United Solutions Company is committed to helping credit unions become stronger, more efficient, and profitable. The Credit Union Rescue Team was created based on the philosophy of credit unions helping credit unions. Designed as a mentorship program, there is no charge to offer mentorship or receive a mentor! Learn all about our program at CreditUnionRescueTeam.com.
This week our CU Rescue Team mentors were asked the question “What was your most valuable learning experience?” Below is the response from some of our Mentors.
Terence Field:
At our Credit Union the hottest topic currently is staffing. We are struggling with retaining staff and filling open positions. We are located in a part of the country with extremely low unemployment. It is almost impossible to get unemployed workers to apply for open positions. If we get applicants for open positions, most times we schedule interviews the applicants don’t bother to show up. We are left trying to hire away workers from other industries or competitors. This has proven to be very expensive. It is putting pressure on our compensation and benefit costs. Positions are going unfilled for months. Initiatives are not able to be undertaken do to a lack of staffing resources. This is as much a function of the economy as it is demographics. We are in state where the population is aging and shrinking. There is no incentive for migration into the state and the state is not retaining younger workers.
Sherman K Louis:
The term “omni-channel” is a big buzzword, I think more and more credit unions are aiming to provide that ease of use to their membership by streamlining their processes in branch, online and through their mobile channels.
Brian Smith-Vansergriff:
Due to a heightened focus among examiners, managing Interest Rate and Liquidity Risks is by far the hottest topic among our client credit unions. As credit unions have shifted their business models to a more community-oriented approach, competition for deposit products and balances has increased. When those shifts in funding strategies are coupled with an ever-increasing allocation to long term mortgage assets, the potential for material Interest Rate Risks at credit unions has also increased.
We are also spending a lot of time with client credit unions discussing the transition away from LIBOR as a benchmark interest rate, the pending changes in the government’s role in the mortgage market, the introduction of Uniform Mortgage Back Securities, the implementation and implications of CECL, the shift towards Risk Based Capital as the industry standard, and the evolution of credit union Call Reports.
Wesley Williams:
Mergers and the ever-changing technological landscape have been two hot topics for us. Many financial institutions are not positioned to grow and/or have found organic growth to be challenging especially in light of the constant regulatory changes. Mergers are a viable way to grow and give your members the added products and services they need. Technology is driving the direction of the financial industry in a way that has executives moving to implement faster payments, mobile applications and quicker service for members.
Do you have a question to ask our trusted group of mentors? Email USC-Marketing@unitedsolutions.coop with your questions and check back at USC’s blog to see your answers! Have a question about our mentorship program? Email info@unitedsolutions.coop.
Get to know our mentors and sign up for our program at CreditUnionRescueTeam.com!