Maximizing Income in an Uncertain World

In 2019 and early 2020, the US economy was doing well. Then in a matter of weeks, COVID-19 appeared out of the blue. The pandemic health crisis morphed into an economic crisis to only then morph into a financial crisis. Backed by massive monetary and fiscal support, America is now in recovering mode. We all hope for a speedy “V”-shaped recovery, but is this realistic? Is the economic recovery real and durable? What happens if COVID-19 returns? Will a vaccine be available soon? Will companies rehire all those that have been laid off? Will consumer confidence return to pre-crisis levels or will Americans turn frugal? And what are the consequences of these experimental monetary policies? Will we experience inflation or stagflation? Will rates rise or decline?

In this session, Tom will provide an overview of the economy, markets and discuss what’s in store as we move into 2021.

Culture + Accountability = Success

On Tuesday, July 10, 2018 at 6:45 p.m., the entire staff of Community Choice Credit Union convened at an old junior high school. This ‘Back to School’ gathering was built on the book, “Oh, the Places You’ll Go!” by Dr. Seuss. It was a celebration and a chance to learn where their culture was headed and where it may take them. If culture change requires a movement, Community Choice was moving. Of all the places they could go, they could not have foreseen a pandemic, disbursed staff, core outage, digital banking outage, potential data breach all within days of one another...enter March 2020. How did they recover? What happened to staff morale? What happed to culture? Did business stall? Join Josh and perhaps you’ll gain just one takeaway to help your CU grow, one idea you can use for all the places you’ll go.

Innovation Leads to Growth...Growth Breeds Opportunity

Local Government Federal Credit Union (LGFCU) was chartered in 1983 with the support of State Employees’ Credit Union. Almost 40 years later, this is still one of the most innovative partnerships in our industry. Today, LGFCU serves more than 360,000 members, with $2.6 billion in assets. In 2018, they sponsored the start of Civic Federal Credit Union to kick off the next evolution of financial services. Continuing the focus on local government employees, Civic is the first all-digital de novo credit union serving consumers and small businesses. Both Civic and LGFCU are committed to building stronger communities in North Carolina.

Mark Caverly will discuss the evolution of LGFCU and what led to the decision to charter a new credit union. Dwayne Naylor will talk about the challenges and opportunities of starting a new credit union, focusing on niche products and services in a digital environment.

No Margin, No Mission...A Case of CUSOs

Paul has conversations with a variety of credit unions at all asset levels. It would seem there is this pre-defined notion that there is a certain asset size or preferred member demographic where it makes sense to get involved with a CUSO. One of the primary intents of this presentation is to remove that myth. The reality is that the function of a CUSO (Credit Union Service Organization) is to provide additional ways to increase noninterest income and help level the playing field a bit as it relates to our distant cousin, the commercial bank. This is one area where we can work smarter and not harder- with thoughtful collaboration and focused execution. In this interactive and dynamic session, Paul will share examples of what his credit union is doing in this space. He will define the why of the CUSO, the problems it is meant to solve and how their CUSO was taken to market. Bring your questions, ideas and be ready to collaborate!

MSUFCU Labs: Fostering Innovation Across the Organization

Hear how MSUFCU, a nearly $5 Billion asset size credit union serving over 290,000 members, has formalized the innovation process across their organization from pilot programs to full scale strategic projects. The discussion will review the framework MSUFCU is utilizing to gather member data and research to build new products and services; engage Fintechs for pilot programs; create internal innovation project teams; and to report their results to create long-term business solutions. Projects range from AI Chatbots to video banking to savings tools and more. Gain ideas on how to create an internal culture of innovation within your organization.

Strategies to Survive and Thrive Through Collaboration

The pandemic lockdown caused the worst economic slide since the great depression. Despite trillions in stimulus, unemployment claims have been at an all-time high. Many businesses struggle to stay afloat. Credit unions have processed volumes of requests for loan deferments, some of which will lead to delinquencies and further stress capital. For many, the prospects of not having the required scale to compete in this environment could be looking bleak. However, mergers may not be the only answer. For the cooperative movement, more than ever now, Shared Services offer an alternative to continue to keep separate entities, brand, and members. Vim will discuss alternatives to mergers and how to use Shared Services to create competitive advantages, particularly when navigating during these troubled times.