And how he’s setting up Regional Federal Credit Union for the future
Replacing a 39-year CEO is a huge lift. Michael Peters is doing it anyway. He’s bringing 32 years of credit union experience and a clear plan for the future to the job.
Michael had recently taken over as CEO at REGIONAL Federal Credit Union in Northwest Indiana, stepping into the shoes left by his predecessor, Jill Banning, when he joined Sarah Snell Cooke on The Credit Union Connection podcast. He served as an EVP under her for 13 years. He spent three decades working across lending, branch operations, loan processing, ALCO committees and system implementations at various credit unions.
More importantly, he knows what it took to get there.
The Path to the Top
Michael learned from everyone everywhere he worked. He volunteered for projects. Early in his career at DuPage Credit Union, he noticed that branch staff needed better training on loan applications. He volunteered to do it. That 18-month assignment launched him into a branch manager role, which led to a loan manager role, and eventually to where he is today.
“Not being afraid to jump out there and take a chance really allowed me” to advance, Michael said. Combined with mentors who invested in his development, this laid the foundation for his success.
Now he’s applying that philosophy to leadership. Michael is committed to developing the next generation with clear career paths, mentorship and promoting from within.
The Challenges Ahead
As CEO, Michael faces the challenges every credit union leader is grappling with: staying relevant to younger members, attracting talented staff in a competitive market and leveraging technology wisely.
His priorities include understanding what millennials and Gen Z expect from financial institutions, staying informed about emerging technologies such as AI and stablecoins, improving compensation to compete with banks and tech companies, and leveraging community involvement as a recruitment tool.
Michael is realistic about credit union challenges and optimistic about the industry’s collaborative advantage and future.
Listen to Michael’s full conversation to hear how Regional FCU is approaching succession planning, why credit unions need better PR, and what first-time CEOs should prioritize.