Top-Level Takeaways

• Markets have flipped from pricing near-certain Fed rate cuts to pricing zero cuts and a greater than 50% chance of hikes by year-end.
• The upcoming June FOMC meeting should include a healthy debate on the current inflation trend, including the potential secondary effects of the oil spike and tariffs.
• Beyond near-term rate moves, the bigger question is Warsh’s appetite for structural reform, which requires building consensus across the FOMC, markets, and Congress.

The Iran conflict has reshaped the narrative in interest rate markets. Since February 27, just before the United States and Israel launched joint strikes, front-end Treasury yields have climbed more than 60 basis points.

Back in February, worries over private credit and AI disruption dominated, fueling speculation of broader contagion to the U.S. economy. But March’s surge in oil prices triggered a global bond sell-off. The move in Treasury yields tracked a sharp repricing of Fed expectations: in late February, markets priced a 96% probability of cuts by the end of 2026, including a 78% chance of two or more cuts. By June 1, that had flipped to a 0% probability of any cut this year and a greater than 50% chance of one or more hikes.

This ultimately comes back to an inflation conversation. The oil spike could prove a temporary supply shock with no lasting impact on growth or inflation trends — provided the conflict resolves quickly and prices fall. The longer energy prices stay elevated, the more likely the effects spread beyond the pump. April’s PPI, for instance, showed an 8.1% jump in trucking freight rates. If that persists, firms will likely raise goods prices to protect margins.

The hawks have ready counterarguments. Higher oil prices aren’t yet captured in a trimmed measure, but they can eventually bleed into the middle 45% of components — as can the secondary effects of steel and aluminum tariffs across manufacturing. Another factor likely still fresh in hawkish memory: the trimmed-mean index lagged core PCE by nearly 2 percentage points in late 2021, just before the Fed had to drop the hammer with 525 basis points of hikes.

An end to the conflict, including a reopening of the Strait of Hormuz, should bring sharp relief in oil prices and ease some — but not all — of these worries. Several Fed officials flagged lingering inflation concerns even before the first missile flew. There’s also the risk of repeated “one-off” shocks becoming entrenched in expectations, a far thornier problem for policymakers.

Visit ALM First to read more about the latest economic data and overall monthly market trends.

Jason Haley joined ALM First in 2008 and is the firm’s chief investment officer. He heads ALM First’s Investment Management Group (IMG), which is responsible for leading the investment process and investment theme development. Haley also oversees all capital markets activities, including portfolio management, trading, market research and commentary, and execution of hedging and funding strategies for the firm’s depository clients. He holds an MBA with a concentration in finance and a BBA with a concentration in marketing, both from The University of Mississippi.

Not an offer for investment advisory services. This content is provided for general educational information and market commentary purposes only.

The post Markets Flip From Pricing Cuts To 50% Chance Of Hikes appeared first on CreditUnions.com.

Top-Level Takeaways

• A new approach to mortgages at 7 17 Credit Union includes no fees, low rates, and refinance incentives.
• Data and regional challenges shaped the strategy, with programs addressing specific community needs rather than broad national trends.
• Partnering with employers and targeting underserved urban markets helped 7 17 make the connection between stable homeownership, employee wellbeing, and long-term community growth.

The national conversation about housing affordability tends to focus on inventory, home prices, and mortgage rates. But for many would‑be buyers, the upfront costs that make a mortgage possible in the first place present an insurmountable hurdle to homeownership.

At 7 17 Credit Union ($2B, Warren, OH), addressing affordability started with questioning whether many traditional mortgage costs needed to exist at all. In response to feedback from some of its workplace partners, the cooperative launched a series of mortgage-related initiatives in 2025 aimed at supporting broader regional housing needs, including zero-fee home financing and refinancing and rate reductions. But rather than simply introducing a competitive cost structure, the new approach underscores how a credit union approach can look fundamentally different.

“It’s not enough just to talk about the difference between credit unions and banks,” says John Demmler, CEO of 7 17 Credit Union. “We wanted to create a suite of products that give clear examples of the differences. We started with the idea of housing affordability because that was a major issue in our region.”

A Mismatch In The Market

The need for more affordable housing emerged against a backdrop of broader economic pressures shaping Northeast Ohio. Demmler says household incomes in many communities the credit union serves lag state averages, leaving families particularly vulnerable to inflation, higher energy costs, and other rising expenses. At the same time, many local housing markets face aging inventory and limited availability.

The Eastgate Council of Regional Governments commissioned a housing study conducted by the Greater Ohio Policy Center to better understand housing needs in Mahoning and Trumbull counties. The study identified two significant trends.

First, demand was concentrated around one- and two-bedroom units, whereas excess capacity existed in four-bedroom homes, reflecting a shift in demographics toward smaller household sizes. Researchers also identified substantial need for housing in the $500 to $1,000 per month range, aligning with what households earning approximately $25,000 to $35,000 annually could reasonably afford.

The findings revealed another notable tension — families were increasingly seeking homes in the $300,000 to $500,000 range with access to safe neighborhoods, quality schools, and newer housing stock.

“There’s a need for attainable housing, but there’s also a need for quality housing,” Demmler says.

The housing study reinforced what 7 17 had already discovered through conversations with employers and community partners and hinted that its previous investments might not go as far as planned.

“We had made a $100 million commitment to affordable housing starting around November 2024,” Demmler says. “We thought that commitment would carry through 2030. I think we’ll blow through that $100 million several years before 2030.”

“Your Keys, No Fees”

The need for affordable housing isn’t just a family issue; it shows up in the workplace, too. Demmler says employers are starting to connect a stable home life with workforce performance, turning housing affordability into an employee financial wellbeing issue.

“Owners want employees with a financially secure home life,” he says. “When they’re not worried and stressed, they’re more productive at work.”

Armed with this understanding, the credit union considered how it could meaningfully address regional housing needs, household budgets, and homeownership barriers. The answer was a mortgage with no out-of-pocket closing costs, available exclusively to workplace partner employees.

7 17 launched “Your Keys, No Fees,” roughly a year ago. Although eliminating many traditional mortgage fees sounds counterintuitive to ensuring sustainability and long-term financial health, the math tells a different story.

“We earn all of the fees back in about three months through normal interest income,” he says. “If we’re holding a mortgage for 10 years, it’s not too much to ask to give up three months of interest income to break down barriers to homeownership.”

The CEO takes the argument a step further.

“I would challenge every bank, every mortgage company, every financial institution to realize they don’t need to charge these fees either,” Demmler says. “If anyone is getting a mortgage, they should demand they pay zero closing costs, because it’s not needed.”

A Broader Play On Affordability

Interest spread quickly, bringing new energy to the cooperative’s SEG program and allowing it to recruit larger workplace partners.

“Our average workplace partner has maybe 75 employees,” Demmler says. “But recently we’ve brought on some really large ones: Akron Children’s Hospital, Stark State College, Youngstown State University, and Kent State University.”

And, today, 7 17 has expanded its strategy beyond eliminating fees.

“In Northeast Ohio, a lot of urban markets were supported by industries that don’t exist today,” Demmler says. “These cities have been hollowed out over several decades, but we know cities represent the lifeblood of the region. We wanted to do something to strengthen our cities.”

The cooperative expanded its housing initiative, offering a 1% reduction on qualifying mortgage rates to borrowers purchasing homes within the city limits of Warren, Youngstown, Canton, or Akron.

It also expanded into refis to give families more room in their household budgets.

“Mortgage rates went from below 3% to closer to 7%,” Demmler says. “If you bought anytime from 2022 to today, that’s a more challenging monthly payment.”

Homeowners refinancing with 7 17 today can take advantage of a 1% reduction from their existing mortgage rate, down to a floor of 4.99%.

“And we’re not going to charge you a nickel to do it,” the CEO adds.

For Demmler, these offerings are less about growing mortgage volume and more about changing expectations.

“If we can make every bank in Ohio stop charging fees to get a mortgage, then that would be an incredible accomplishment,” he says.

A Holistic Approach

Housing affordability served as 7 17’s starting point, but Demmler says the credit union never intended the strategy to operate in isolation. Instead, it became part of a broader “Ohio Strong” campaign, which includes products that help members navigate household pressures, from auto expenses to savings behaviors. The common thread is less about individual products and more about designing solutions around the financial realities members face every day.

“It’s not enough to have one gimmick product out there,” Demmler says. “You have to look at the whole need of your membership and make sure what you’re offering is relevant and meaningful.”

That philosophy influences how the cooperative thinks about success. Traditional metrics such as loan growth and membership expansion still matter, but Demmler says the credit union’s larger objective is to create products that change the conversation about what financial institutions should provide.

“When the products and services that we put out fundamentally change the expectations of what people want out of banking and moves the needle for other financial institutions to offer better products, then we know we’ve had meaningful change,” the CEO says.

Ultimately, 7 17 built this mortgage initiative to solve a public need first and allow business growth to follow. For credit unions considering similar efforts, Demmler suggests starting somewhere other than product design.

“Seek out first the public need that you’re trying to address,” he says. “Seek that first, and all the rest is stumbled on.”

Member engagement begins with employee empowerment. When employees feel financially secure at home, they show up differently at work — and credit unions like 7 17 are building products designed around that reality. The Member Engagement & Financial Wellbeing Consortium helps credit unions activate the internal shift that turns mission-aligned strategy into measurable member outcomes. Learn more.

The post Keep The Mortgage. Ditch The Fees. appeared first on CreditUnions.com.

HELOC BALANCES AND UTILIZATION
FOR U.S. CREDIT UNIONS
SOURCE: CALLAHAN & ASSOCIATES

Home equity loans and lines of credit were key drivers of credit union growth in the first quarter of 2026, according to remarks in Callahan & Associates’ latest Trendwatch webinar, and credit unions are taking different approaches to capture that demand.

Eras And Roots

Baton Rouge Telco Federal Credit Union ($456.4M, Baton Rouge, LA) has reported a 20% lift in home equity lending in the past several years. The southern credit union offers only HELOCs and does not provide closed-end home equity lending.

Although the demand has been steady, HELOC requests have by no means exploded, says Katie Guylette, the credit union’s chief lending officer. That’s partly by design.

The credit union focuses on auto lending — indirect auto makes up the majority of its loan portfolio — and promotes its home options twice a year. It runs a purchase campaign in the first half of the year and a HELOC campaign in the second half.

Telco used to combine its purchase and HELOC campaigns but found those member segments’ needs were different enough to require independent, tailored outreach.

“We’ve developed a strategy of trying to get much more specific and targeted with our messaging,” says Kristin Romero, chief experience officer.

The credit union is still crafting this year’s HELOC campaign, but it typically focuses on digital channels to raise awareness with existing members. It’s also got a wildly successful past campaign to draw on.

In 2024, Telco leaned into the cultural phenomenon of Taylor Swift’s Eras Tour to promote HELOC opportunities. That campaign proved to be the credit union’s most successful ever, Romero says, crediting a mix of smart timing and a more playful tone.

The credit union’s 2026 mortgage campaign highlights strong roots and smart financing, and the HELOC campaign is likely to take its cues from that, possibly with a “grow your roots” theme, Romero says.

“You’ve planted roots, now leverage that so you can achieve your dreams, that kind of thing,” she says.

Regardless of the campaign, one of Telco’s biggest lessons has simply been to offer a straight-forward product and communicate the benefits to members.

“Because we’re a bit smaller, members can feel like they’re getting that personal service and handholding with something that can be stressful,” Romero says.

Same Product, New Messaging

Home equity lending at TAPCO Credit Union ($719.3M, Fircrest, WA) has increased in the past 18 months, with demand shifting from open-ended HELOCs to termed home equity loans.

The credit union processes roughly an equal number of both, but HELOC borrowers typically access only $300,000 or so of available equity, compared with roughly $3 million issued at once in closed-end home equity loans, says Jeremy Mandery, chief retail and lending officer.

In the past, edgy campaigns like its 2022 “Big Deck Envy” helped TAPCO attract local attention, borrower business, and industry recognition, but as the economy has shifted and consumer sentiment has fallen, the credit union has altered its tone to focus more on community.

TAPCO is delivering much of its latest messaging through online banking and other digital channels, which tend to provide more consistent exposure to members than a one-off promotional email, says Jacob Rose, director of marketing.

The lending team has also worked with title companies and other vendors to identify direct mail prospects who have equity in their homes and live in the vicinity of a TAPCO branch. The credit union then sends a postcard with a scannable QR code that provides information.

The toned-down messaging and focus on community is also the result of a stronger market presence. Back when it launched Big Deck, it was trying to attract attention.

“People see us now,” Rose says. “The community sees us. We don’t need to be as splashy with some of that marketing.”

Mandery also credits CEO Justin Martin with shifting TAPCO’s overall approach.

“Over the past four years, we’ve had 25% asset growth and we’ve gotten back to the roots of what credit unions do,” Mandery says. “We are certainly outspent by some credit unions and regional banks in our area, but when it comes to boots on the ground, we’re there. That puts us in the room for opportunities we wouldn’t otherwise get.”

Visions Of Success

Across the country, demand for home equity products at Visions Federal Credit Union ($5.3B, Endwell, NY) has been high for the past few years but was flat in the early months of 2026. According to the credit union, seasonality is at play, and it is taking steps to boost interest.

“The demand is out there, but it’s been a sleepy start to the year,” says Mandy DeHate, chief marketing officer. “We’re starting to get more to our stride in terms of applications.”

Visions offers closed-end home equity loans and open-ended lines of credit, although DeHate says the latter tends to be more popular. To promote its products, the northeastern credit union has embraced digital marketing in a year filled with major sporting events. Over the top — or OTT, for short — ads served direct to audiences over the internet are helping the credit union capture eyeballs during high-profile sporting events like the Super Bowl, March Madness, the Winter Olympics, and this year’s FIFA World Cup. That effort works alongside Google Performance Max campaigns to increase Visions visibility across the broader Google network.

“We’ll get [consumers] while they’re searching, we’ll get them while they’re watching YouTube, we’ll get them as they’re going about their day,” DeHate says. “Those multiple touchpoints drive home the fact we’ve got this product, and I think it leads to faster decision-making and stronger credibility of our brand.”

That same approach extends to audience targeting. The credit union is running Spanish-language digital campaigns tailored to its Hispanic communities and ran a successful geofencing campaign in 2025 to target members visiting retailers like Lowe’s and Home Depot located near one of Visions’ 61 branches. That campaign drove branch traffic, DeHate says, but it tracked visits rather than whether members ultimately opened a HELOC or completed another transaction.

Ultimately, although these efforts can attract new members, most HELOC applications at Visions still come from existing members — underscoring the importance of staying visible across channels and meeting members where they already are.

See how your home lending performance compares. Demand for home equity products is rising industrywide, but how does your credit union stack up against true peers? Peer Suite gives leaders instant access to 20 years of industry data, peer benchmarks, and goal-aligned performance analysis. Start your free 30-day trial of Peer Suite.

The post 3 Ways To Market For HELOC Success appeared first on CreditUnions.com.

Homeownership is a key component of the American dream; it’s also part of the credit union dream. If a member holds a mortgage or home equity loan with the credit union, odds are they’ve got other products there as well. It’s one step closer to being their primary financial institution. Although not all credit unions offer mortgages, home loans of all kinds remain a notable driver of industry growth.

This week is all mortgages on CreditUnions.com. In the days to come, keep your eyes peeled for:

• Three ways credit union marketers at TAPCO Credit Union, Baton Rouge Telco FCU, and Visions FCU are making the most of growth in the home equity market. Read more in “3 Ways To Market For HELOC Success.”
• How a rethink of closing costs, rate relief, and employer partnerships helped 7 17 Credit Union build an affordable housing mortgage program that works. Read more in “Keep The Mortgage. Ditch The Fees.”
• Two takes from TAPCO Credit Union and Appalachian Community FCU on how the two cooperatives are looking to manufactured housing to bring affordable housing to younger borrowers, rural borrowers, low-income communities, and more. Read more in “Small House, Big Opportunity.”
• New insights into the industry’s mortgage performance as of the first quarter of 2026. Read more in “Mortgage Lending Is Back, But It Looks Different.”
• Plus, exclusive client content that digs into the nuanced mortgage opportunity taking shape around first-time buyers, shifting rate dynamics, and emerging risk signals. Read more in “Mortgage Lending Rebounds With New Borrowers And New Risks.”

Now it’s your turn. What’s driving mortgage growth for your credit union? Or, if you’re pulling back, why? We want to hear how your shop is approaching the home loan market. Drop us a line, and we might feature your story on CreditUnions.com.

The post Home Is Where The Heart (And More) Is appeared first on CreditUnions.com.

Manufactured homes are gaining ground as an option for affordable housing. Although prices have risen in recent years, so, too, has the quality of manufactured homes. Despite lingering stereotypes, some credit unions consider manufactured housing a solid fit for specific borrowers and markets.

“We’re in a rural area, and it’s a good niche product for us,” says Vicki Gobble, chief financial officer at Appalachian Community Federal Credit Union ($183.7M, Kingsport, TN), which has offered manufactured home loans for decades. “Not a lot of institutions in our area will do these. For a rural area, it’s an affordable housing product that helps our members get into a home they otherwise wouldn’t be able to.”

Partnerships with local manufactured home dealers have helped ACFCU gain a foothold in this space. Such relationships are key to the credit union’s success. Gobble says other lenders could pursue similar partnerships but question the value of such properties compared to traditional homes rather than the ability of borrowers to repay.

“I think it’s more of a perception of the collateral itself,” the CFO says.

Don’t stop here. Lower prices and better amenities are making pre-built homes an appealing option for credit unions looking to bolster their balance sheet and borrowers stymied by the affordable housing crisis. Read more in “Manufactured Homes Help Close The Housing Affordability Gap.”

Relationships And Realty

Appalachian Community does not advertise its manufactured home loan directly to members but works with manufacturers and local real estate companies to keep the pipeline flowing. In this way, it is similar to indirect lending.

For credit unions considering this space, Gobble says dealer relationships are key. The credit union must have a solid relationship with the dealer to ensure it’s providing the same level of service members would expect to receive at the credit union.

“It’s important to partner with a reputable company,” Gobble says. “Don’t just partner with an individual contractor.”

When it comes to making the loan, the credit union runs its manufactured home loans through the mortgage department rather than through the consumer side of the shop, and Gobble says they perform well thanks both to strong member relationships and rigorous underwriting. The credit union requires that borrowers own the land — a purchase can be added to the deal as a land/home package with the vendor — and that the home sit on a permanent foundation.

The CFO is confident that the persistent high price of stick-built homes means the opportunity in manufactured housing isn’t going away anytime soon.

“We’re not in an area where prices are going to drop,” she says. “This isn’t an area they’ve overbuilt.”

The key, she says, is to change consumers’ pre-existing perceptions of manufactured homes.

“Getting people to understand how it’s built will help them get past that hump of the perception of the value,” she says.

Balance Sheet Capacity

On the opposite end of the continent, TAPCO Credit Union ($719.3, Fircrest, WA) also makes manufactured home loans, but they constitute less than 10% of its overall portfolio says Jeremy Mandery, chief retail and lending officer.

According to Mandery, only a few applications come in per month, but when they do, TAPCO is ready.

“We want to support affordable housing, especially those homes that are less expensive than the median price in our area,” he says. “We’re trying to provide financing that’s reasonable, that makes sense, and that generates a return for our membership.”

The credit union hasn’t formed any partnerships with manufacturing companies, so prospective buyers won’t see TAPCO advertising on sales lots, but Mandery is quick to note that’s because it simply doesn’t have the space on the balance sheet to do so.

“We haven’t established any relationships with manufacturers at this point as we don’t have the balance sheet space needed for this type of commitment,” he says. “If you’re going to go to a manufacturer and be tied up, you want the ability to write whatever they’re going to bring you.”

The Washington-based cooperative provides purchase and home equity loans for manufactured homes, although it only runs purchases through the mortgage side of the shop. If a consumer already owns the property and is looking to tap into equity, the consumer underwriters handle it.

Pricing is also equivalent to rates for stick-built homes.

“We charge the same interest rate whether you have a $1.5 million stick-built home on the water or a $250,000 manufactured home on the smallest piece of property in the metro area,” Mandery says. “We try to be as inclusive in our lending practices as we can.”

To keep an eye on the market, Mandery monitors the space through loan sales and participations to gain a sense of average loan-to-values, property ages, strong markets, risk levels, and more. He also monitors loss rates and often caps LTV at 80% rather than the 90% or higher it might lend on a stick-built home. But when it comes to underwriting, it approaches the process no differently than it would any other house.

“We’re not in the business of foreclosing on properties, so we try to take a person-centric review from an underwriting criteria,” Mandery says. “Are they a good credit risk? Do we think we’ll get paid back? Does the property have anything to do with that? If we think it will work, we try to write the loan.”

Although TAPCO is still testing the waters of manufactured home lending, Mandery says there’s plenty of room to grow.

“I think it’s a growth space simply because the housing market in many locations is just unattainable for people under 35 and making less than $150,000 a year,” Mandery says. “There’s going to be dramatically more demand for it, which leads to an opportunity for credit unions like ours to be back in the first-time homebuyer space again, whereas today it’s just very difficult to be.”

Looking for gaps in your lending strategy? Manufactured home lending isn’t just a niche — it’s a lens into the markets underserved by traditional mortgage products. Peer+ helps credit unions uncover patterns in home lending performance, identify where members lack access, and benchmark approval rates against peers. Request a demo to see Peer+ in action.

The post Small House, Big Opportunity: 2 Takes On Manufactured Home Loans appeared first on CreditUnions.com.

LOAN ORIGINATIONS
FOR U.S. CREDIT UNIONS
SOURCE: CALLAHAN & ASSOCIATES

• A sharp increase in first mortgage volume underpinned a jump in total real estate originations in the first quarter of 2026. That segment reached its highest level since 2022.
• Declines in mortgage rates, although modest, spurred demand, with borrowers re-entering the market after a prolonged pause during peak rate conditions. Increases in mortgage rates could jeopardize this trend.
• The market is moving away from a purchase-only dynamic. Early signs of refinance activity are reappearing alongside purchase originations, driven by borrowers with higher-rate loans taken out in the past two-and-a-half years.
• Borrowers are acting opportunistically — re-engaging quickly when rates improve, even slightly — suggesting this is a short-term lending opportunity rather than a sustained refinance wave.
• Although origination volumes are improving, the trend represents selective re-entry into the market, not a broad normalization. Credit unions would be well-served to target their lending strategies.

Don’t stop here. Callahan clients can dive deeper into how shifting borrower behavior, product mix, and early risk signals are reshaping mortgage lending. The full analysis is available now on the Callahan client portal. Read it today.

The post Mortgage Lending Is Back, But It Looks Different appeared first on CreditUnions.com.

A failed payment transaction is easy to dismiss as a service issue. Michigan State University Federal Credit Union ($8.5B, East Lansing, MI) treats it differently. It uses the moment to shape the member experience and turn payments into a point of leverage for loyalty.

In late 2024, the credit union introduced a service that automatically updates card details with major platforms like Amazon, Netflix, Venmo, and more. Members can take advantage when they open a new card or need to update an expiring or compromised card.

“People don’t need a loan every day,” says Benjamin Maxim, chief technology officer at MSUFCU. “They don’t need new deposit accounts every day, but what they’re paying with is daily brand engagement.”

The credit union’s innovation CUSO, The Reseda Group, joined forces with a fintech to offer the service, dubbed “Card Updater.” That fintech, Strivve, works with banks and credit unions to manage the relationships and connectivity with digital service providers, often using AI or low-tech robotic process automation.

According to Maxim, few things erode cardholder loyalty faster than a payment that doesn’t work. This service is essential in heading that off.

“Making sure our card stays in the stored payment areas was our main focus,” he says. “Interchange revenue is a focus of ours. We’re going to cut debit card interchange in half when we hit $10 billion in assets. The more transactions we can have on the credit card side, the stronger.”

MSUFCU has linked Card Updater with both its credit and debit portfolios and has built the service into its mobile banking and online platforms. As of year-end 2025, 891 unique cardholders used the service nearly 1,300 times, according to Maxim.

Beyond Interchange

Although Card Updater will help drive interchange revenue for the cooperative, Maxim says the service is more broadly about improving the member experience.

“We’re trying to add things to the digital experience and facilitate that embedded payment experience everyone’s moving toward,” the CTO says. “Think about all the places you store your card — your Starbucks wallet, Venmo, Uber, Airbnb. When the card breaks, all those payment methods break. Is it MSUFCU’s fault you can no longer book your car or do X, Y, and Z? We want to make sure we’re not to blame, but we’re also resolving whatever you can’t do in the moment. This helps make sure all those embedded payments are working.”

Card Updater is a relatively new feature for MSUFCU, but Maxim says it has already provided a strong ROI and leadership is confident the service has prevented attrition to other plastic providers like Capital One. And, says Maxim, plenty of members have been vocal about their positive experiences with it.

“The loyalty we’ve built is probably worth its weight in gold,” he says. “It helps retain members, and if you’re new to the credit union, it helps you adopt the credit union as one that you trust and use versus needing to do a lot of work to update stored payments. If we can make it easier, you’re more likely to use this card that you chose for a reason.”

Lessons Learned

Card Updater is situational, Maxim says, and credit unions need to build it into their workflows so members have it when they need it rather than seeking it out as an extra service.

“They need it in a certain moment and you need to deliver it in that certain moment,” he says. “If you were to run ROI calculations, you need to look at how many people you issue new cards to and how many members or new cards you issue every month because of fraud or new memberships or whatever reason. That’s going to be your value. Then compare that for an ROI but also consider the lift and the loyalty.”

Loyalty isn’t accidental. MSUFCU’s Card Updater shows how removing friction at the right moment builds the kind of trust that keeps members from drifting to other providers. Gallup research shows emotionally engaged members are 5.4x more likely to stay and 5.6x more likely to trust their credit union as a financial advisor. The Member Engagement & Financial Wellbeing Consortium helps credit unions build that trust intentionally, across every touchpoint. Learn more.

The post MSUFCU Turns A Break In Payments Into A Member Experience Moment appeared first on CreditUnions.com.

Before joining Firelands Federal Credit Union ($554.6M, Bellevue, OH) as chief financial officer in 2023, Don Rositano built a career at the intersection of banking and membership-driven retail, shaping how he approaches value, pricing, and performance.

Before entering the credit union space, Rositano spent more than a decade with Sam’s Club, where he led finance for a $2.2 billion division. That environment, where members pay for access and expect clear value in return, mirrors the credit union model more than it might seem, he says — and reinforced a core belief he carries into his current role: get value right for members, and the financial results follow.

Personal And Professional Journey

What attracted you to the credit union industry?

Don Rositano: I am fortunate to have been the CFO of two different community-based banks and most recently was the senior finance manager of a $2.2 billion division of Sam’s Club out of Bentonville, AK.

I loved working for Sam’s, but Cleveland is my home. My family and kids are here, and we were ready to be closer to them. When the CFO opportunity at Firelands came up, I felt my banking and membership experience would dovetail nicely. At Sam’s, we understood members pay for the privilege to shop there; that’s our philosophy at the credit union, too.

What has surprised you about working in the credit union space?

DR: One of the biggest surprises is that profitability is not the focus, people are. In my prior position, I had to reforecast our profit and sales projections every week, and we needed to produce solutions if we were suffering a shortfall.

At Firelands, although we need profits to fund growth, serving our members is our priority goal, and we forecast to meet their needs. Our profitability is a by-product of those relationships. In the three years I’ve been here, our cumulative annual growth rate is 10.46% — without mergers or adding branches — and our ROA has jumped from 0.66% to 1.41% year-to-date.

The Credit Union Learning Curve

How would you compare the culture of credit unions to your previous industry?

DR: There are a lot of similarities between Sam’s Club and Firelands. Both companies are driven to provide ultimate value to their members and to curate product offerings to reduce confusion and maximize value. Many companies like to provide products and services that have all these bells and whistles when what most members want is a great product at a great price.

Did you have any misconceptions about credit unions when you joined?

DR: As a former banker, my viewpoint was limited by industry misconceptions. I felt credit unions were behind in innovation and technological sophistication. Credit unions were the institutions you went to for auto lending and Christmas Club accounts.

The longer I’ve been in this position, I realize how wrong I was. Credit unions can master the balance of national competition, service, and evolving technology while still taking care of and seeing the member as an individual instead of a number.

What challenges did you face transitioning into the credit union space?

DR: Credit union jargon. Calling deposits “shares” and interest “dividends” has taken me a while. I’ve also had to change my thinking about profitability and service. I’ve spent a lot of time on nonprofit boards, and I love this serving philosophy in our company.

Leadership And Strategy

How did your prior financial services experience shape your leadership approach at the credit union?

DR: At Walmart, there would always be times when other retailers were cheaper, and we understood that. We wanted to be the consistent price leader, not chase a short-term discount. At Firelands, we’ve been trying to position ourselves so members are better off overall with our products than anywhere else.

For example, in my first year, we increased our primary share rate well above the rest of our competitors. We were able to create some savings in one of our expense categories and instead of dropping those savings to our bottom line, we reinvested them in higher yields on members’ dividends.

What lessons or strategies from your career have proven most valuable in your credit union role?

DR: At Sam’s I learned the importance of viewing pricing specials as an investment versus a cost. The goal is to offer something well-priced and use this as a gateway to have them experience more of the club.

I’ve used that same mindset at the credit union, and we have offered aggressive CD rates for shorter terms of four to seven months. We’ve found we do not lose this money when the CD expires, and the higher rate inspires higher loyalty.

We also never have a special only for new money. That tells existing members they are not as important. We’re in it for the long term. Our mindset has resulted in gaining greater share of our existing members’ wallet.

In addition, we offer a well-priced money market account where our highest yield right now is 3%. Our money market accounts have grown 40% in 2024 and 30% in 2025. Our members want an excellent rate but also want liquidity and freedom to move their money.

As a bonus, I enjoy paying a lower rate versus CDs and appreciate the flexibility to adjust rates based on market ebbs and flows.

What aspects of leading a credit union required a completely new mindset or skillset for you?

DR: Sam’s is a destination club. When I left, it had around 600 clubs throughout the nation. It can afford to invest in the largest markets because members will come. When I worked in a club, we had members who would come from 60 miles away every month to stock up.

However, many credit union members need physical closeness of a local branch. Not that they necessarily use it, but they want the comfort of knowing it is there when they need it.  We are investigating ways to meet those needs while balancing the high costs of an extensive branch network.

Members-First Focus

How did you adapt to the members-first model? Are there parallels to your previous roles?

DR: I came from a member-focused organization. It bothers me when I see financial institutions focus more on profits than customers. For example, we have many banks around us that might offer a nice special CD rate, but they keep their basic rates below 1%. If a customer does not inquire, they will go from a 4% special down to a 0.15% CD rate as it rolls over. I find that unethical and anti-customer.

How have you helped improve member engagement or services?

DR: We are looking forward to making some adjustments to our checking accounts. Members want a payment mechanism at a low cost. We listened to what members are asking for, and we’ll be adding member send capabilities for both RTP and FedNow.

There’s fraud risk with these payment streams, and frankly, we need to be OK with some losses to offer these services. If we don’t, members will move to other financial institutions or fintechs that offer them. In the next few years, it is going to be a requirement as a financial institution to be in business. The writing is on the wall; I don’t want to be left behind.

Advice And Future Outlook

What advice do you have for someone considering an executive role in a credit union, especially if they’re coming from another industry?

DR: Be open to the process and understand it can be tough because we answer to members and not to shareholders. The most critical thing they need to understand is that we need to be member focused.

If you do what’s right for the members, they appreciate it and the business will grow. It’s satisfying hearing other bank employees say how wonderful we are and if they cannot do something, they refer the customer to us.

You also need to be active in the community. I’ve walked in parades; I’ve manned an inflatable slide at a community festival. If you have no desire to be part of the community, then maybe a credit union is not for you. We’ve assumed many leadership positions that community banks used to lead.

How might your prior experience help shape the future of your credit union’s strategy?

DR: I’ve been the main proponent of bringing in a data warehouse. I’ve seen the power of analytics and the ability to drive business through understanding our own membership base. A warehouse lets you see where you should focus your limited resources to help the most members, and that can drive your growth.

Harvard did a study a while back that showed the more options you offer a customer, the more confused they become about what to buy. And sometimes they purchase nothing.

I looked at our product line at Sam’s and noticed we had several products that were not profitable. We reduced our product line by more than 40%, saw a 1% to 2% reduction in sales over the next 12 months, but saw a 25% profit improvement. It also set up the division in the following years to increase sales faster than the rest of the market.

Personal Reflections

What’s been the most fulfilling part of working in the credit union space?

DR: I love our place in the community. Our CEO goes to different county fairs and makes sure each 4H participant gets a fair price for their entry. We’ve spent $75,000 on these fairs, but the smiles on the participants’ faces are priceless. We’re the champions of the underdog and pride ourselves in making sure no one is left behind.

If you could give yourself advice on your first day at a credit union, what would it be?

DR: Don’t get too anxious to perform. Learn the culture of the credit union and look for ways where you can enhance it. Enjoy the ride. It’s a rewarding experience.

This interview has been edited and condensed.

What can you learn from like-minded leaders? Don Rositano’s path from Sam’s Club to credit union CFO is a reminder that the best strategic instincts often come from unexpected places. Callahan Roundtables put credit union finance executives in the same room to share what’s working, pose hard questions, and learn from peers navigating the same challenges. Learn more and register.

The post Insights From The Outside: Don Rositano appeared first on CreditUnions.com.

If there’s one person who knows the history at SchoolsFirst Federal Credit Union ($36.7B, Tustin, CA), it’s Marina Miller. More than 40 years ago, when it was still known as Orange County Teachers Credit Union, she inquired about a summer job before college. She’s been there ever since.

Although opportunities just kept showing up, Miller says it’s the culture that has kept her there.

“We make a difference for the community members we serve, and serving the educational community is so impactful,” she says. “This is where I belong and where I can do the best work.”

For more than a decade, Miller has served as SchoolsFirst FCU’s vice president of history and culture, a job that connects her to the credit union’s roots and helps her educate others on where the credit union came from and where it’s going.

What is your elevator pitch when someone asks what you do?

Marina Miller: I’m responsible for ensuring our culture stays alive and our values are embedded into everything we do. I also get to work on finding ways to show appreciation for our team, so recognitions, rewards, and celebrations are hosted in my area. We know that if we take care of the team, they will take care of the members. That’s been our secret sauce.

We’re 92 years strong at this point. It’s important we understand where we came from so we know where we’re going. In our new corporate office, we dedicated a room to display the rich history and legacy of our credit union. We start with the beginning of the credit union movement and walk through the years of how SchoolsFirst FCU — then known as Orange County Teachers Credit Union — was formed and who our founding fathers were. We have wonderful pictures and artifacts built out in the space. It is an experience. All of our new hires go through it to understand where we’ve come from and what we’ve done.

What’s the story behind your title?

MM: Rudy Hanley was the CEO here for 32 years, and when he retired, he said the one thing that kept him up at night was wondering what was going to happen with the culture of the credit union. He led with a member-service focus, and that’s what we’re here for.

We took a lot of time trying to figure out the best way to keep our culture alive. He felt it was important to create a position, which is the position I’m in now, to preserve the history and culture for the credit union, and he felt I would be the person who could lead it. What an honor to have your CEO approach you and say, “I want to make sure our culture stays alive and that our history is always at the forefront, and I want you to lead that.”

It was an opportunity I could never say no to. I was flattered, and I hope I’ve made him proud. We’ve really grown the role, and it’s been infused into everything we do.

What makes your role interesting?

MM: To take our history and make it interesting and relevant to today in different ways has been exciting. I also lead the meeting and event technology side of the house, so we’ve been able to lean into video and technology for some of the learning tech. The more new ways to get our history in front of our team, the better. Especially now that we serve the whole state of California, folks don’t always have an opportunity to visit and explore our history room.

What part of your role energizes you? Conversely, what part challenges you the most?

MM: We serve four different generations of a workforce, and not everybody wants to be taught, recognized and celebrated in the same way. Finding ways to make those connections is a challenge, but I view it as a fun opportunity to make an impact at different levels. Trying to figure out what motivates and keeps team members engaged is interesting — you think you understand it until you don’t, and then you have to pivot.

For our Dream Team conference, an annual event celebrating all 3,000 team members at once, we needed new ways to make connections. We used to do in-person conferences, but today it’s hard to do that, so we had to find new ways to make it more engaging. We came up with an app where we can have interactive activities during the conference for team members to join remotely. That’s been different because we’re going from in-person to virtual but still engaging team members and ensuring they’re able to participate.

Are there any misconceptions about your role?

MM: People think we’re the party people; we’re always just having fun. Little do they know there’s a lot of work that goes into everything we do because everything has to be curated for the special activity or event to ensure alignment and at the same time, stay on budget. We’re very resourceful, and we have to get super creative which can be a challenge when planning over 50 events each year. Team members might not know all the details it takes to make everything come together; they just experience it when it’s pushed through.

What is the No. 1 skill you need to do your job?

MM: A passion to serve.

Could someone from outside the credit union step into this role?

MM: I don’t think you need tenure to be successful in this role. I took the responsibility of this role to a level where I would want to make Rudy Hanley proud. Everything I do is documented — we have photos, videos, we have storyboards, we have printed material about our history. If someone really wanted to be successful in this role, they could learn about it and become engrossed in it. If they have that passion to serve, they’ll figure it out.

Clearly, it would be easier if you knew a little about the credit union’s history, but you can learn that. The right person who has passion and creativity can be successful.

How does your role contribute to the success of the credit union in ways people might not expect?

MM: I have a team of four direct reports, two of whom assist me with organizational events and meetings, a manager who primarily oversees a team of 10 who runs our Dream Team Orientation and Service University, and a fourth person who supports our media and event technology. Our success is the fact that we help tell the credit union’s story. We build a foundation for incoming team members and we help tell the story through technology.

How do you define success in your role?

MM: Through our team-engagement scores and member-engagement scores. They’re outstanding — they’re top class. We try to get the pulse of our team on how they’re feeling, how engaged they are, and we have team members openly share if they have issues or concerns through our annual team engagement survey. We have a great recognition platform that we lead and host — called the Pulse, funnily enough — and our team members tell us how we’re doing.

If your role didn’t exist, what would your credit union be missing?

MM: I don’t know if we’d have as much of a focus on and respect for the past. In the next decade, there’s going to be so many tenured people, with so many years of credit union history who will be retiring and leaving the credit union in the hands of those who come behind us. It will be interesting to see whether it will continue in that same manner.

Why do credit unions need this role?

MM: We need to realize where we came from; some of those humble beginnings and how we made an impact on the lives we serve. We can shape our future with our past if we understand this is where we came from, this is what sets us up for success, and if we continue on this path, we’ll continue to grow and thrive. That says a lot about who we are. It’s all of those member stories and the impact we make in the school districts and the way we give back to the communities we serve. We are definitely here to serve our members, not ourselves, and people need to understand that difference.

What should people know about your role that you haven’t addressed already?

MM: Our stories and impact we make to the communities we serve extend beyond our doors. Whenever we need to rally on the legislative front, we have a story to tell and we’re ready to put it out in front of them. It’s not just internal, it’s about how we continue to stay at the forefront when it comes to the political scene.

This interview has been edited and condensed.

Member engagement begins with employee empowerment. SchoolsFirst FCU’s investment in culture, from onboarding experiences to recognition programs, reflects what Gallup research confirms: when employees feel connected to the mission, they deliver experiences that build emotional trust and drive member loyalty. The Member Engagement & Financial Wellbeing Consortium helps credit unions activate this internal shift from the inside out. Learn more.

The post What’s In A Name: Vice President Of History And Culture appeared first on CreditUnions.com.

I recently spent some time catching up on the latest industry insights here on CreditUnions.com, specifically regarding the strategic priorities guiding credit union executives as they continue through 2026 and beyond. It’s clear that while the specific technologies change, the fundamental question keeping credit union leaders up at night remains the same: How do we stay relevant in an increasingly crowded landscape?

That question is one I’ve spent the better part of my career answering. My perspective was shaped first from the inside as an industry sales executive, and over the past decade, as a co-founder and partner of Arriba Advisors. During my time on the vendor side, I realized my true calling lived beyond just managing tech and that my passion was advocating for the financial institutions that serve as the backbone of our economy. I saw firsthand how often credit unions were at a disadvantage.

Current industry analysis points toward two clear priorities for 2026: a growth mindset and a sharp tech focus. I couldn’t agree more. But after a decade of helping financial institutions negotiate more than 2,000 contracts, we’ve learned you can’t achieve one without mastering the other.

Growth Mindset Needs A Modern Engine

There is a major emphasis right now on organic growth through digital channels. This is the right move, but the fact is, a growth mindset is only as effective as the core that powers it.

If your growth mindset is being held back by a legacy core or a digital banking suite that feels like a relic of 2016, you’re fighting an uphill battle to not only attract new members but also retain current ones. Many executives believe they are too locked into their current situation or that a full core processing evaluation is too strenuous to undertake.

I won’t sugarcoat it: the evaluation process is strenuous. Identifying the right technology partner requires a deep dive into functional requirements, future scalability, and cultural alignment. However, it is also the only way to ensure your digital transformation creates a seamless member experience.

The process is crucial to identify a technology partner that can actually enable your specific strategic goals.

Tech Focus: The Hundred-Vendor Web

The second priority often discussed today is a refined focus on technology, specifically regarding fintech partnerships and AI enablement. The common challenge is determining where technology creates real value.

From my perspective, the challenge is also how you manage the complexity of those choices. Today, a credit union with less than $1 billion in assets often oversees between 100 and 300 different vendors. That’s an enormous portfolio of contracts, renewal dates, pricing structures, and performance obligations.

And, most of those vendors negotiate these agreements every day; your team does not. This is where the balance of power can quietly shift.

Now more than ever, vendor contract negotiation is about ensuring that when you commit to a technology partner, the terms of that relationship actually reflect your institution’s leverage, your goals, and your long-term interests. We know where vendors have room because we’ve sat on that side of the table.

Real value is only realized when the contract protects your interests, ensures service-level accountability, and provides an exit strategy that doesn’t feel like a ransom.

How Credit Unions Level The Playing Field

The current roadmap for credit unions demands the right technology, the right partners, and the right guidance. At Arriba Advisors, that’s precisely what we provide through partner-level engagement and a track record of more than 2,000 negotiated contracts representing millions in annual value.

The roadmap is in front of you. We’re here to help you execute it.

Tom Russell is a co-founder and partner at Arriba Advisors, a strategic advisory firm that helps credit unions optimize member experience and achieve sustainable growth. With deep industry expertise, Arriba Advisors guides financial institutions through technology assessments, vendor evaluations, contract and price negotiations, and much more Contact him at trussell@arribaadvisors.com.

The post Growth Is A Mindset, But Success Is In The Contract appeared first on CreditUnions.com.