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Welcome to CU 2.0 Podcast Greatest Hits #26 and on the podcast is
Kirk Kordeleski, onetime CEO at Bethpage Federal Credit Union, and one of the industry’s most perceptive thinkers. In this show - from November 2022 -- Kordeleski muses on what he calls the five generations of credit union CEOS and he also offers tips on surviving a recession, advice that very well may be timely.
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Credit unions, most of them, want more small business loans on their books but few credit unions know how to speedily and profitably process small business loan applications and consequently most are lagging when it comes to booking business.
Meet Alex McLeod, a serial startup entrepreneur who now is tackling thee small business loan market with AI powered software that her company, Parlay Financial, is now selling to credit unions.
Her key message: succeeding in the small business marketplace requires the ability to offer fast verdicts on a loan app - same day preferably. And because many of these loans are small, machines have to carry a lot of the load.
The rest of her message is that the technology to enable all this is at hand. ANd that’s the game changer that just may help many credit unions to finally succeed at small business lending.
Heads up: the show begins with around five minutes where we learn Alex;s journey to now and Parlay Financial. Most of these shows have similar chat at the beginning but usually that winds up on the cutting room floor. Not this time. You’ll know why when you hear this story.
Listen up.
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On the show today is Peter Rice, CEO of Hanscom Federal Credit Union, a $1.9 billion institution headquartered in Boston that took flight in 1951 at Hanscom Air Force Base.
Rice is a repeat guest. His first appearance came in 2021 when he was Chief Banking Officer at Workers Bank. That episode has been reposted as Greatest Hit #25.
On this show Rice’s mind roams across the many issues credit unions are now wrestling with - the possible loss of the federal income tax exemption, possible changes at NCUA in the DOGE restructuring of Washington DC, the retirement of America's Credit Union’s CEO Jim Nussle, Hanscom's acquisition of The People’s Bank (Mayland), pending regulatory approval, and a new WealthTrek facility in Government Center, Boston that is reimagining banking today and tomorrow.
But there’s more. We also talk about Rice’s walks on the Camino de Santiago, where he has three times earned a compostela, a certificate of completion, and he muses about writing a management book about the Camino. By the way your podcast host has earned two Camino compostelas, in separate walks.
And there’s even a detour into the political history of Ireland, where Rice grew up.
This is a show with lots to unpack.
Listen up. And listen again.
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Welcome to the cU 2.0 Podcast Greatest Hits #25. This show dates back to August 2021 and it aired as episode 162. The guest: Peter Rice, now CEO of Hanscom Federal Credit Union, and then he was Chief Banking Officer at Workers Credit Union. He came on the show to talk about a new, dazzling branch concept.
You’ll hear how Rice’s mind works in the show.
And a few days after the posting of this Great Hit a new episode with Rice will post where his mind roams among the hot topics in credit unions today.
If Joyce’s Dubliners is a prequel to Ulysses, this podcast is a prequel to Wednesdays. Listen up.
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I’d expected this to be an AI free show but, let’s face it, that just isn’t likely in 2025 but the good news is that in the show Pete Major, vice president of fintech services at CUSO MDT, offers concrete AI use cases at work in MDT and he also, importantly, offers cautions about security and the leading AI tools.
In a rush to stay abreast of the fast moving AI universe are some credit unions losing sight of the need to be very sure of the security of the tools they use? Maybe.
Major provides tips on how to stay secure while still using AI tools..
But there’s a lot more in this show.
We talk for instance about the need of CUs to keep security in mind when using any technology tools. If there are flaws - and there have been some doozies in recent years - it’s the credit union that will be saddled with the bulk of the blame.
On a happier note Major discusses a suite of tools for small business members at credit unions - and, he says, demand for the tools is very hot. Is offering good tools a path to winning more business members? Just maybe.
We close the show pondering what the developments in Washington DC - anything from an end to credit union tax exemption to an end to NCUA - might mean for credit unions and also the rising CU interest in merging.
There’s a lot to unpack in this show.
Listen up.
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Quick now, what is NACUSO?
Of course that’s the National Association of Credit Union Service Organizations - and CUSOs just may be the credit union secret power.
On the show today is Seth Brickman, former CEO of QCash and now president of Ranqx, a powerful tool that can gather the necessary financial info from a wouldbe borrower, analyze and issue a verdict on a business loan application in a matter of minutes.
A typical credit union would take a couple weeks to get to that verdict - which, by the way, is “no” in two out of three cases.
Brickman is a credit union true believer and he especially believes that credit unions have the pole position in lending to small businesses in their community - if they also have the right tools and process automation.
On the show Brickman tells how Ranqx works - and it is already working at credit unions including MSU Federal Credit Union and also at CUSOs.
Which brings us back to the question that opens the show: Does NACUSO matter?
Brickman has a passionate answer and - spoiler alert - probably you can guess it.
Listen up.
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Hopeful.
Determined.
In a conversation with Renee Sattiewhite, the CEO of the African American Credit Union Coalition, she came across as both hopeful and determined. And she believes there still is work to be done and she definitely is not giving up.
Definitely she knows the landscape in today’s Washington DC is dramatically different but she does not see that as a call for waving the white flag of surrender.
Along the way you’ll hear mentions of some of the great heroes of AACUC such as Bill Porter and Bert Hash Jr. and Bill Bynum. But you’ll also hear the names of many very successful women.
The ancient Greek philosopher Heraclitus said you can’t step into the same river twice, change is our constant. So it definitely is today and Renee Sattirewhite is determined to contribute her views on the kinds of changes we need to be making.
Listen up.
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On today’s show, Mac Thompson, ceo and founder of White Clay - a company focused on helping financial institution use data to build better, more profitable member and customer relationships, and he comes bearing a bitter pill for CU execs to swallow.
According to a recent Harris Poll sponsored by White Clay, “Roughly two-thirds of FI users (68%) do not feel truly known by their primary financial institution, with almost a third (31%) feeling like just another account number..”
Surely credit unions, which pride themselves on their member relationships, do better?
Yes but hold your self congratulations. The number for credit unions is 63%, said Thompson in the show.
It gets worse: 41% of members say they would switch FIs if another institution offered more personalized financial guidance.
But Thompson also has good news: institutions can harness data, data they often already have on hand, to enrich their personal relations with members. He discusses this in detail.
Listen up.
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What’s next for WOCCU?
Is there a next?
The trigger for the question is a notification from the U.S. State Department that paused all funding for USAID programs for 90 days. There’s no promise that funding would resume after 90 days.
Caught in this are three major WOCCU projects - in Ukraine, Ecuador and Peru, and sub-Saharan Africa.
That background is why we knew we had to schedule a call with WOCCU to learn what’s happening and what the future is.
On the podcast are Paul Andrews, WOCCU VP of International Advocacy and Erin O’Hern, WOCCU International Advocacy and Regulatory Counsel.
This show is surprisingly upbeat, despite the profound uncertainty about the future of USAID monies.
WOCCU still has plenty of good works to do and that it believes it can continue doing.
You’ll also hear how you can help WOCCU now.
Listen up.
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About 4.7 million homes sold in the US in 2024.
Does that sound like a dead market?
On the show today is James White of Total Expert which provides tools to help credit unions more efficiently close mortgages. What Total Expert offers is a powerful CRM for loan officers that automates much of the process.
Also on the show is Zakary Short, vice president of mortgage production at Utah Community Credit Union, with assets over $3 billion.
Short’s team are satisfied users of the Total Expert tools and he tells why.
The message of this episode is plain: although some institutions have walked away from the mortgage business, others - like UCCU - are prospering because they know homes are still selling and people need mortgages.
Listen up.
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This is the weather report from GAC, last week’s credit union confab in Washington DC. On the show to report on key developments is Sarah Snell Cooke, former editor in chief and publisher of Credit Union Times and now a consultant to credit unions' business partners.
The big question at GAC was: is this really the end of the credit union federal tax exemption?
Also on the agenda was what’s the impact of staff reduction - a la DOGE - on NCUA? Can the regulator adequately perform with significantly reduced staff?
Which leads to the big question: will NCUA be merged into another agency?
As for that last point: Cooke’s firmly held opinion is that if NCUA is merged into another agency this will spell the end of credit unions as we know them. That’s a gloomy prognosis but Cooke explains on the show why she believes it.
On the show too she predicts that that demolition of NCUA won’t happen.
Listen up.
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Can a $350 million credit union play in the big leagues? Don’t tell Christine Blake, CEO of $350 million Cardinal Credit Union in Ohio, that she can’t. Because she is.
A few years ago Cardinal signed on as the official credit union of the Cleveland Browns, one of the historic football teams dating back to 1946. Yes, the Browns have had a few rough years recently but this is a team with real history.
And an enthusiastic fan base in Cleveland, said Blake.
On the show she tells how she made the agreement with the Browns and what it means for the credit union.
She also tells about Cardinal’s Lil Brownies card which helps children learn about finances.
But she’s on the show with big news about an innovative Professional Sports Team Credit Union Executive Summit where credit unions with relationships with pro sports teams will come together for three days of meetings in San Francisco, March 19-21 Among the presenters along with Cardinal are ENT - the official credit union of the Denver Broncos - and Northwest Financial Federal Credit Union which has a relationship with the Washington Commanders.
Listen up.
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Cliff Rosenthal literally wrote the book on CDFIs, community development financial institutions. Hear his story in this podcast that dates back to 2019, episode 37 in the vaults.
Rosenthal was on the show last year - episode 311 - talking about a new book he co-authored with Michael McCray entitled Community Capital. It’s part Rosenthal autobiography, part the sgtory of the death - the murder? - of an African AMerican credit union. Hard hitting stuff.
But the story starts here, in episode 37 and it now is our Greatest Hit #24
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Here’s the money question for you to ponder: : should you close that branch on Third Street and open a new branch in a neighboring town? Keep in mind that the ballpark cost of opening a new branch is $2.5 million. As for costs in a branch closure there always are some and there also may be remember losses. How to do the math?
Meet Steven Reider, president of Bancography - that’s the company that won best in show at Finovate fall 2024 for its Bancography Plan software tool that helps a credit union alanalyze branch closings and openings and also possible mergers.
Decisions that had been made based upon gut instinct now can be supported with analytical data.
How hard is Bancography Plan to use? It’s so easy, said Reider, even a CEO can use it.
As I tell Reider in the early moments of the show I’d never heard of such a tool before combing upon a Bancography press release. But I knew when I read it I had to get this guy on the show.
Oh…the costs are surprisingly affordable.
Listen up.
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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto
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Call this your must listen podcastg before GAC.
Because in this show you will be hearing explicit advice about your CAC 2025 to do.
Here's what is at stake: the credit union tax exmption on the future of NCUA.
Will credit unions lose their federal tax exemption? Will NCUA be shuffled into a couple desks in the basement of the Treasury Department?
Issues of monumental importance to the credit union movement are actively under discussion in Washington DC and longtime credit union lobbyist John McKechnie is on the showto report on the latest rumblings on Capitol Hill.
The big takeaway from this show: these issues very much are on the table in today's Washington DC
On the date of this recording - February 18 - McKechnie expressed optimism about credit unions retaining their tax exemption.
But he also stressed that what will be needed to win this fight is a concerted action by many, many credit union people to get the message across that to keep doing the valuable work credit unions do they need to keep that tax free status.
That means put on your shoes and get busy walking the Hill.
And be ready to walk it not just during GAC but in the weeks and months afterwards because, stresses McKechnie, relationships with members and staffers on the Hill are forged via repeat contacts.
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If I told you I have a podcast where a credit union executive tells you about high rates on CDs, free checking, and super cheap new car loans, how quickly would you turn the dial and give a listen to Joe Rogan?
Right, you know the answer.
So I will tell you what I really have is a fascinating podcast with Josh Rodriguez at West Community Credit Union in Missouri, an institution approaching a half billion in assets.
That’s because Rodriguez is doing things I’ve never heard about at credit unions.
But keep in mind on LinkedIn he identifies himself as Innovator/CU Professional/Storyteller.
I met Rodriguez at the CU 2.0 Live event in Arizona in June and when he told me he is a storyteller I knew I had to get him on this show. I had never before encountered a credit union executive who said he/she is a storyteller.
And you know…stories are the most powerful form of communication.
In this show, Rodriguez talks about why stories are so potent, he also talks about a creative content package he has developed to help West Community’s employees better know the execs in the c-suite…and maybe also do some thinking about their own career development.
And then he drops the bomb that West Community has planned a series of podcasts where members will tell their stories about their relationship with the credit union. You have to hear how Rodriguez describes this project - and hear, too, the passionate excitement in his voice as he opens his playbook.
Here's the website for these shows http://bankingonyoupodcast.com/
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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto
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Keith Leggett is a name that used to provoke cursing by usually mild mannered credit union executives - and so here he is again in a CU 2.0 Golden Oldies podcast.
Leggett has retired from the American Bankers Association, where he was chief economist, and he also has put -30- on his Credit Union Watch blog but this show from the archives is well worth a listen in 2025 because it focuses on credit union - bank mergers and also on credit union tax exemption. Two issues that are even bigger headlines now.
In the show we discuss Maine Harvest, an innovative credit union idea that alas merged with Five County Credit Union in 2022.
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Could this really be the end?
For going on 20 years I have heard screams - usually emanating from one trade group - that the credit union tax exemption was in peril. I thought that was a terrific membership renewal hook but didn’t seen any likelihood of passage.
This year is different. This year the threat is real. On the show is Jason Stverak,, chief advocacy officer at DCUC, the Defense Credit Union Council, whose membership includes the nation’s biggest credit unions but also smaller ones too. All primarily serve military, active duty and retirees.
DCUC has not been the association with a long history of yelling about tax exemption.
But Stverak says that indeed the threat is real.
He also explains what the impacts on DCUC credit unions would be were the tax exemption to go away. And the impacts would be sizable and harmful, both to credit union members and the communities in which DCUC members operate.
In a recent show, onetime Bethpage CEO Kirk Kodeeski warned that if credit unions lost the ax exemption their business model would be shattered.
On this show we hear exactly what that would mean for defense related credit unions.
It’s ugly.
By the way, how much money do you think would be saved were the tax exemption to go away?
Three billion dollars.
That is chump change in today’s Washington DC.
Hear how DCUC is fighting back in this show.
By the way, four years ago DCUC CEO Tony Hernandez (US Air Force retired) was on the show. Hear his episode here.Listen up.
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Here’s the question: Is the First Tech - DCU merger of behemoths a sign of mergers to come or it is an outlier, a one-off deal that arose because of unique circumstances and histories??
Kirk Kordeleski, onetime CEO at Bethpage, itself a member of the behemoth club, and now a SERP expert with PARC Street Partners, and he comes with strong opinions abut credit union mergers.
But there’s more on the show including Kordeleski’s musing about the longevity of the credit union tax exemption - and how important it is to the credit union business model.
Kordeleski also ponders the probable future of NCUA in an era of slashing federal spending and federal employee body counts.
Just about all the credit union hot buttons get pressed in this show..
And Kordeleski also addresses this question: if you are the CEO of a $10 billion credit union that just now merges with a $5 billion credit union should you ping the board the next day and ask for a 50% pay hike.
Place your bets now:
Is this RIP for NCUA?
Is it say goodnight to the tax exemption?
Are mergers the best way for a credit union to grow?
Or is interna; growth the shrewder option?
And should that CEO ask for the 50% pay boost?
Listen up.
Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available. Email [email protected]
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Live from Munich Germany on today’s podcast is Dr. Marlene Wolfgruber, AI Strategy Lead at global automation company ABBYY and, between her advanced education at Ludwig-Maximilians-Universität München, a school Google’s AI tool Gemini says is one of Germany’s best and a leading university in global rankings., and her work for ABBY, a global technology company specializing in intelligent document processing (IDP), process mining, and linguistic software., she brings two decades of AI knowledge to the show.
She brings a captivating message to the show: . What’s especially caught our eye is this: “Financial institutions will leverage AI-powered hyper-personalization to deliver finely tuned financial products and advisory services, dynamically adjusting to individual customer needs, preferences, and financial behaviors in real time. “
As I read that it is saying that while today meaningful personal banking services are reserved for the highest economic strata, AI will usher in a new day with all of us will be able to get genuinely personalized advice and suggestions that will come not via a human but a machine.
And the AI advice just may be very, very good.
Along the way Wolfgruber tells how close we are to that day of real personalization and what has to happen to get there.
She also offers fascinating insights into the journey that has brought AI to where it is today - and also why suddenly ;y large language models such as ChatGPT are on every lip, certainly every lip in credit union c-suites.
Oh, and while Dr. Wolfgruber has the credentials that certify her as a propellerhead, she talks in a way that I can understand and that means you can too.
Listen up.
Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available. Email [email protected]
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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto
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