AC&E 2018: Education Sessions on Thursday, June 7
Following the Center Stage! Keynotes on Thursday, attendees had the option to sit in on some education sessions. Below are highlights from a few of the sessions.
You Can Buy More Than You Realize
Michael Bell, Lawyer
Bell’s session focused in on helping credit union professionals better understand the limits of safe and sound asset buying, including how to acquire bank assets, as well as how and why they should go about such a purchase.
Specifically, he talked about the burdens of acquisition. One of these warning signs, or most important things to consider, is time. Bell said an acquisition is going to substantially add time to a board member’s bandwidth, so if your credit union and board’s team does not have a sufficient amount of time to dedicate to an acquisition, he suggested not going ahead with making a deal, at least not until you feel your team has an adequate amount of time to devote to the project.
Bell closed by saying this moment in time is the best moment to make such an acquisition. Right now, there is enough movement on the market that makes it smart to consider whether this is the right move for your credit union.
Credit Unions: A Social Cause or a Business Model
David Clendaniel, Founder/CEO of D Clendaniel & Associates
Clendaniel’s session engaged credit union professionals in a discussion about how they characterize the credit union industry: business, or social cause?
Attendees got up and moved during the session, grouping together and starting conversations based on their opinions on the business/social cause question. Clendaniel helped them find ways in which business and social cause intersect, illustrating that defining an industry is not black and white.
He provided an overview of the benefits of focusing on the business side of the industry, as well as the social side. Understanding the business side, according to Clendaniel, provides a leg up on gaining market share and stronger brand equity, while focusing on social engagement can provide benefits such as increased employee satisfaction and strengthened brand trust among consumers. A credit union needs to keep an eye on both to succeed — the question becomes how an organization divides its attention to balance business savvy and social consciousness.
Whether a credit union allows the business model or the social cause to guide their planning, Clendaniel emphasized the importance of identifying the organization’s purpose, planning continuously and assembling top-notch teams. These elements, when combined together, provide a guide and process for continual growth and progress. This, Clendaniel says, is the key to further bolstering credit unions’ position among its industry peers.
Inside the Political Beltway: Positioning Credit Unions for Successful Advocacy
Jordan Kingdon, MCUL Vice President of Government Affairs
Kingdon’s presentation started with a quick forecast for the election year, touching on each candidate for Michigan’s congressional delegation, before going over the current status of MCUL’s legislative priorities.
“Pro-credit union legislation includes bills on data breach notification, notary reform and lienholder notification. Data breach legislation received hearings in Senate Banking Committee. Lienholder legislation passed full House and is currently in the Senate Judiciary Committee. For notary reform legislation, the remote bill passed House, and the e-notary bill passed Senate comittee,” said Kingdon.
In an attempt to highlight the importance of mobilizing our advocacy, Kingdon mentioned the legislative success credit unions recently had with the signing of S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. “This was due to strong support from Michigan’s U.S. Senators and House Republicans, of whom MCUL and Michigan credit union advocates met with vigilantly to discuss the credit union advantages of this bill passing.”
He focused the majority of the session on the slate of legislators that are “friends of credit unions,” detailing their leadership position, committee positions and history with credit unions.
Particularly important, advocates need to know the geographical location of our legislators, both those leaders with a history of helping credit unions and those who might need more education on our issues.
“It’s key for credit union professionals to know if the lawmaker in their area needs more engagement with credit union advocates. In these circumstances, holding chapter events that invite local legislators can be of significantly beneficial for the credit union movement,” he said.
Looking forward, Kingdon said MCUL is paying attention to a couple constantly relevant issues, not-for-profit tax status and regulatory relief, as well as identifying the new and potential House and Senate members that the League and chapters will be working to educate.Go to main navigation