Kris Jacobsen, Director of Business Development at Minnesota Credit Union Network joined us in the next release of CU Crossroads – 5 Question Series. The topic for discussion was ‘Credit Union Leagues’. He explained how credit union leagues are playing an important role in identifying critical needs of credit unions and creating shared resources for use. The key takeaways from his interview are summarized below:
- Credit union leagues are in a critical position to facilitate effective communication. One key role they play is to synthesize and simplify the massive amounts of information coming at credit unions.
- Federal and state lawmakers and agencies continue to introduce and evolve COVID-19 response program. Credit union leagues have an important role to play in legislative advocacy, which allows CUs to keep their focus on members while their interests are represented with policymakers.
- Credit union leagues should be an important partner to credit unions in troubleshooting issues and developing best practices while resources are stretched thin.
- Fortunately, as an industry, credit unions entered the pandemic with the highest levels of capital since the Great Recession. Though they still must proceed carefully, CUs are in a better position to weather the declines in capital while still returning value back to members.
- One of the opportunities that will emerge for credit unions post-pandemic is greater efficiencies realized through the increased digital and technology adoption.
- Like credit unions, leagues will need to become more data-driven and sophisticated. In the future, there may be more collaboration among leagues to drive greater efficiency and deeply develop core competencies that strengthen service to league members.