CUNA GAC Wrapped Up in a Bow

I’m just one person, and there were so many events, session and breakouts I wanted to attend. I can definitely say this: CUNA GAC was poppin’! After a bit of a weak attendance last year as COVID dragged on, this year might have been the biggest showing of credit union executives collaborating to advocate for credit unions and our members. One (not me of course) practically had to throw elbows to make it through the Marriott Marquis lobby bar, and forget about being able to hear the person beside you.

The opening ceremony included each state’s legislative victories, from New York stopping overdraft legislation, Pennsylvania passing cannabis banking and prize-linked savings bills and an announcement that approximately 50% of all residents in New Mexico are credit union members. Others included fighting financial exploitation, charter modernization, permanently allowing virtual notaries and so much more. You really could feel that credit unions are still a movement of people-helping-people.

But it’s not just about feelings. Data is necessary for comprehensive storytelling. And according to CUNA, credit unions returned $14.3 billion in value back to consumers.

After Jim Nussle’s dreams of replacing Kevin Costner on Yellowstone (don’t quit your day job) were crushed by his wife in front of ~5,000 credit union colleagues, he announced, “The largest credit union family reunion on the planet” with the opening of CUNA’s Governmental Affairs Conference.

Credit union storytelling – it’s a strategy thing

One of the things I appreciated the most was the emphasis on credit union storytelling – something we could definitely do a better job of as a movement. Jim talked about controlling our brand story. Mentoring the incoming young people to the movement to get them to stay. He highlighted how credit unions came together to support the Ukrainian and Polish credit unions when war broke out in Ukraine one year ago – as it still rages on.

The importance of storytelling is influence. It’s what bring members into the movement and hold them with us. It’s what influences members of Congress to side with credit unions over others. It’s the best thing we can do for advocacy.

The brand story shared this GAC was about “Financial Wellbeing for All,” as facilitated by the National Credit Union Foundation. Why is this issue so critical? Jim put it succinctly:

“If you don’t have financial wellbeing, you don’t have freedom…We are and have always been the original consumer protectors in America and that’s not going to change.”

Later NCUF Executive Director Gigi Hyland stated, “This is what makes communities healthy, makes our members healthy. It’s what we’re about.”

BECU actually has a Vice President of Social Impact & Financial Health Programs, Jill Vicente. She acknowledged, “It can be really difficult to think about longer term strategies because products and services are so important. So is storytelling, and we really need to weave our purpose through our vernacular all the time.”

Futurist Peter Diamandis shared some interesting stuff, but what really stood out to me was that one of his companies is working toward making age 100 the new 60. The implications to that are huge, from ensuring affordable housing – which we already don’t have in many areas – to what retirement savings will look like. Will retirement even be possible? These are things credit unions must ponder as we strategically move forward.

And how can we better, truly serve the most vulnerable among us. During a breakout session on DEI, CUNA Director of Advocacy Clement Abonyi Jr. shared that he grew up with two deaf, immigrant parents. His father was a great inspiration to him, as he always figured out how to make things work for himself – he apparently earned his PhD only to immediately begin talking about law school.

Monica Belz, CEO at Kauai Federal Credit Union, shared how her three kids didn’t understand why there needed to be a panel discussion on inclusiveness. “Why isn’t that just what people always do?” they asked. I saw the most audience questions I’ve witnessed – maybe ever – during the DEI session.

In the credit union news

GAC is always a time for dropping big news, and this year did not disappoint. Here are a few of the highlights:

• Co-op Pay Network to Help Credit Unions Optimize Debit Profitability

• Zest AI to Bring Fast, Fair Credit Access to Credit Unions of All Sizes

• CFPB Announces Appointments of New Advisory Committee Members

• uncommn Partners with Kiddie Kredit to Deliver Fresh Financial Education Opportunity to Credit Unions

• CU Strategic Planning Clients Account for Majority of Credit Union FA Awards from CDFI Fund

Credit union leaders’ notable quotes

Watch the video of CU Prodigy CEO Amber Harsin, CUDE talking about the antiquated tech CUs use every day that they can't even control!

“We have so many opportunities for stories to tell. All stories can be told by decentralizing and getting as many people involved as possible.”

BCU Financial Wellbeing Strategist Bjorn Larson

“What could you do if you just push yourself a little more?”

Cornerstone CU League President/CEO Caroline Willard on summiting Mt. Kilimanjaro

Climb Africa at the Mitchell Stankovic & Associates Underground Collision: Shattered

“What will it take for CUNA to put you on the mainstage?”

Attendee of the DEI breakout session

“We’re partisan for credit unions.”

Jim Nussle

“Our pace of innovation is their pace of innovation. Our priorities and their priorities are not always aligned.”

Kinecta Credit Union President/CEO Keith Sultemeier at the Underground

L to R: Stephen Bohanon, Keith Sultemeier, Amber Harsin, Amazon Web Services Principal Strategist George Estrada, CUNA Mutual Group SVP Experience Capabilities Shazia Manus

“As of September 2022, credit unions had returned $13.5 billion in direct savings to their members…Their presence we estimate at another $5.3 billion in indirect benefits to all consumers.”

CUNA Chief Economist Mike Schenk

“Historically, Visa had 3 regions across the US. Our credit union reps didn’t live in the communities where they were serving. We took the opportunity to deepen and localize our service to credit unions.”

Visa Vice President of Community Financial Institutions Emily Leach at the Underground

“It’s not cheaper to go to the cloud if you do it right, but it is much better.”

Alkami Founder/Chief Strategy & Product Officer Stephen Bohannon at the Underground