credit Union Committee just released a report on The State of Small Credit Unions Today. Even if you are not a credit union with less than $100M in assets (their definition of “small”), the information in it is valuable and presented in a way that easily shows why small credit unions continue to be important to our credit union movement.
One of the ideas in the report that especially resonated with me is the suggestion that collaboration with others can lead to strength for all. It’s no secret that credit unions help each other more than our banking counterparts would ever consider. In this post-pandemic era, there might be even more room to explore creative and forward-thinking synergies.
Perhaps the best place to start is to realize that large and small credit unions need each other and both bring something to the table in terms of how best to serve the consumers in your communities. My challenge to you is to reach out, start a conversation, and see what you can do.
I think most credit union boards would say they have needs and are not sure where to start with them, other than to ask their own CEO/manager. Here are just a few ideas:
- Ask another credit union’s CFO to provide you with some financial literacy training
- Discuss ways to approach potential board and supervisory committee members
- Have a past chair talk to your newly appointed chair about the role and lessons they learned during their tenure
- Find out what other credit unions include on a consent agenda or in reports that might assist in board meeting efficiency
- Collaborate for some training on community needs and changes
There are many other areas where a little help and discussion can lead to more success. Keep in mind that most small credit unions have a few individuals wearing multiple hats, so just offering a little time with a specialized employee may provide a big boost for them. I am excited that we have such a robust credit union movement in Montana and can’t wait to hear how you use this little nudge to make a difference — that is — a #CUDifference!