“Silence doesn’t mean agreement, it just means I’m not comfortable yet.”
Scott Prior doesn’t do comfortable. That much becomes obvious within the first few minutes of his conversation with Sarah Snell Cooke on The Credit Union Connection. He’s the kind of CEO who will call out bad vendor contracts, question the merger mania sweeping the industry, and still make time to build a program that helps people leaving prison rebuild their financial lives. Small credit unions might be dismissed as too little to matter by some, but Scott’s energy flips that assumption on its head.
Attend The Underground: Collision of Contrasts Oct. 25!
And that is exactly why this interview is worth watching. It is not polished talking points or the usual growth at all costs mindset. It is Scott, direct, a little fiery, and completely unwilling to play by the script most CEOs stick to.
What sticks with you after hearing him is not just his critique of the industry, it is the joy he finds in pushing back. When he describes CEOs gathering weekly to trade stories, share vendor intel, and swap lessons from the trenches, it sounds less like a boardroom meeting and more like a support group with real teeth. He is building an underground movement of sorts, though he would probably just call it credit unions doing what we should have been doing all along.
And then there is the storytelling. Scott admits small credit unions have not always spoken up loudly enough, and that gap has consequences. But when he talks about his Banking Beyond Bars program, you see the difference one voice can make. It is gritty, it is imperfect, but it is real, and real tends to resonate a lot more than glossy mission statements.
What I appreciate most is that Scott does not wrap it all in false optimism. He knows the numbers. Small credit unions are shrinking. Some will not make it. But instead of throwing in the towel, he is doubling down on connection, collaboration, and hustle. He makes it sound almost rebellious, choosing to stay small but mighty in a world that keeps telling you to bulk up or disappear.
You do not hear that kind of honesty every day, which is exactly why this conversation feels so refreshing.
NOTE: The following transcript was created by our robot overlords. It could have a boo-boo here and there.
Sarah Cooke
Alrighty, hello and welcome everybody. My name is Sarah Snell Cooke. I am your host today and always at The Credit Union Connection. I’m here today with Scott Prior, welcome
Scott Prior
Thank you. Pleasure to be here.
Sarah Cooke
And Scott is the President/CEO of Connection Credit Union, so I’m gonna go ahead and turn it over to you to give a little more introduction on yourself in the credit union.
Scott Prior
Okay, I’ve been CEO at Connection Credit Union for 15 years as of last August, and we are a small credit union 40, about 40 million in assets, located in Silverdale, Washington, which is a ferry ride from Seattle. So and we are a community charter, but we’re kind of a unique community charter, and that we only serve one county. Started off as a city county employee credit union, and so as I’ve continued my career, I’ve been in banking industry for 30 plus years, including working at three other credit unions and a community bank. And so at the credit union, we focus on a lot of stuff. We do is helping the underserved. I’m the only small credit union in our county, and one of the things we started doing a few years ago is really trying to join with other credit unions, other smaller credit unions, to really, I don’t want to say fight back, but yeah, kind of fight back against what we’ve seen in the industry, the mergers, and just to continue consolidation, I am very passionate about small credit unions. I look at my credit union, and if I’m not here, the cost of credit goes up for everyone here that has less than perfect credit, and that’s not talked about, and that’s not talked about in mergers, either. That’s one of the downsides of mergers, and so that’s why I’m fighting and trying to help us join together. Because one thing I found in what we’re doing with a lot of small credit unions joined together, is we have power when we work together. And that’s one of the joys I get, is working with other credit union CEOs and sharing and helping each other, and then just see that kind of continue to grow, and then the networks kind of grow from there. I A couple years ago, about two and a half years ago, I started a weekly CEO call of Small Credit Union CEOs in Washington, and a lot has come out of that group. We started doing our own conferences. We started helping each other. We started sharing a lot of things that we’re doing, vendors that are treating us well. Vendors are not treating us well. Where are examiners? What are the hot buttons, fraud trends? And it’s just interesting, as that group has grown, there’s a lot of things that have sprung from that. One of them being in October, we’re doing our very first CEO development camp. And what that is, is that is a really, it’s training to be a small credit union CEO. One of the things that came out of our weekly calls was there was a lot of new CEOs that that joined that call, and it was pretty obvious that they were on that call every single week. And just the lack of a broad enough knowledge to really be able to get in the CEO role and chair and really move forward. It’s kind of, there’s a lot of floundering that happens when a new CEO takes over. And we want to see if we can accelerate that a little bit and help them and get them connected with other CEOs, because that’s how I’ve learned in the industry, as I go visit other credit union CEOs. And so we’re just sharing that and we also started a CUSO a few years ago too, also to kind of fight back against vendors and joining together for scale and leverage, really kind of focused on negotiating as a group. And we did that with our digital banking provider, and it worked out great. We got great pricing on it, and so we’re kind of trying to help the industry that way. So, yeah, I’m the CEO of it’s only a $40 million credit union, but I think the way that I and others can join together and help each other, it’s really what I think the credit union industry is about, which is why I love what Mitchell Stankovic doing with the shared services. I think it’s fantastic. A big piece of that is, you know, the vendors and kind of how we’ve been treated over the last few years, especially since covid, as credit unions have grown. One thing that myself and my counterparts have really noticed is, you know, the pricing has gone up and the service levels have gone down and we’re trying to find other alternatives, especially with some of the big players, and then just kind of handcuffing these smaller credit unions with bad contracts and making it virtually impossible for them to leave. I’m just not okay with that, and I’m not okay with the old tech that we get. You know, a lot of these credit unions are stuck on these old cords with 80s technology. And you know what? We deserve better. Our members deserve better. Our communities deserve better. And so if we can help them kind of fight back, and we can, if we just join together and help each other. And so that’s kind of a lot of the stuff I’ve been doing, that’s what keeps me going. Yeah, I’m running. A small credit union, but also these other connections that I have within the industry, just to kind of help us bite back, yeah, is really a lot of fun for me.
Sarah Cooke
So I know that I wanted to say right on a couple of times while you were talking, yeah. So we’re heading to the underground money in 2020, next week? Or is it next week? Oh, my goodness, no, it’s next month that snuck up on me. But so I understand you’ll be there. What are you hoping to see and learn and do there?
Scott Prior
Well, really, just connecting with other credit union people that that are collaborative. You know, there’s still a lot of us out there that’s kind of hard to find these days. You know, it’s not all about asset growth. It’s not all about getting to x billion in assets. It’s really about helping our members and helping our communities, and then sharing the things that work well, sharing the things that don’t work well, that’s the beauty of I think, working with the small credit unions that I really love, is we still have that, that collaborative spirit. We still want each other, and so we don’t have that competition that’s kind of dominating a lot of our industry. We don’t have ego, and ego is a problem in our industry, big time, and seeing just the net effects of that ego. You know, there’s a lot of us that look at walk and talk like a community bank, and there’s a lot of us that aren’t a community bank. We’re still not for profit financial cooperatives, and we’re going to lean into that, and we’re excited for the opportunities that that’s creating for us, because the reality is collaboration is our superpower, and that seems to have gotten lost over the years. So I just appreciate any opportunity I get to go to the under underground to connect with the more national Basics. I’m kind of stuck in my little corner of the world, up here in Washington, and so getting out and then talking and sharing with others. There’s a lot of other people that are out there that think like I do, that want to make a difference, that are willing to do something instead of sit back and watch and wait and coast to retirement, I am not going to be one of those ones that coast to retirement, because to me, that’s not fair to my credit union and so the more I can join with others and help them. You know what we found? You know, my board chair is very active in wanting to help other credit unions. So is my supervisory committee chair. So we’ve just over the years, have always kind of leaned into the more we help others, that helps us. And that is absolutely proven true over the last probably 10 years that I’ve kind of been on this kick to, let’s say, Save small credit unions, but really it kind of is saving small credit unions, but it’s focused on the CEOs and the leadership development piece, and then helping to those CEOs that want to retire. Right now, the options for them are terrible, and so if we can help develop a better pool of leaders that are prepared to step into those roles, that’s why we’re doing CEO development camp is really kind of help build that broad skill set more on the more leadership focus we’re not ever going to be, you know, Western Community Management School or those. And that’s not what we’re doing. We’re talking about the leadership piece and leading these small institutions. Because there’s a different skill set. It’s a different mindset. And so we’re excited to share because the whole camp is really just credit union CEOs and retired credit union CEOs that we’re helping those that are, maybe have just started as a CEO, or want to be a CEO, just understanding all of the things that go on, hear the hear the horror stories with the boards. Because that’s one area in particular, that small credit union CEOs you don’t get experience in working directly with the board, you know, seven bosses or nine bosses with nine different personalities. That’s a different skill set. And so if we can help them learn how to navigate that better, to me that you know that just ties into everything that Mitchell Stankovic is doing and everything that Underground’s about is, you know, kind of those unique things that credit unions still do again, it’s not all about assets, it’s not all about ROI. It’s about helping the members. And there’s a lot of us that are, you know, want to stay true to that and so being able to connect with others that do that is, is just fun. It really is fun. So I know that was another long winded answer to your question.
Sarah Cooke
No worries. No. It’s great when people talk, especially when they say such stuff that a lot of people won’t, at least publicly say they whisper it behind closed doors or whatever. And so I’m going to ask, even though you’ve pretty much already said a lot, but tell me what you plan to share about on your panel at the underground.
Scott Prior
It’s more just a collaboration piece, just a lot of the stuff that we’ve been doing, how we’ve been, you know, helping credit unions in a lot of different ways, our CUSO, the things that we’re doing through, through the through the CUSO, and just kind of saving small credit unions. You know, I think one thing that you know, if we can give small. Right? Means a little bit of hope somewhere, you know, a little bit of hope sometimes can really go a long way. And I just know I appreciate the underground, because Sue always tells me you can mix it up. And I like mixing it up because I know, you know, at $40 million as a CEO, and I’ve been doing it 15 years, I can say things that no one else can say, and I’m happy to call it out, because I see it. Others see it too. They’re just not, they’re just maybe not comfortable saying it. I am comfortable saying it because me and my board and my credit union, we’ve, we’ve been on this journey for a long time, and they know what we’re trying to do and why we’re trying to do it, you know, and working with regulators and trying to help it, help it there too. We organized small credit unions about six years ago, when we’re state charter, we got a new DFI director, and we went down there and just kind of stated our case. It stopped killing small credit unions with these regulations. And so we know that that that advocacy, when we can join together with one voice that still has power. That’s how we got started in the first place. So you know, a lot of us in our industry have kind of forgotten about that, but I know the smaller shops we haven’t forgotten about that. It’s just connecting them and pulling them in and helping the ones that maybe aren’t comfortable enough to say something, to get to where they are comfortable saying something and really stepping it up on advocacy, because that’s an area that, you know, smaller credit union CEOs have to do a better job, that we’ve kind of let fall away. We’ve allowed others to do that for us. And there’s so many stories that that we have as small credit unions that need to be told and to make sure if we’re going to get tax and you better damn sure know that you’re going to do so with full knowledge, not just credit unions or this or that there is. They don’t have the full picture and so, but that’s nobody’s fault except our own small credit union CEOs. Have to put that advocacy hat on a lot more. And I think this last year has been a massive wake up call for us, both here in Washington state and nationally, that we have to do a better job in in telling our story, to help us preserve that tax exemption. And so those are all lots of things to do, but when you’re doing them with others and then you can connect with others and share and help each other. You know, that’s the beauty of our industry, and that’s what true collaboration is. And you know, my definition of true collaboration is, if it’s outside your four walls and you check a little ego and you do it for the common good and you all help each other, that’s collaboration. And I think our industry kind of has different definitions of what collaboration looks like. And I know at the smaller shops, we understand it. That’s part of our DNA. It’s part of who we are, and the ability to do that more is it makes the job easier, makes the job more fun, and we can also have an opportunity to be more successful.
Sarah Cooke
Yep, no. And I mean, obviously we all know small credit unions have resource issues and time issues and things like that. There’s a lot of talk of trying to save them, like you said, and especially though, saving themselves from the inside, right? Because the talk is typically about, how do we all save small cranes? And that’s great, but small cranes also need to step up sometimes too, and it is a little extra time and effort and everything else. So how I mean, you mentioned a CUSO that you’re starting advocacy and collaboration, and how can small cranes help make things happen for themselves? Then how are you doing that?
Scott Prior
The biggest thing that we’re doing our CUSO is really focused on connecting small credit union CEOs. Everything flows through the CEO and that’s what we’re focused on is helping these small credit union CEOs connect with others that can help them. But it really has to start at the small credit union CEO level. They’re incredible gatekeepers, and the CUSO is really for those CEOs that still give a crap, that still want to move forward, that aren’t stuck in their own little cocoon and tunnel vision, and I’m too busy or I don’t have enough staff, those are excuses. Those are just excuses. And there’s a lot of us that are just okay, then your credit union probably eventually will probably be the one that goes away. The reality is, I’m absolutely convinced that, yeah, small credit unions are going away. We see the numbers. We see the trends. The ones that go away are going to be the ones that are stuck in their little cocoon, little tunnel vision. Don’t ever get out, don’t ever engage, don’t go visit other credit unions. Are just too busy to do any of that there. Those are the ones that are at risk. And I want, I’m not going to be one of those credit unions. I’m going to be the one that’s pulling others in and helping and learning from each other. You know that that’s kind of one of the things we’re doing is, is we’re creating these leadership development and training opportunities. It’s more kind of focused on the needs of the smaller credit unions, because it is, is a different skill set. It is a different mindset to run a small credit union versus a billion dollar, dollar credit union. You know, I gotta wear all different kinds of hats. I’m the IT guy. I’m the marketing guy. An HR person. You know, I’m heavily involved in lending as well as operations, and so I just have to put these different hats on. And sometimes it’s Whack a Mole every day, but, but that’s what keeps the job interesting. And so if we can make that easier for the credit union CEO, that’s a big piece, and being able to connect our volunteers, I see that as a massive hole in our industry is smaller credit union volunteers don’t have an opportunity to get out and network with other smaller credit union volunteers, and so we’re creating environments for that. I put on conferences. I did a volunteers conference in April, and it was really education focused and just trying to help volunteers get connected with others, because that makes my job as a CEO a lot easier. I don’t have to tell you everything that you have to do if I give you a framework, and then you have others that you can tap into and find these best practices. That’s how cooperative finance is supposed to work. And this is not for the CEOs that are very controlling and want to make sure their board only gets the information that the CEO wants them to get. I am very much opposed to that. I see it too often, and that’s not this key. So it’s not for them. This is for the true collaborative CEO that’s willing to look outside and willing to give help and take help from outside your credit union as a way to strengthen and help and help our credit unions. And the biggest piece that we’re doing is really just the vendor piece. Do group negotiations, you know, five credit unions that are looking for a solution. One, you’re going to get better pricing, you’re going to get leverage with the vendor, and you also have the ability to kind of share the workload with a few other credit unions. We’ve done it multiple times digital banking. We did it five years ago. It worked out spectacularly, and we’ve done it in every opportunity that we’ve had. And I also there’s a huge opportunity with newer fintechs or newer startups that are looking to get started. Let’s do five of us, and let’s help you do it that way. Yeah, we want discounted pricing, but the reality is, we’re going to help you build your solution so you can go get the billion dollar credit unions at some unions at some point. But so that’s really just kind of kind of filling a void that’s in our industry right now. I think there’s just not enough stuff, not enough training, not enough opportunities for connections for the smaller credit union leaders and volunteers and staff, and so we’re just kind of trying to create that. But in our CUSOs is different type of CUSO. We don’t have any paid staff. It’s really just a network of CEOs, and then being able to grow that CEO network and help each other in different ways that we can find to help each other, just staying very true to our cooperative roots. And you know, everything we were founded on as as credit unions, that business model still works. It really does, even then some say, Well, you have to be X amount of survival. Bs, I’m sick of hearing that that is not true, and I’m tired of it, and I am willing to call it out at every time. You don’t have to be x billion in assets to make it you, but you gotta, you gotta have some hustle to you, and you gotta be willing to collaborate and help, get help and give help, and it’s just that whole mindset is what we need more of in our industry and I just can’t sit silent anymore. I’m just going to keep trying to do it with this many credit union CEOs and others that have that share that same passion. There’s still a lot of that passion out there in industry, but it’s been silent for a long time because what the industry is saying is, you got to be this or be this. Come join my business. I don’t want to join your business. I want to serve my credit union and my community. That’s why, you know, in Washington, Washington State, the Field of Membership rules are pretty lax. Most small credit most credit unions have the whole state, we don’t. You know, I’ve got 4000 members, and there’s 275,000 people that live in my county that there’s plenty of opportunities for me locally. And so I don’t need the whole state. I don’t want the whole state. So there’s still a lot of us out there, but, but right now, we’re silent. If we can kind of grab them and pull them and bring them into our group, that’s what we’re trying to do. So again, another long winded answer to your question.
Sarah Cooke
No, absolutely. I love this. I love all of it. And I mean, I think one of the things you talked about early on, too, is the storytelling. Like, there’s, there’s so many stories to tell, and we walk away from, I go to a lot of Korean conferences, and all of them talk about storytelling, but it’s, there’s no, I think this is what you’re alluding to, like the how to, yeah, you can tell me to do it all day long, but how do I actually do? How do I actually do be a small credit union CEO? How do I Yeah, yeah. And I think that’s one of the things too. That’s good about the underground. I see some underlying themes there, because I’ve been around the underground for quite a while, and that is, you know, serving the underserved, those who have been historically disadvantaged, the low income like you were mentioning, but also the smaller credit unions have been historically disadvantaged with decreasing, declining service over the years. Um, for whatever reason that is. And so this grabbed the attention of the underground, and Mitchell Stinkovic. And so has that helped? How has that helped you?
Scott Prior
You know, the serving the underserved. You know, that’s a really interesting question, because, you know, we are really good at it. And I developed a program a couple of years ago. It’s called banking Beyond Bars. And what it is, it’s a banking program. It’s a year long banking program for people recently released from incarceration. And when I, when I came up with the program a couple years ago, I started doing some research, Okay, who else is doing this? Because this is a huge underserved group. There’s a lot of people that have been formally incarcerated, and I’m trying to find, hey, who’s, who’s serving this demographic. And I was, I guess I wasn’t surprised, but I really didn’t find much at all. And so we created our own program and so it’s, though, it’s that story. So I’ve been nine months into the program. It took me almost two years to get my first people in the program. But what it is, it’s we do three education sessions. And those education sessions are really focused on the credit union industry, how the banking system works. We talk about, you know, credit and all that stuff. But really it’s we, we deliver financial literacy. We call it with seasoning. So there’s a lot of passion that goes into it. So it catches everyone kind of off guard about what we talk about. And then after we they did the three classes, we’ll open an account for them, regardless what their credit looks like. And then after a while, if they stay in the program, we assign them a financial counselor that works with them for a year. Then after they get the checking and savings account, we do a credit card after a month, and we do an auto loan, a specific auto loan, after another couple of months, and so far, we’ve had about 100 people go through the program and have about 50 accounts, and it’s something that we hope to kind of leverage and grow, and I’m going to share it with other small credit unions, because the reality is, serving the underserved is such a everyone loves to talk about it, but there’s a lot of risk that goes with it, and there’s a lot of pain that goes with it. I did that 10 years ago when I did a lot of lower tier indirect lending, and I got my butt beat hard. I really did. But you know what? I learned a lot of lessons on what to do and what not to do, and so I’ve just taken those lessons. You know what works and what doesn’t work? That’s the advantage of being the small credit union CEO, because I was approving the loans, but I was also approving the repos and selling the repos, and just doing that for a period of time, you’re learning a lot about what works and what doesn’t work, and so that’s one of the things we’re going to share this program with others that are interested in it, other small credit unions, because small credit unions and the underserved are a perfect fit. My credit card’s a great example, you know. So 13 and a half percent fixed rate. There’s no rewards to it, but it’s, you know, what? Someone just getting started on credit that’s the perfect product that you can have that you’re not going to get in trouble with. And so taking those things that we’re doing to help the underserved, share that with others, so that they don’t have to recreate the wheel. If I’m, you know, going through the process and learning what I’ve learned over the course of the past nine months on the program, and then be able to share that. That’s what the beauty of working with other small credit unions is, is just to be able to help and share with each other brings me a lot of joy, and I love doing it because I love helping the other credit union CEOs and see them do something, save them some time and resources, and the ability to share and help is is just what keeps me going.
Sarah Cooke
And so, why did you decide to get involved in the underground? I know Sue was talking very highly of you. I talked to her in advance, and she was really excited to learn of your program and then help elevate it, get it some attention for other credit unions around the country that are supposed to be, you know, doing these same things and maybe need a little extra help. So tell me a little bit about why you got into it now and why? What you want to hear at the event.
Scott Prior
It’s just a passion. But I was involved with the credit union shared services model before it even came to sue. It was like this idea a few years ago that I was involved with them, because I’ve always kind of had a I’ve been fortunate that I don’t have any big vendors for my core and I hear the horror stories, and I see them, and I’m just not okay with any anyone else that that is willing to join in on that fight. I will raise my hand and join in, because I’ve seen it firsthand how these credit unions merge out because of these horrible contracts that they’re stuck in and they can’t get rid of. And to create another solution for that. It’s very, so desperately needed. And so anyone else that is, you know, along on that battle, I am absolutely willing to join in and lend my voice and lend any help that I can, because it’s not right. It’s just not right. You know. And so I said I was fortunate to get out of that, so I don’t have any more of that. But I remember the pain, and I’ve seen the pain, and I know what it feels like. You know, in my career, I’ve done three different core conversion, conversion, being an IT manager for seven years, so I got to see it first, firsthand, the amount of work that it is. And so just, I just know at small credit unions, these package approaches work so much better for us, budget wise, relationship wise, instead of the nickel and dime pricing. And I know these big guys, they are just notorious for this nickel and dime pricing. And these credit unions end up going away because of how they’re treated by the vendors, and they feel they have no, no way to get out of it. And, and these contracts are really good to keep these people there for many, many years, and, and, and just the amount of money they have to pay just is absolutely staggering.
Sarah Cooke
And emerging is the only solution to ending contract anyway and getting the CEO a retirement package?
Scott Prior
Yeah, exactly. And that’s another area we’re trying to help CEOs, you know, have those conversations with their boards about retirement packages, because they’re, you know, I there’s a gap there too. There’s a lot of CEOs that, you know, are uncomfortable with the conversation with their board, and if they’re not comfortable with it, where’s the board going to get the knowledge to know what they should be paying their CEO. And so it’s just, you know, these two sides are just getting further apart. And again, if we can help the volunteers connect with other volunteers to kind of understand what the market is, you know, that just helps us get the connections and get the knowledge that we need to kind of help these CEOs get the retirement packages they need, get the get the level of pay that that they have, because the market has surpassed them, and it’s not going to get any better, because, at least out here in Washington, you know, it’s interesting. I did get to help a small credit union find their CEO, and that was very eye opening the salary gap, because in the past, it used to be small credit unions could pull a bid manager from a large credit union. They want to be a CEO. Okay, great. Salary works out now the pay gaps 50 grand to take a 50 grand a year pay cut to be a credit union CEO. And it’s like, okay, that’s not going to happen. And so where are these people going to come from? So by us kind of better developing leaders, helping them understand what the role looks like. So when they get in the CEO chair, they can take off, instead of floundering for two years trying to get stuff figured out. And that’s really, you know, any opportunity anyone that’s helping to do that I am all in and helping. So again, another long winded answer.
Sarah Cooke
I was talking to a board member the other day about their retiring CEO and the incoming CEO, and they were, I’m going to say, astonished, but it was way bigger than that that somebody actually wanted to ask for their worth. You know, it’s amazing, especially at the small credit union level, what they board members know, don’t know what those CEOs ask for. Don’t ask for, yeah, there’s, there’s definitely, I see the gap there for sure. And so well, as I’m going to wrap up here, I always allow my guests to have the final thoughts, if you would like to succinctly share just your parting wisdom with the our credit union audience. I appreciate
Scott Prior
it. Oh, I just I love working with small credit unions and small credit union CEOs, and I think we have a very, very, very bright future, even though others may not see that. You know, once you get in and get connected with the credit unions that are active and engaged in wanting to learn there’s incredible power in what we’re doing. And just, you know, don’t lose hope, because there’s a lot of credit unions out there that have been silent for a long time. But just silence doesn’t mean agreement with what the industry says silent means. I’m just not comfortable yet. And so if we can pull these credit unions in and truly collaborate and help each other, you know, for the benefit of our memberships in our communities, then I think that’s a fantastic thing. And so I just welcome the opportunity, any opportunity, to do that, and that’s what I’m going to keep doing.
Sarah Cooke
So awesome. Thank you. Appreciate it. Have a great rest of your day. Alright, thank you. Okay, so I forgot to ask a question. Yeah, I should have followed up when you were talking about you said you were involved in the shared services model before the CUSP program started. I want to ask a follow up on that. And then also I make a note, because I’m old. Okay, follow up on that. And then also, the big thing they want us to talk want us to talk about is the why you’re going to this particular underground in October.
Scott Prior
I know. Well, I was going to be but, but my son’s in college, and it’s the last Parents Weekend, and I’m not going to miss my last parents. Oh no, I’m not going to miss that. That was way too much fun last year. So, so what is your role with the CUSP program, and how did you get involved? And where is that going?
Scott Prior
Oh, for me, cuss, I got started when it was just an idea with a couple CEOs and a few people in the industry that saw the opportunity for these, this shared services model, and then it kind of died, because we could never find the, the kind of the anchor core product, anyone that was willing to look at it and do it like, like that group was doing. It was just we met for about a year, and nothing ever really happened. And so then, when I saw Mitchell Stankovic take it up and then be able to kind of move it forward, I was all in on helping, because I can help in connecting the cus model to credit union CEOs, those credit unions that really need that, and that’s what we’re building with our CUSO and just the connections of small credit unions across the country, and to be able to see this as an opportunity to be able to get out of these horrible contracts and find a better solution for them that’s going to allow them to not spend so much money on an 80s core is really a really positive thing for our industry. And just the package approach and how they do it, it makes it super simple for the CEO, because right now you know the CEO has to do all that, and if you can make that easier for the CEO, then it gives that CEO an opportunity to do other things and focus on, really the leadership of your credit union and where you’re going and working with your board and your strategic direction. Too much time is spent on just managing the day to day fires. And if we can free up that time to focus on where you’re going as a credit union and building those strategic relationships that you need to really do that, then that’s a really positive thing. Too much again, too much time is focused on day to day fires, and the CEO is really the only one that really is focused on the leadership and moving your credit union forward, following what your board decides is your strategic direction. Okay, you got your whole team that you’ve got to go in that direction, and if we can make that process easier, then that, I think, gives a small credit union a better chance of success.
Sarah Cooke
Yeah, yeah. And the Mitchell Sinkovic Underground has had such an impact already, which I so this really puts kind of some credibility behind that, the CUSP program. And really building it out and getting credit unions involved is because, you know, the the underground itself and the CU prides are, you sorry, blank on that. So, yeah, it’s great that you’re getting involved as well in this cusp program. Appreciate it.