The personal savings rate was 3.5% in November, roughly half of what it was less than two years earlier and the lowest showing in more than a decade. Share growth at credit unions nationwide has been on a similar decline, a sign that members are struggling to set aside contingency funds. The result? Members need loans to keep the lights on and manage day-to-day expenses.

At Magnolia Federal Credit Union ($173.9M, Jackson, MS), the overall number of  personal loan requests — also often called signature loans or unsecured loans — is up 62% year-over-year, says Dylan Mawhinney, vice president of lending. Average loan amounts are up by 32%, and the overall amount loaned is up a whopping 114%.

“I don’t want to say that all of these folks are supplementing their income, but as economic pressures happen, we’re seeing the dollar amounts go up for those requests because a lot of people are trying to supplement,” says Mawhinney, adding that most applicants are looking to consolidate credit card debt and improve their cashflow.

That’s by no means limited to the southeast. Across the country, Desert Valleys Federal Credit Union ($88.9M, Ridgecrest, CA) is tracking a similar trend.

“Pre-COVID, people would apply for personal loans for vacations or a new water heater or a wedding,” says CEO Eric Bruen. “Post-COVID, we’ve seen a much higher increase in crisis-management lending.”

Crisis moments have started to dominate the conversation as members turn to the credit union for help. Requests for $1,500 to pay rent or bills, $1,000 for taxes, or $600 to renew auto insurance or stay current on a car loan are increasing.

What’s more, neither Magnolia nor Desert Valleys are advertising their personal loan offerings — need and word of mouth is driving the growth.

Increased demand and touchy situations are forcing credit unions to have some difficult conversations with members. Magnolia talks with members about a loan’s intended purpose, and the level of need members have today is driving deeper conversations.

“We look at their previous history with unsecured loans and installment payments,” Mawhinney says. “We don’t want to dig into somebody’s personal life, but we do want to solidify that we’re doing this loan for the right reasons and that this is the right solution.”

New Tools For Spending = New Tools For Debt

Even as Georgia United Credit Union ($2.4B, Duluth, GA) pushes for growth in its auto and credit card portfolio, the cooperative is receiving  an overwhelming number of personal loan applications, says Adam Marlowe, chief experience officer. The credit union is expanding into more rural markets, and Marlowe notes that the influx of personal loans suggests these members are facing a different set of circumstances than members in more populous areas.

Although inflation has improved and some costs have come down, that doesn’t necessarily offer wiggle room in the wallet.

“It’s still expensive for people to eat, work, have good hygiene products, and buy new clothes,” Marlow says. “Things they need to survive.”

That’s why Marlowe suspects more members are looking for cash or access to credit.

Part of the problem, says Desert Valleys’ Bruen, is that it’s easier for consumers to get credit than ever before. Whereas 20 years ago credit unions had a strong hold on the personal loan market, modern platforms like Klarna and AfterPay have changed the landscape, and crisis management has usurped dreams and aspirations as the primary driver of personal lending.

Bruen compares today’s Buy Now, Pay Later platforms, which are easy to access and convenient to use, to home shopping on steroids.

“The ability to be abused by it is easy,” the CEO says. “You forget how far you’ve actually indebted yourself, and then you’re crisis managing for your day-to-day bills.”

Desert Valleys can often provide a bridge for members to improve their financial standing, but it’s becoming increasingly difficult to do that when members don’t change their behaviors. Repeat borrowers have always existed, but the credit union is seeing more and more members coming back for a new loan as soon as they pay off the first — to the point that many carry on a pattern of repeating a six-month loan over the course of six years or more. The credit union even offers fee refunds if members don’t reborrow immediately after paying back a personal loan, but that hasn’t been enough to keep many members from continuing the cycle.

Pricing, Underwriting, And Collections (Oh My!)

Personal loans at Magnolia FCU generally perform on the same trendlines as the rest of its loan portfolio, and the credit union will lend to members with credit scores as low as the 400s. That creates some risk, acknowledges Mawhinney, but the credit union adequately stocks loss reserves to account for that, and many members routinely go to the credit union because they know they’ll get a fair shake, even with poor credit.

“We have those conversations about ‘If push comes to shove and you’re going to need help in the future, make sure you’re paying us first,’” Mawhinney says. “And they do, for the most part — especially those folks in the lower credit tiers.”

Rates and terms are competitive, although pricing goes up to 18% APR below a certain credit threshold — an improvement over payday and predatory lenders whose APRs can stretch into the triple digits.

To account for additional risk, Desert Valleys also prices its loans above market when compared to collateralized lending, Bruen says. Still, leadership is considering whether it needs to update any of its underwriting processes to account for demand and consumer behavior patterns.

As members increasingly tap personal loans to cover essential expenses rather than discretionary purchases, the California cooperative has adjusted how it approaches collections.  A full-time collections team has been on-hand since it shifted to risk-based lending in 2004, but Bruen says the current environment requires a different level of personalization with a softer approach. The team now leads with problem-solving rather than enforcement, aiming to identify hardship early and connect members with solutions.

Desert Valleys has also increased how often it contacts members, so there are now more frequent touchpoints with members before the 60-day “serious delinquency” mark.

Magnolia leads with empathy, too, and collectors and lenders also work collaboratively on a weekly basis to identify loans that could turn problematic. Thankfully, Mawhinney says, the collections team — known internally as the credit support team — excels at building rapport with members to get to the root issue and work toward a solution.

“We’re trying to help folks here,” Mawhinney says. “That’s our goal.”

The post The Personal Loan Landscape Has Shifted appeared first on CreditUnions.com.

When rapid membership growth gave way to outright losses, Georgia United Credit Union ($2.4B, Duluth, GA) chose reset over retreat.

A decade ago, the credit union was posting annual membership growth close to 10%. By 2022, it was actively losing members, with the pandemic and a strategic pullback from indirect lending exacerbating growth challenges well into 2023.

Rather than chase volume, however, the credit union reset its growth strategy around something more durable: engaged, organically acquired members.

“If we’re not growing in members, we won’t have a credit union before long,” says Adam Marlowe, chief experience officer at the Duluth-based cooperative.

A two-pronged approach that focused on re-engaging existing members while also pushing organic growth put member growth back in the black by early 2024, and by the third quarter of 2025, Georgia United reported growth of 3.39%.

Reaching New Eyeballs

Georgia United’s new growth strategy includes making it easier to join the credit union. For starters, it no longer pulls credit reports as part of the membership application. It also put in place a new online account-opening system and partnered with Plaid for funding to make those processes faster, as well. Members can now open accounts within three minutes using a mobile app.

The credit union identified rural markets as a subset it could serve well via digital banking and shared branching and targeted potential new members there with mailers and online messaging. Validation soon followed.

“We surprised ourselves, quite honestly, and exceeded our goal around June or July,” Marlowe says.

Georgia United’s roots is in serving educators, but today it holds a community charter that reaches into parts of Tennessee and Florida. Its market research suggested billboards could be particularly successful in rural areas, leading the credit union to center its marketing on the snappy phrase, “Y’all bank here yet?”

“You’ve got milliseconds to grab someone’s attention when they’re driving,” Marlowe says.

Rather than touting discount rates or deposit specials, the billboard drove traffic to the Georgia United website. The credit union deployed a similar approach for radio, including in Spanish-speaking markets. In place of the southern-fried “Y’all bank here yet?” slogan, it used a variation of, “Your abuela [grandmother] banks here, why don’t you?”

“We’re just trying to do things that are a bit more customized and relatable and funny,” says Marlowe, adding that an English-language radio spot bleeped out every instance of the word “bank.”

Re-engaging Old Ones

Marlowe notes that some of Georgia United’s previous decline in membership growth is likely due to the credit union exiting indirect lending, although it’s difficult to quantify exactly how much. But the choice to leave indirect, however, did prompt the credit union to reconnect with members who had been dormant for at least 13 months with light-hearted messages like “We’re lonely, we miss you!”

The campaign encouraged members to re-engage with the credit union, even by simply making a transaction using Georgia United’s plastic. The credit union also launched an outbound calling group to inform inactive members about various incentives — some of which they could capitalized on retroactively.

New technology has helped reinvigorate members, too. New account-opening technology allows Georgia United to present loan options at the time of account opening, “basically like a shopping cart,” Marlowe says. It can also make discounts on certain lending products — including GAP insurance or appraisals — and other discounts available to members with a checking account.

“We’re trying to reward members for having more with us and not necessarily have it only be rate-driven,” Marlowe says.  “A lot of people are more focused on the payment than the other stuff. If we can also help with an additional product, the likelihood is we’ll get more opportunities to do business with them.”

Georgia United also rolled out new benefits to many of its checking products, bundling in services like telehealth and prescription discounts.

“That’s what our members told us they were struggling with,” Marlowe says. “Insurance is expensive, people were saying they needed help with that.”

A Resounding Rebound

Georgia United’s efforts to revive its flagging membership growth have paid off. Year-over-year growth was 3.39% at the end of the third quarter of 25 — its second consecutive quarter besting asset-based peers — and Marlowe says the credit union finished 2025 higher than 5%.

“Take that, industry norms!” he quips.

MEMBER GROWTH
FOR GEORGIA UNITED CREDIT UNION
SOURCE: Callahan & Associates

The push for more organic membership growth has helped the credit union rediscover its roots while unearthing new opportunities.

“Even if you combine all the credit unions in Georgia — and there are some big ones — [the industry] still has a small market share,” Marlowe says. “There’s plenty of opportunity for us to grow. It’s just about whether you’re focused on it and willing to really try.”

Importantly, Marlowe says the credit union is attracting members who really need a financial partner, those who aren’t A-paper borrowers. In turn, they’re also building a deposit base, thanks to market-specific CD offerings that are helping fund loans throughout the credit union’s market.

Georgia United celebrates its 70th anniversary in 2028. Despite the longevity, the board worried the credit union wasn’t reaching as many people as it could. It needed a shift in mindset to ensure it could serve members for decades to come.

“We were created to help people,” Marlowe says. “We’re not in the banking business, we’re in the people business, we just offer financial services.”

Do You Have A Problem? Your Peers Have The Answer. Re-engaging members has helped Georgia United turn around lagging growth; other credit unions are reaching members in different ways. Callahan Roundtables put leaders in the same room to share solutions, solicit feedback, pose questions, and more. Inspiration is a Callahan Roundtable away. Learn more today.

The post Georgia United Turns The Tide On Membership Growth appeared first on CreditUnions.com.

That’s how Heather Luciani, chief strategy officer at Honor Credit Union, describes her mindset — and it’s one many of her peers across the movement share.

In a financial services world that’s shifting faster than ever, credit union strategy leaders are learning to thrive in uncertainty. They’re rethinking everything from how members interact with their cooperative to how employees adapt, lead, and innovate. The goal? Stay relevant. Stay human. And stay ahead.

But technology alone isn’t the answer to ensuring a competitive credit union in 2030. What matters most is how credit unions combine automation with empathy, digital innovation with grassroots connection, and long-term strategy with a flexible mindset. That’s the work underway now — and the work that will define what success looks like in banking in 2030.

Automatic Value With A Personal Touch

Gone are the days when members pop by the branch to deposit a check. Members today, especially younger ones, value a unified experience in their banking relationships. According to the chief strategy officers interviewed for this article, technological forces will only continue to complicate the value-add credit unions currently provide for members.

However, just because members will rely more on digital channels for their day-to-day transactions like cashing checks and opening accounts doesn’t mean automation will reduce the need for personal service, says Heather Luciani, chief strategy officer at Honor Credit Union ($1.8B, Berrien Springs, MI). Instead, members will look to their credit unions to provide personalized financial guidance as a value-add for the in-person experience.

The credit union movement is rooted in community; it’s time to adapt that ethos for the digital age. Indeed, grassroots networking through local digital channels provides an avenue to drive organic growth.

SkyOne Federal Credit Union ($960.1M, Hawthorne, CA) employes a digital sales representative to not only reach out to applicants who quit midway through an application but also work through local channels such as city-specific Subreddit communities to drive conversation about credit unions on social media. Initiatives like this are among the credit union’s most successful drivers of membership.

“It’s understanding and playing in the digital world that everybody’s part of right now,” says Shannon Doiron, chief strategy officer at SkyOne.

When it comes to artificial intelligence, the role AI plays in the industry could include everything from predictive analytics, as in forecasting trends, to serving as a personal assistant for everyone in the organization, freeing up time for staff to focus on value-add endeavors like collections or loan originations.

AI is prompting Doiron to think through “what are we going to be when we grow up?” Meaning, when AI is here, what does the credit union look like? Georgia United Credit Union ($2.3B, Duluth, GA) is taking a wait-and-see approach to AI, knowing it is a path it must take but unsure of which steps to take first.

“It is a slow process because there’s a lot of questions around security and maintaining confidentiality of member information,” says Adam Marlowe, chief strategy officer at Georgia United. “On the other hand, don’t be afraid of it.”

3 Skills For 2030: Adaptability, Open-Mindedness, And Critical Thinking

For credit unions to thrive in a financial ecosystem that demands cohesion between digital and legacy experiences — where AI is embedded into every workflow and business models revisit the community-focused mindset — credit union employees need to embrace change.

Chief strategy officers cite adaptability and open mindedness toward change as core competencies necessary for banking in 2030. When it comes to implementing new technologies, employees who are curious about how to incorporate it into their own work usually make life easier for the implementation teams.

It’s important to keep in mind, however, that even employees less adept at adaptability are still valuable. An approach that moves person by person, branch by branch is better able to push through organizational change without rocking the boat.

Innovation is such a core component of culture at SkyOne that it is a key metric in the performance review process. The credit union has found that aligning innovation goals with performance reviews nudges associates into trying new tools.

“These new tools won’t just help employees do their work,” Doiron says. “They’ll also help them get a good score on their performance review.”

Of course, adaptability and open-mindedness beget the need for critical thinking. When digital technology automates transactional tasks, the remaining work is much more complex and requires strong critical-thinking skills.

It is critical thinking that ensures in-person and digital experiences are unified, not siloed, and employees are contributing to the organization’s strategy in complimentary ways. That’s how credit unions will meet the needs of members in 2030, according to Luciani.

How To Get To 2030

Successful banking in 2030 requires credit unions to blend their human capital and digital channels, then take both to the next level. Clearview Credit Union ($2.0B, Moon Township, PA) offers Clearview Live video banking to give members the opportunity to interact with the credit union for any service but withdrawing cash.

“Physically, we might not be open,” says Bill Snider, chief strategy officer at Clearview. “We might have cut back an hour or two, but we have all these other channels members can use to talk to us.”

For better buy-in, it’s important to incorporate the views of stakeholders when implementing new tools. Another key consideration is the balance between culture and talent. Online learning makes it easier than ever to hire for culture and upskill employees. An intentional hiring and promotion process that takes into consideration whether a credit union needs an outside hire for a specific skill versus upskilling an internal candidate is a reliable way to build an engaged staff that is able to adapt to change.

“Just because an outside hire can do the job doesn’t mean they’re the right person,” Luciani at Honor says.

Perhaps most important of all, the rate of constant, rapid technological evolution means credit union leaders simply cannot adopt a set-it-and-forget-it strategy.

Leadership needs quicker strategy re-thinks, says Marlowe at Georgia United.

“You can create a strategy based off what you know now, but I promise you, in 90 days or six months, something’s going to change,” he says. “You need to be able to go back and ask how it impacted strategy and do you need to alter it?”

To combat strategy stagnation, Georgia United conducts rolling three-year strategy sessions to evaluate what’s working and what needs to be reworked. This allows the cooperative to stay up-to-date in a constantly evolving technological and product landscape.

“You have to be nimble so you can be responsive to members not only today but also in another 20 to 30 years,” Marlowe says.

The path to successful banking in 2030 won’t come with a detailed playbook. Change is happening too fast — in technology, member expectations, and the tools employees use to serve. For the credit union leaders interviewed here, success means building resilient organizations that can evolve in real time, without losing sight of the cooperative difference. “Comfortably uncomfortable” indeed.

The post Strategy Today For Success In 2030 appeared first on CreditUnions.com.

Top-Level Takeaways

• Regular, fun-focused engagement helps reduce turnover while recognition and coaching fuel loyalty and performance.
• A lively culture starts with leadership presence and trust.

Credit union contact centers are high-stakes environments. Agents juggle complex calls, relentless volume, and emotionally charged member interactions — typically while tethered to a headset and a call queue. That daily grind makes employee engagement more than a nice-to-have. It’s a survival strategy.

“It’s not a slow-paced job,” says John Flanders, vice president of delivery channels at Robins Financial Credit Union ($4.7B, Warner Robins, GA). “The first call might be someone checking their balance, second call could be someone dealing with fraud or the loss of a loved one. You never know what the next call will bring. That kind of pressure, along with performance metrics, makes the job tough.”

The emotional toll for agents is real. That’s why credit unions are taking steps to bring a little levity to what is otherwise an intense environment.

“If we are happy and having fun, that energy can enhance our member experience, increase employee engagement and productivity, and improve retention,” says Emily Clark, director of contact center operations at UniWyo Federal Credit Union ($764.0M, Laramie, WY).

Quirks And Perks For Serious Business

For engagement to stick, managers must be dutiful in their planning and prioritization. At UniWyo, Clark and her managers each must bring a new fun idea into the contact center every month.

“It’s in our goals,” Clark says. “We have to keep it as a major item.”

Clark leads a 16-person in-office contact center split into two departments: phone and chat. The team consists of one manager per department, two senior contact center officers and eight CCOs on the phone team, two CCOs dedicated to digital channels on the chat team, and one processor who supports both areas.

Clark took over the contact center in May 2024 after nearly 20 years with UniWyo, most recently as a branch manager for nine years. She had no contact center experience but knew she wanted to continue focusing on employee engagement. To date, those efforts have ranged from quirky to nostalgic. For show-and-tell, employees brought in personal items like cameras, vintage kaleidoscopes, or a family airplane propeller and shared stories with colleagues; a floor hopscotch grid complete with candy rewards invited contact center employees as well as other staffers to join in the fun; and on Taste Test Tuesdays, Clark shares snacks ranging from Shark Tank oddities to personal favorites.

“Hits and fails make great taste tests,” she says.

The contact center also has hosted pajama-themed bingo days, cubicle-decorating contests, and a day where staff strolled the office in playful outfits or rolled around in their chairs.

“Some joked about staying at their desk all day,” Clark says. “In the end, everyone joined in.”

Further south, a quarterly Spirit Week is the signature engagement event at Robins Financial.

“It really takes off for us,” Flanders says. “Whether that’s animal prints or dressing like your teammate — it’s a fun way to build camaraderie.”

Perhaps counterintuitively, the credit union’s “Dress to Impress” day was a huge hit.

“We work in a contact center with a corporate dress code, but people came dressed to the nines,” Flanders says. “We even had people in heels taking phone calls.”

Flanders team of 51 agents work under a hybrid model, with everyone coming into the office at some point during the week. But even employees working from home participate in Spirit Week.

“About 90% join in,” Flanders says. “People at home get dressed up just like everyone else. It’s not required — completely voluntary — but it builds energy. Compliments flow, people feel good all dressed up.”

In addition to exciting food and theme days, ready recognition also builds morale. At UniWyo, top performers get shoutouts at monthly branch meetings.

“Sometimes it’s bragging rights, sometimes bragging rights along with a prize,” Clark says.

Robins Financial takes a more formal approach with peer-nominated quarterly awards, including the coveted Diamond Award.

“There’s always a big cheer when someone earns it,” Flanders says.

Building Culture Through Trust, Coaching, And Care

I tell agents, if you need a minute, take it. The next call will be there, but your wellbeing comes first.

Behind the themed days and shared snacks is a serious foundation: support, listening, and career growth. Without those, engagement efforts can fizzle fast.

Clark and Flanders both prioritize decompression. At UniWyo, a “zen cubicle” offers coloring books, puzzles, and brain games to help staff unwind between calls.

“We know how hard being on the phones can be,” Clark says, noting that stress-relieving activities agents can do at their desk provides a welcome reprieve. Offering room to breathe helps, too.

“We talk a lot about if the CCO has a stressful call that they need some time to recoup from, they can take a break,” Clark says. “This helps them regroup and bring their best self to the next call.”

Flanders echoes that sentiment.

“I tell agents, if you need a minute, take it,” the VP says. “The next call will be there, but your wellbeing comes first.”

Both teams emphasize regular leadership face time, whether one-on-one off to the side or through informal floor check-ins.

“We’re present in the office every day, out on the floor talking to everyone,” Flanders says. “The more we do that, the more open employees become with feedback.”

Career growth is also central. At UniWyo, 65% of staff have earned a promotion at some point, and internal movement is encouraged.

“Applying for other positions if something appeals to a CCO is always encouraged,” Clark says.

Robins Financial supports job shadowing, letting agents explore roles in departments like Cards or IT. “Sometimes they realize they love it,” Flanders says. “Other times they decide it’s not for them. Either way, they feel supported.”

Flanders himself has been with Robins since 2019. He spent three years managing the contact center and two years as a branch manager before being promoted to vice president of delivery channels in July 2024.

“Nothing’s worse than not having a clear career path,” he says. “People want to be developed. It’s a hard job, so they need to know what’s next.”

Training also plays a big role. At UniWyo, the training team gamifies education with Family Feud competitions and one-question quizzes in the Teams chat.

“So. Much. Fun!” Clark says. “Training doesn’t have to be boring.”

The payoff from these employee engagement tactics is tangible and trackable. At UniWyo, contact center turnover dropped from 82% in 2023 to zero so far in 2025. Robins’ numbers are also below the industry norm.

“Low to no turnover is great news for a contact center,” Clark says. “I’d like to think the vibe is good up here, and we have the tools to do our job well.”

For both contact center executives, culture is a daily practice — not a one-off campaign.

“I can’t make folks love their job, can’t make them love being on the phones, can’t make them love serving others,” Clark says. “What I can do is try kooky, crazy, silly ways to keep the vibe cool and fun, smile and laugh, and respect the work that is done here.”

The post Bingo, Bragging Rights, And Balance Checks Build Contact Center Engagement appeared first on CreditUnions.com.

“ARM” Isn’t A 4-Letter Word

The high interest rate environment led Tucson Federal Credit Union ($749.4M, Tucson, AZ) to roll out Fixed4Five, an ARM option that offers a 5% fixed rate for the first five years. After that period, the loan adjusts on a five-year basis with increases capped at two percentage points and a five-point limit over the life of the loan. The intent, explains Ashley Kemp, vice president of lending and solutions, is to make homeownership more accessible and affordable for members.

“ARM was such a bad word for so long after 2008-2009,” Kemp says. “People didn’t want to hear about it. But our branch staff is comfortable talking through this product with members so they feel comfortable.”

That said, the credit union isn’t about to force members who aren’t comfortable with ARMS into one. Traditional fixed-rate mortgages are available for borrowers who are more comfortable going that route or in instances where it makes more sense than an adjustable option.

Approximately 1,500 miles away, Veridian Credit Union ($8.0B, Waterloo, IA) has always focused on ARMs, but the interest rate hikes of the past couple of years have made that product substantially more attractive to members, says Kara VanWert, chief lending officer.

“The mindset and the knowledge today about refinancing your house is very different from what it was in 2009 and 2010,” VanWert says. “I don’t think there’s that fear of ARMs like there used to be.”

It’s All In The Approach

Both credit unions emphasize the importance of education.

Veridian offers 5/1 and 7/1 ARMs and approaches the subject when discussing how long members expect to be in the home. If they’re only planning for five or seven years, the ARM might be the best option because they’ll have moved on before the rate resets. This is an important product at Veridian because it focuses heavily on younger borrowers, many of whom are looking for starter homes.

“Usually when you buy your first home, you don’t think you’ll be there forever,” VanWert says.

To ensure members get the most accurate information possible, Veridian directs all questions to mortgage loan officers, who likely know the product and the market better than front-line staff.

“The most common question we get is about rates — is my payment going to go up $2,000 after these first five years?” says Tucson Federal’s Kemp.

To combat those fears, the credit union goes into detail explaining the math around indexes and margins so members know how the product works. It even breaks down the worst-case scenario, which at a 5% adjustment over the life of the loan won’t double the borrower’s mortgage payment.

Discussions at both credit unions also focus on the fact that ARMs can help members afford more house than they might get with a traditional fixed rate. Veridian sweetens the deal even further by offering a 100% financing option.

Part of the education process includes helping members understand how the ARM environment is different today compared to before the housing crisis. Rates were already low back then, so expecting them to drop further once rates adjusted was a bad bet. Additionally, many of the bad actors that caused the housing crisis were employing lax underwriting criteria and putting borrowers into homes they couldn’t afford with loan structures that were destined to cause problems, including interest-only payments and no-downpayment loans. In other words, the adjustment wasn’t the problem — it was merely the straw that broke the camel’s back on loans designed to benefit lenders rather than borrowers.

But, both credit unions recognize an adjustable-rate product isn’t for everyone.

“If members are that uneasy, they shouldn’t be in an ARM,” Kemp says. “Our CFO will be the first to tell you we don’t predict rates — you never know what’s going to happen. If members are that concerned with what could happen, it’s probably better for them to be in a fixed rate.”

Rising interest rates make fixed-rate mortgages less attractive. Read “Higher Rates Bring More Non-Fixed Mortgages” for Callahan’s take on how appetites for adjustable-rate mortgages have changed in the past 20 years and what the future could hold.

The Security Is In The Structure

Associated Credit Union ($2.2B, Norcross, GA) takes a different approach. Rather than a 5/1 or a 7/1, Associated offers a 15/15 split, fixing the rate for the first 15 years of the note, making a one-time adjustment at the 15-year mark, and fixing the rate for the second half of the note at a level based on the five-year Treasury with a maximum margin of 250 basis points up or down and a maximum adjustment of 5% above the initial rate.

“We’ve seen from historical data that most members don’t stay in a mortgage for more than five to seven years, so they’ll never see that interest rate adjustment,” says Chad Evans, executive vice president of lending. “That puts stability in the member’s mind. Most consumers are homed in on a 30-year fixed for the stability, and it’s hard to talk them out of it.”

The 15-year window, he adds, helps members feel secure about the initial term — and because many don’t expect to be in the home when the rate resets, the adjustment is far less of a factor. External factors such as rising property taxes and homeowners’ insurance premiums have also made the product more attractive, Evans says.

When it comes to promoting the product, Associated’s efforts to educate local real estate agents has been instrumental in getting the word out, as has a comparison calculator on the credit union’s website that shows the difference in interest rates and how payments could change post-adjustment.

“We feel a responsibility to let them know what happens at the end of that 15 years,” Evans says. “If they do make it to the end, they need to know there’s a possibility their payment could change.”

Rising rates have made ARMs an easier sell, but the real key to success lies in listening to members and staff, the EVP emphasizes.

“There’s risk in anything we do — reputational risk, interest rate risk, ALM risk — but you have to put the customer first,” he says. “Your staff is your front line. They’re talking to members and hearing what the challenges are. If you listen to your people and try to develop products and services that satisfy the challenges they’re hearing, it goes so much better.”

The post Embracing ARMs And Battling Members’ Misconceptions appeared first on CreditUnions.com.

Many institutions are still trying to determine how to proceed. The uncertainty is compounded by mixed messages from different parts of the government, and more dramatic cuts are expected soon.

More than two dozen credit unions have direct ties to the federal government, serving agencies as varied as the Departments of Defense, Treasury, and the Interior; Library of Congress; the Federal Aviation Administration; the Centers for Disease Control and Prevention; and more.

Many credit unions that serve government employees are well below $10 billion in assets, and the majority are even below $1 billion. Widespread job losses among the membership and in the communities they serve could have a major adverse effect on those shops.

The federal government had slightly fewer than 2 million civilian workers as of last year, according to a December 2024 report from the Congressional Research Service; less than one quarter — 23% — of those employees live near Washington, DC. Musk’s Department of Government Efficiency aims to reduce the federal workforce by as much as 75%. Although it remains unclear whether that will be possible, even a substantially smaller reduction could have a major ripple effect in communities across the country, possibility spurring a recession, reducing the tax base, and raising unemployment. That would impact credit unions of all stripes, regardless of whether they focus on serving government employees.

“From a macro standpoint, whether it’s GDP or inflation or unemployment or interest rate movements, all those factors will clearly have an impact on our business,” says the CEO of a mid-size government credit union located near Washington who asked to remain anonymous. “But in this instance, there are several additional micro economic impacts to consider. That could be housing prices, unemployment, early retirements, or other issues that will significantly impact my teammates’ personal lives, and that of the credit union and our members. Right now, we’re just a few weeks into this and people are still trying to figure out what all this means for them, their friends, their family, their coworkers, and their businesses.”

Concentration Risk Concerns

For some government credit unions, the cuts emphasize the importance of recognizing concentration risk and diversifying fields of membership.

Approximately 70% of the roughly 8,400 members at Labor Credit Union ($133.0M, Washington, DC) are active federal employees serving either the Department of Labor, the Bureau of Labor Statistics, or the National Labor Relations Board. CEO Thomas Domingue says only pockets of the membership have reached out with questions about work stoppages or retirement-buyout offers, but he expects those numbers to rise once the Senate confirms a new Secretary of Labor.

“There’s a lot of uncertainty about whether severances and layoffs will begin once a Secretary of Labor is in place,” he says. “Right now, it’s a waiting period for a lot of our members.”

Until the situation is clearer, Domingue’s team is focusing on messages of reassurance and letting members know about various resources available, including loan deferments, fee waivers, and partnerships with local groups that provide employment assistance for those who lose their jobs or elect to move into the private sector.

Outside the nation’s capital, CDC Federal Credit Union ($465.9M, Atlanta, GA) serves federal employees and contractors working for the Centers for Disease Control and Prevention, as well as their families. The credit union has almost 22,000 members, and CEO Australia Hoover says approximately 70% are affiliated with the agency.

“While we’ve worked to diversify our membership through an underserved charter expansion, a significant portion remain tied to the CDC,” he says.

Similarly, more than half the membership at State Department Federal Credit Union ($2.9B, Alexandria, VA) is tied to the government, including the departments of state and defense, as well as the U.S. Agency for International Development. Cuts at USAID have already resulted in layoffs of roughly half the staff at the World Council of Credit Unions.

Some State Department members have approached the credit union with concerns about job losses. However, those who have reached out have not been laid off or furloughed as of now, says CEO Jim Hayes.

‘Waiting For The Other Shoe To Drop’

Approximately 30% of the more than 45,000 members at National Institutes of Health Federal Credit Union ($791.8M, Rockville, MD) are directly connected to the NIH. Only a handful have reached out with concerns about firings, layoffs, or furloughs, but CEO Rick Wieczorek expects an increase within the next month or so as the impact of cuts becomes clearer. Proposed drastic reductions in medical research funding could impact jobs at the agency; however, some of those cuts have been blocked in court, creating further uncertainty about what happens next.

Although there hasn’t been a groundswell of outreach from members, Wieczorek says there’s a sense of “waiting for the other shoe to drop” as conflicting messages come from the White House, DOGE, agencies, and the courts.

The credit union hasn’t proactively reached out yet to members, opting instead to address concerns as they arise. Wieczorek says leadership is keeping in touch with contacts at the NIH and is compiling a list of ways it can help members, including debt-management counseling, assistance with filing for unemployment, possible debt restructuring, and more.

“You can’t give a loan to someone who doesn’t have a job,” the CEO says. “But they might not be fully aware of all the resources we have available for them.”

Some federal employees might retire because of these cuts, which could create opportunities to help with wealth-management and retirement solutions, adds Wieczorek.

Further Afield

Although the bulk of the credit unions serving government workers are headquartered in and around Washington, DC, approximately 80% of the roughly 2 million federal employees work outside the metro area, according to a 2023 report.

Approximately 13,000 people work at the CDC, 700 of which have been laid off. That’s a reduction from a figure that initially stretched as high as 1,700 before being scaled back.

“Our members are understandably concerned,” Hoover says. “We’ve received numerous calls from members inquiring about options available to them given the recent position eliminations and workforce reduction. They have questions about loan terms, skip-a-payment programs, and other assistance we can offer if they are impacted.”

Some CDC FCU board members who work within the agency have been able to provide first-hand insights, but Hoover notes the fluidity of the situation has made things more difficult.

“While targeted outreach to impacted members is ideal, the rapid and unpredictable nature of these changes makes that challenging,” he says.

For now, the credit union’s approach is to respond to individual inquiries from members. If broader communication becomes necessary, the credit union will likely use messaging similar what it uses during government shutdowns. That messaging focuses on the credit union’s commitment to helping members and options like paycheck continuation assistance, skip-a-pay programs, financial counseling, and more.

Close Connections

Even further from Washington, True Sky Federal Credit Union ($829.5M, Oklahoma City, OK) is relying on close ties with its original sponsor group for a better sense of what to expect. Approximately 36% of True Sky’s membership is still directly tied to the Federal Aviation Administration.

“Because of the relationships our board and senior team have with the FAA, we rely on that point of contact far more than what’s in the news,” says CEO Sean Cahill. “We’d rather get the official word than speculation.”

True Sky has largely taken a wait-and-see approach for now, in part because even its contacts at the FAA aren’t sure what to expect. Along with the FAA and contract workers, True Sky also serves some employees within the Department of Homeland Security, Tinker Air Force Base, and more.

It has yet to deploy programs rolled out during government shutdowns — such as a 0% assistance loan — in part because the full effect on True Sky’s membership remains unclear. Cahill says he expects more clarity by early March. Complicating the matter further, he says, is that it’s unclear how many remote employees who have been ordered back to the office will wind up losing their jobs.

“The sand keeps shifting,” he says. “We want to be careful about causing more worry and uncertainty when some of these things haven’t officially occurred.”

If remote employees return to DC, they’ll need to foot the bill to relocate. Ditto for those employees who might need to move after losing a job. Credit unions are no strangers to offering lending support for military and corporate moves. Read more in “Help On The Homefront.”

Adjusting The Balance Sheet And Beyond

Unfortunately, the balance sheet can’t wait, and many credit unions are already making adjustments.

Preparations at Labor Credit Union include stress testing for increased delinquencies and higher losses than in recent years. The credit union already has increased its allowance for loan losses and has scaled back ordinary loan promotions to ensure adequate liquidity in case members need emergency loans.

“When you look at our historical delinquencies, we’re well below peers,” Domingue  says. “But that’s all going to shift for us.”

True Sky is currently focused on messaging but has already made some adjustments to operations based on economic conditions.

“The economy is still struggling, inflation is still impacting members in a big way, and we’re still seeing the largest credit losses we’ve seen in some time because of that,” Cahill says. “Any loss of employment is going to accelerate that.”

Somewhat similarly, NIH FCU is weighing the possibility that workforce reductions or other changes could impact its access to NIH campuses, which would inhibit its ability to serve members.

“That’s part of the scenario,” Wieczorek says. “We could lose the branch space all together or be charged a market rate or everything is downsized.”

Parallels And Lessons Learned

The government has shut down three times since 2013, including the longest instance on record. Many CEOs say those events have served as a dress rehearsal for what could be coming.

State Department FCU’s Hayes struck an optimistic tone.

“The real situation is rarely as bad as the anticipation,” he says. “Being prepared to respond with consistent messaging is key in keeping those affected at ease.”

For Labor’s Domingue, some of the biggest lessons came not from previous shutdowns but the early days of the COVID-19 pandemic.

“That was the closest parallel to what we’re feeling now,” he says. “We know something’s going to happen, but we don’t know to what magnitude or how long. The lessons are to be patient, don’t overreact to the news of the day, and try not to deviate from your long-term objectives — just be fluid in the day-to-day short term.”

Consumers across the country are unnerved by recent developments in Washington — but that’s when credit unions are at their best. What is your shop doing to prepare? How are you reassuring members and helping them manage their financial wellbeing? Drop us a line, and we might feature your story on CreditUnions.com.

The post Uncertainty Grows For Credit Unions Tied To Government Employees appeared first on CreditUnions.com.

Platinum Federal Credit Union ($320.1M, Duluth, GA) introduced business checking services in 2004. Today, the product comprises 44% of the credit union’s portfolio.

According to CEO Kabir Laiwalla, the credit union wanted to offer its local businesses simpler, more cost-effective solutions.

“That’s what attracted small to mid-sized businesses to bank with us,” he says. “That’s how we now have 2,500 business accounts.”

At Platinum, business members enjoy a flat monthly fee of $60 per month, up to $100,000 in cash deposit withdrawals, and unlimited transactions for everything else. This is a stark contrast from the strict limits on transaction and withdrawal amounts that are common in business checking.

In the Northwest, Pacific Crest Federal Credit Union ($346.3M, Klamath Falls, OR) has experienced similar success with its business services, with business checking accounting for 17% of its portfolio.

“We were in the bottom third in the nation eight years ago,” says CEO Chad Olney. “We’re in the top quartile now.”

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Like Platinum, Pacific Crest’s business accounts offer lower fees on average or no fee at all for some options. However, Olney says the real differentiator is the credit union’s quality of service, especially its responsiveness.

“They know they can call or come in and actually talk to somebody who can help them and is responsive to their individual needs,” he says.

Olney does warn, however, that businesses often have higher standards than the average retail member because businesses have more to lose.

“If there’s an issue with a regular member’s debit card, it might stop them from making a purchase,” he  says. “But if on the business side you do something that decreases the revenue coming in, it’s significantly more impactful and remembered for a much longer time. So, you have got to dial in your processes.”

Relationships And Reputation

In the business banking world, the power of word-of-mouth is too big to ignore.

“Business owners tend to talk to other business owners,” Olney says. “They run in the same circles. They share similar struggles. Business members talk about their relationship with their banks to other business representatives.”

Laiwalla recalls the lasting impact a single wholesaler had on Platinum after opening an account in 2005. He used his Platinum business account to pay vendors and conduct business, which amplified the credit union’s presence in the community.

“A lot of community members were buying supplies from him for their gas stations or convenience stores,” Laiwalla says. “They said, huh, he’s banking at Platinum, maybe we should move our account to Platinum.”

To increase the chances of this ripple effect occurring, many credit unions find it useful to build relationships with trade associations or their local chamber of commerce.

Platinum benefitted early on from its involvement with the Atlanta Retailers Association, which had provided a large donation toward the founding of the credit union. This relationship combined with regular appearances at trade shows and community events made business services soar at the credit union.

“Our membership sees the value that banking with a community-focused financial institution brings,” Laiwalla says.

According to the CEO, businesses know they can turn to Platinum in times of crisis because it’s a trusted name within the community. Ergo, why not regularly bank with the credit union?

Pandemic And PPP

Similarly, Olney says the secret sauce behind Pacific Crest’s business checking growth is its positive reputation among CPAs and accounting firms.

“That came about purely by accident and had a lot to do with PPP,” he says. “During the pandemic, we became a sort of community expert on it.”

This was unexpected because the credit union originally had no intention of participating in the paycheck protection program at all.

“We didn’t have an established relationship with the Small Business Association,” Olney says. “We were telling our businesses to go anywhere else that had their credentials and relationships and do it faster. They did, and banks literally wouldn’t accept their applications.”

During the pandemic, banks were accused of prioritizing larger businesses over smaller ones. It didn’t take long for Pacific Crest to identify a need among its membership.

“We had a member come to our drive-thru, put his application in the tube, and say, ‘I know you guys aren’t planning to do this, but you’re my only hope because nobody else will take it,’” Olney says.

Determined to help as many small businesses as possible, the credit union contacted local accountants to spread the word that it was taking PPP applications.

“That really kicked things off,” Olney says. “We were just trying to help our businesses stay in business.”

Meanwhile, Platinum became a licensed SBA lender in 2019 but intentionally chose to not promote its new certification until staff could become more familiar with it. That all changed less than a year later.

“We grew a lot of business accounts during COVID,” Laiwalla says. “Not all of them stayed with us, but a lot of them did. That’s how we had a big boom in 2020 to 2021.”

By the end of the pandemic, Platinum serviced $25 million in PPP loans.

Both CEOs say their organization’s dedication to saying yes when other financial institutions were saying no left a lasting impression on their markets.

Looking Ahead To 2025

The economic landscape presents a mixed but cautiously optimistic picture. This is good news for many business owners and, by extension, the financial institutions serving them. After all, prosperous businesses present cross-selling opportunities.

“Most of the time it’s loans first, checking second,” Olney says.

Businesses also tend to maintain higher account balances than retail members, giving credit unions a boost to their liquidity and lending capacity.

“On the deposit side, because many industries are seasonal, we know when to expect to see a decline or uptick in deposits,” Olney says. “On the lending side, because of the repricing nature of commercial loans, it’s helped with our portfolio management.”

Laiwalla says he often consults other credit union leaders about the impact business checking has had on his organization.

“With businesses, that cash flow keeps churning,” he says. “We are working with new businesses pretty much every week, and that is bringing in more and more cash flow. So, we have not had any issues with liquidity.”

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Take a break from reading and be on the lookout in 2024 for inspiration through imagery. That’s exactly what our new “Get Inspired” series aims to do. First up, branching.

Retail executives from leading credit unions across the United States gathered recently for a Callahan Roundtable. As always, attendees directed the conversation, and these executives dedicated a significant portion of their time together to branching, in particular how to design a branch experience that supports self-service yet fosters a welcoming sense of support for members and allows team members to focus on high-touch financial wellbeing conversations.

The following four credit unions each tell a different tale of member experience through their branches. From modern architecture to intimate community hubs, these cooperatives are creating spaces that go beyond traditional banking.

Interra Credit Union: Mission In The Brick-And-Mortar

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“Interra opened its newest stand-alone branch in LaGrange, IN, in March of 2021,” says Liz Borntager, vice president of retail delivery at Interra Credit Union ($1.7B, Goshen, IN). “We include our branding within the building, including our mission statement, our vision statement, and even an illustration created by one of our marketing team members. This branch has been extremely successful in providing hospitality in this new community. It already has $15 million in new loan dollars and $6.7 million in share balances, all with a branch overall satisfaction score of 9.6!”

Spero Financial: The Little Neighborhood Gem

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“This branch is a perfect example of how a physical location is still relevant,” says Leigh Wright, vice president of member services at Spero Financial Federal Credit Union ($706.3M, Greenville, SC). “It provides a neighborhood presence but embraces a smaller physical layout, which reduces overhead costs. This branch has no physical drive-thru because our members are adopting ITMs for routine teller transactions, which helps our Five Forks member service advisor team members — who are all Certified Credit Union Financial Counselors (CCUFC) — focus on interactions to deepen member relationships. The details of the floor plan even speak to this as we strategically placed wayfinding in the floor to guide members to the different stations for the complete branch transformation experience.

INOVA Credit Union: Self-Service Innovation

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“The Mishawaka, IN, location is the third of this kind for us as we undergo an exciting digital transformation for our branches,” says Kerie Sekal, vice president of marketing and member engagement at INOVA Federal Credit Union ($701.1M, Elkhart, IN). “We’re leveraging innovative technologies and enhancing the member experience by deploying self-service kiosks, streamlining processes, and offering more accessible financial services. Alongside these advancements, we recently implemented a new cutting-edge mobile banking solution, which affords us access to more advanced data analytics. INOVA Federal is ahead of schedule in our long-term strategic growth phase, and we are committed to revolutionizing our operations to meet the evolving needs of our members in this digital age.”

LGE Community: New Market, New Vibe

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“LGE has an established footprint in the Greater North Fulton community, but Sandy Springs is a new market for us,” says Becca Duvall, communications manager at LGE Community Credit Union ($2.0B, Atlanta, GA). “We were excited to introduce a new branch design in this area. This branch does not have traditional teller lines. Instead, it features a warm, open concept where members can easily flow throughout the branch — being greeted by a friendly face at check in, stopping by the coffee bar, or being assisted by a financial solutions specialist in one of our private banking offices. The branch’s design features brand elements like LGE’s inviting color palette, signature patterns, and our mascot, Einstein.”

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The post Get Inspired: How 4 Different Branch Experiences Support High-Touch Service appeared first on CreditUnions.com.

Simply put, the industry embraced uncertainty in 2023 and balanced high levels of member service with sound financial management. You’ll see a focus on that from Callahan in 2024 as we highlight the variety of ways the industry fosters financially strong credit unions.

For now, read on for just a few examples of how cooperatives navigated uncertainty during the past 12 months.

• Liquidity was perhaps the biggest challenge of 2023 and remains a hurdle heading into 2024. Yet credit unions of all sizes found ways to beat the odds, whether that was GreenState Credit Union’s embrace of non-member deposits, checking and certificate promotions in Texas and Arizona, or Leaders Credit Union’s four-pronged approach to managing liquidity.
• Rising interest rates, high prices, and diminished housing supply have plagued would-be homebuyers since well before the start of 2023, but Credit Union of Atlanta has embraced the challenge. By partnering with a CUSO and local community organizations, the Georgia-based cooperative launched a downpayment assistance program that gives borrowers a leg up and boosts CUA’s real estate portfolio.
• The Financial Accounting Standards Board’s current expected credit losses rule — or CECL for short — was phenomenally unpopular, but that didn’t’ stop it from taking effect. Thankfully, with seven years to prepare, Ohio’s Quest Federal Credit Union was ready. The rule put a strain on asset management, but Quest prepared for the shift by running existing ALL calculations alongside the new CECL model. “We didn’t wait until we were sure that they were going to approve the rule,” says CFO Paige Wallace. “Even if we had done it for years and then they abandoned the rule, we preferred to have been prepared versus playing catch up.”
• They say, “necessity is the mother of invention,” and TAPCO Credit Union needed to boost loan volumes. But instead of any old loan promotion, lending and marketing got creative, crafting a marketing campaign that’s a riff on a not-safe-for-work expression. The result? A massive jump in loan volumes and interest income along with a boost in brand recognition and earnings that doubled the cost of the campaign.
• During the past 10 years, the average member relationship at credit unions has steadily increased while hiring has fallen behind the pace of member growth. That trend has persisted throughout the past year. Going into 2024, credit unions will need to evaluate whether the current number of employees can accommodate evolving member needs.

The post Best Of 2023: Fostering Financially Strong Credit Unions appeared first on CreditUnions.com.

Subramanian, business development manager at Associated Credit Union ($2.1B, Norcross, GA), is always on the lookout for new growth ideas. At a recent meeting of community leaders, business owners, and local educators, a high school principal approached Subramanian and suggested students at Marietta High School could benefit from a career-pathing opportunity. Subramanian agreed, viewing it as a way to expose students to the world of financial services and to earn some much-needed income to support college or career.

“Our program, to my knowledge, is different from any other program in the country,” Subramanian says. “Many of the students at Marietta High School fall into the underprivileged category and do not have access to transportation. We call that ‘talent without transportation.’ So, we established a training branch in the school.”

The training branch is a real branch; however, it offers limited services and transaction amounts to mitigate both complexity and security risk. That means students can finish their classes at midday, go to the training room — a private workspace located in the College and Career Academy at Marietta High School — where they serve members for three hours as a teller or member services representative, and still get home in time to complete their homework assignments, with ACU covering the cost of transportation home at the end of the day.

To create an authentic work environment within the school, multiple departments from across the credit union collaborated to build training workstations that mirror those in Associated’s e-branch department.

“We use backdrops that face no windows,” says Heiwote Tadesse, executive vice president of member relations at ACU. “To the member, they have the same experience as if they came in-person to a physical location using an interactive teller machine (ITM).”

New Hire Training

To identify promising students, ACU representatives interview participants and also seek the advice of the high school’s career counselor. After selecting participants for the current year’s program, ACU brought them to the corporate branch during summer break to train the new hires.

Working in the corporate office acquainted the students with all the roles within a financial institution. That experience alone expanded their horizons, knowing they could go to college and study marketing, cybersecurity, PR, and human relations among other fields. And when they return from college, they’ll always have a place at ACU.

“One of the opportunities we offer students in the program is to return during their college breaks and continue their employment as interns with us,” Tadesse says.

Surprises And Advice

Both Subramanian and Tadesse were surprised to learn how many people they needed to pull into what they initially thought was a straightforward project. The duo also was surprised by the, at times, stop-and-go nature of the project.

“In the beginning, we sometimes had to stop what we were doing to accommodate the students,” Tadesse recalls.

The program offers a real wage to participants, making it a true career pathway. What’s more, when speaking with students graduating from the program, ACU learned many of them would have been working two jobs — neither in fields they cared to pursue as a career — without this opportunity.

During a panel discussion at a large conference, Tadesse recently shared with other banks and credit unions that this type of program is a great way to give back to the communities they support.

“These are our future leaders of the United States, not just of financial institutions,” she said. “When people think about credit unions, they typically think about savings and checking, but the entire industry is about helping people. The students who work for us learn there are many roles they can pursue in other industries.”

Tadesses’s advice is to give young people a chance to learn about the financial services business because — regardless of what they focus on in college — they’ll always have a potential career with a credit union.

Future Plans

ACU plans to continue the student workforce program and expand its reach beyond Marietta to other counties and cities, according to Tadesse.

That’s a big move, but Subramanian says the success of the initiative revolves around ACU’s love for community.

“Every time I’ve gone to my executive team for support for a community-based initiative, I’ve received it,” he says. “There’s been nothing but 100% support to help the kids be successful.”

How Do You Support Your Next Generation Of Members?

Rethink your credit union’s role and responsibility to members, employees, communities, and the environment with Sustainable Business Strategy, a virtual learning experience Callahan & Associates offers in collaboration with Harvard Business School Online.

Learn More Today

— This originally appeared on Aug. 29, 2023, on CreditUnions.com.

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