At the end of every month or quarter, credit union finance professionals tackle the close process, or the preparation of the credit union’s financial statements for publication. It requires extensive research and reconciliation on the part of the finance team, and completing these tasks manually can be challenging. Nancy Wu, head of sales and customer support for SkyStem, says many credit unions experience pain points in their close processes. This is where automation tools can help to streamline the close process, removing inefficiencies and allowing teams to work more effectively together. For $551 million asset 121 Financial Credit Union in Jacksonville, Florida, implementing automation made the close process easier on the finance team. Chief financial officer Benjamin Munday says this led to smarter ways of working, improved morale, and happier team members. In this episode of the CUNA News Podcast, sponsored by SkyStem, Wu and Munday share best practices for identifying an automation solution that fits your credit union’s needs, getting employees on board with new tools and processes, and working through potential challenges like the coronavirus pandemic.

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Jim Nussle and Gigi Hyland on financial well-being

Max Michieli remembers the moment he realized the shocking amount of single-use plastic being produced, a realization that ignited his passion to develop a payment card that limited the amount of new plastic used in production. Michieli, director of new card development and sustainability products at CPI Card Group, was visiting with a supply chain partner CPI Card Group was working with on its new eco-focused payment card solution. He recalls seeing plastic fly off the production line at a rate of one mile of plastic film every five minutes and learning that this warehouse—which was nearly 50,000 square feet with 23-foot ceilings—turned over all this single use plastic each month. “My stomach churned at the thought of all this plastic being thrown away just seconds after it was consumed,” Michieli says. “That’s the moment I realized the impact not only of the problem that we were trying to solve, but of the solution we have to offer.” The solution CPI Card Group came up with was integrating upcycled, recovered ocean-bound plastic into the production of payment cards, in an attempt to use and divert plastic that would typically end up in oceans, shorelines, and waterways. While there were hurdles to overcome, Michieli says it was worth the effort. “I feel like we’re changing the industry,” Michieli says. “The suppliers were, quite frankly, nervous and reluctant to start running eco-focused materials, but I think once you engage them and walk with them through the process, it’s a very compelling argument to say that we can make sustainable business decisions and not sacrifice on quality.” In this episode of the CUNA News Podcast, sponsored by CPI Card Group, Michieli discusses eco-focused card solutions, the process of developing these cards, and what benefits offering a more, sustainable card solution has for credit unions.

Samira Salem on DEI

High employee turnover is a common and challenging problem for many credit union contact centers, often harming member service and raising operational costs. While many reasons exist for high turnover, the best way to address this issue is to focus on culture, according to Terri Panhans, vice president of contact center solutions, and Tracy Gudmundson, vice president of contact center operations, for Harland Clarke. This episode of the CUNA News Podcast, sponsored by Harland Clarke, examines the reasons for high contact center turnover, why culture is so important, the components of a healthy culture, and more.

Empathy as a differentiator

As populations that constitute credit union members and employees become more diverse, it’s important to understand what diversity, equity, and inclusion, or DEI, mean for the movement. In June, CUNA held a Diversity, Equity, and Inclusion eSchool to explain what DEI is, why it matters for credit unions, and how DEI practices can be implemented. CUNA News editors provided coverage of the DEI eSchool to help credit unions start conversations and consider actions they can take to incorporate DEI principles. This week on the podcast, CUNA News presents audio versions of three DEI-focused stories to come out of the eSchool. The CUNA News team will continue to follow ongoing conversations about diversity, equity, and inclusion. CUNA is also a founding organization of the CU DEI Collective, a group devoted to furthering DEI within the credit union movement.

Editors present DEI stories

Much like the rest of the country, the credit union movement is engaged in crucial conversations about understanding structural racism, advancing social justice, and prioritizing diversity, equity, and inclusion. Leading many of these discussions is the African American Credit Union Coalition, or AACUC. In June, the AACUC launched Commitment to Change: Credit Unions Unite Against Racism. This initiative focuses on unification, education, conversations, and investments that will move the credit union movement into a future where diversity, equity, and inclusion can thrive. In this episode, guest host Lauren Williams, CUNA's media relations manager, speaks with Renee Sattiewhite, president and CEO of AACUC. They discuss the philosophy behind the Commitment to Change initiative, how credit unions can support communities of color, advice for allies, and more.

Renée Sattiewhite on the Commitment to Change

Dan Stoltz follows a “net giver” leadership philosophy, which emphasizes that life is about giving rather than getting. That focus on serving others has provided a framework for success at SPIRE Credit Union, where Stoltz is president/CEO. When Stoltz took over SPIRE in 2010, the credit union had lost $13 million and its future was uncertain. In Dan’s first four years as CEO, SPIRE doubled its equity, and then began a period of unprecedented growth. SPIRE’s net income of $9 million in 2019 was an all-time high; the best year in the credit union’s 86-year history. Earlier this year Stoltz was named the 2020 Most Admired CEO by the Minneapolis/St. Paul Business Journal. In this podcast, Dan discusses how SPIRE is navigating the COVID crisis and the importance of maintaining a vital voice in the wake of civil unrest locally.

Dan Stoltz: Leadership through giving

With decisions being made that impact credit union operations as well as employee health and safety, human resources (HR) professionals know how critical their role is during the coronavirus (COVID-19) pandemic. It exemplifies why HR professionals need to take a holistic approach and ensure the department continues to have a “human touch.” Nikki Badje, vice president of HR at $1.2 billion asset TruWest Credit Union in Tempe, Ariz., and Nate Brock, director of HR at $140 million asset LincOne Federal Credit Union in Lincoln, Neb., joined the CUNA News Podcast to talk about how to keep a human element within HR, especially during challenging times. The CUNA HR & Organizational Development Council named Badje the 2020 Professional of the Year and Brock the 2020 Rising Star during its virtual membership meeting June 30.

The human side of HR

Until recently, business continuity plans focused primarily on natural disasters and cyber events. That changed quickly with the onset of the coronavirus outbreak and protests over the murder of George Floyd, which require credit unions to address a host of new issues, business continuity experts say. This episode of the CUNA News Podcast features a conversation with two business continuity experts from Quantivate: Andrea Tolentino, principal solutions architect, and Linda Carlson, solutions consultant. Quantivate is the technology provider for the Credit Union Compliance Management System and the provider of several modules that integrate with the platform, including a business continuity module. Plus, Brad Brown, vice president of enterprise risk management and security officer for $182 million asset Service One Credit Union in Bowling Green, Ky., explains the credit union’s collaborative approach to business continuity, how its business continuity efforts shifted during the pandemic, best practices, and more.

Business continuity best practices

Credit unions don’t necessarily need to offer special loan products or pride-themed debit cards in order to effectively serve LGBTQ members. It’s the little things, such as making them feel special and welcome at the branch and letting them know the credit union cares for and respects them that make the biggest impact. “That’s just another part of the secret sauce to your credit union,” says Linda Bodie, CEO of $55 million asset Element Federal Credit Union in Charleston, W.V., and one of the co-founders of CU Pride. “Make sure your members know that you care about them and that they’re treated with respect.” In this episode of the CUNA News Podcast, Bodie talks about how credit unions can find that “secret sauce” and serve members of the LGBTQ community and what Element Federal does. She also discussed CU Pride, an organization that advocates for the LGBTQ community in the credit union movement.

Linda Bodie on serving the LGBTQ community

While Pride Month has a different look this year due to the coronavirus (COVID-19) pandemic, Alternatives Federal Credit Union in Ithaca, N.Y., is maintaining its focus on strengthening community partnerships that make the LGBTQ community more financially and socially secure. “We’re focusing on collaboration and education within the community,” says Chris Cain, chief experience officer at the $115 million asset credit union. This year, Alternatives Federal is hosting a series of workshops and virtual webinars about its TransAction Financial Empowerment Program. The program provides monetary assistance for members going through the gender affirmation process. But just as important, it provides education and access to other resources to support members. As Cain says in this CUNA News Podcast episode, what’s important is having an open dialogue around LGBTQ issues 12 months a year.

A Matter of Pride

For many young professionals, the coronavirus (COVID-19) pandemic has created uncertainty about career progression and goals. Workplaces are still in flux as credit unions and other companies adapt to the ever-changing environment. Professional relationships also continue to change, with networking and mentorship opportunities paused or moved to virtual channels to comply with social distancing. CUNA recently held a webinar to help young professionals navigate their careers during the current crisis. The session provided career development guidance from nationally recognized speaker, author, and coach Antonio Neves. This podcast episode presents highlights from the webinar. Neves explains the importance of having a personal development plan, building a network, and finding ways to get engaged and noticed for future promotions. He also discusses how young professionals can add value at their credit unions and thrive within unusual circumstances. The webinar was sponsored by CUNA Mutual Group.

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CUNA News Podcast

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