With all the craziness going on with the banks, fewer and fewer are providing mortgage and home-equity loans; but, as I understand it, credit unions still have plenty of money to lend to prospective homebuyers.
I actually saw a commercial from my own credit union recently and even though it was a little weird…its star is a penguin hand puppet…. It’s good to see they are trying to get the word out.
But where is everyone else?
The loan files at BECU are empty, in fact, for the past year, they have been non-existent.
Washington’s largest credit union began offering members the state’s first “paperless” mortgage about a year ago and the program has been a remarkable success.
Last month Joe Brancucci, executive vice president and chief lending officer at $8.5 billion Boeing Employees Credit Union filled an ACUMA (American Credit Union Mortgage Association) audience in on details about how BECU pioneered an entirely paperless mortgage experience. Read the rest of this entry »
When I walk into my credit union—- USE Credit Union—- I am always greeted by name, but these days I am also asked how my life is going.
The folks at my CU genuinely care and don’t judge me by my dwindling savings account because they get it. The economy is in the tank and their members are hurting, but they know what they stand for.
In 1935, when credit unions were helping Americans through the Great Depression, the treasurer of a Midwestern Credit Union said that credit unions were “not for profit, not for charity, but for service,” and that philosophy holds true today.
A budget impasse in late June prompted California Gov. Arnold Schwarzenegger to threaten to cut state workers’ pay to the federal minimum of $6.55 per hour - not nearly enough to get by in the hi-rent Golden State. Around that time, though, a notice appeared on the door of my credit union, which serves state workers as a primary SEG. The notice offered help in the form of low-interest loans in case Schwarzenegger came through with his threat. He didn’t, but how many state workers with accounts at banks had that peace of mind? Read the rest of this entry »
Hiring great people and prioritizing. We focused on reducing operating expenses and cleaning up the loan portfolio. Since taking the helm our team has worked together to cut the equivalent of $12 million a year in waste. In the first 18 months, Keith Rountree, our VP of Lending, and his team reduced annual loan losses from $4 million to $1 million.
We have a very talented and dedicated group of executives and managers here that know how to get results. Those savings are now passed on to our members making us one of the top performing credit unions in the nation for member returns.
Credit union CEO compensation rose at a faster pace than chief executive pay at other industries last year. The gains also outpaced inflation.
Specifically, average CEO salary plus bonus increased 8.59 percent, according to the 2007 CUES Executive Compensation Survey.
So what? Read the rest of this entry »
Common sense and research tell us that credit unions and CUSOs should put time and effort into newly placed executives, preparing them so they hit the ground running from day one. That’s where a comprehensive process called ‘onboarding’ comes in.
“It’s a relatively new word and concept,” said Mark Elliott, founder and CEO of PowerStart Onboarding. “You’re not teaching them how to do the job, but research shows that new leaders, even those with years of experience, face many challenges that can slow or derail their progress. Those first few months on the job have a disproportionate impact on the new leader’s success or failure.” Read the rest of this entry »
Beyond “assimilation” an onboarding process should focus on accelerating the new person’s contribution and impact. My Onboarding Process is for (both recruited and promoted managers and leaders) and is designed to provide four months or more of support and the leadership skills to help the new leader effectively navigate the organizational hazards and challenges that are common to all onboarding situations. In other words, it provides a roadmap for rapid and successful assimilation. It has a performance focus that tracks targeted objectives and a leadership development focus that assures the new leader uses best practice approaches and well-developed ‘emotional intelligence’ in achieving those objectives.
What do you do after 38 years in the credit union business and 22 years as president/CEO of $900 million Orange County’s Credit Union?
If you’re Judy McCartney, you hire a financial planner, relocate to a new city and purchase tickets to exotic destinations.
During her tenure, McCartney helped others grow and contribute to the credit union industry. She was a pioneer in her field, serving a Hispanic membership long before it was the ‘cool thing to do’; and, under her guidance, OCCU paid a monthly bonus to Spanish-speaking associates for a decade. Another accomplishment of McCartney’s was being a textbook editor for a finance course, used at a local college. She convinced the editors to replace the word “bank” with “financial institution.” Read the rest of this entry »
OMA: You first came on board at Orange County’s Credit Union as a VP in 1982, and retired as President and CEO earlier this year. What are some of the most significant changes you saw during your 26 years at OCCU?
JM: The addition of money market accounts, credit cards, CUSOs, expanded fields of membership, real estate loans and securitization of those mortgages, overdraft loans for checking accounts, IRAs, ATMs, ATMs moving online, shared ATM networks and shared branching.
OMA: Baby Boomer CEOs are nearing retirement age. What are the best ways credit unions can find new leaders? Read the rest of this entry »