COLUMBUS, Ohio (12/18/15)--Jacqueline Williams, director of the Ohio Commerce Department, recently lauded the credit union business model, and shared her belief that it should be leveraged to entice millennials away from other financial institutions (eLumination Dec. 16).
In a meeting with leaders of small credit unions last week, Williams said that as smaller banks lose a higher share of millennials, credit unions should step in to fill in that gap.
“There’s a different, more optimistic attitude that I notice from credit unions than I notice from (other financial institutions),” Williams said (eLumination).
“You have a pretty good business model that sets you apart,” she added. Williams said she has been a credit union member for decades.
In a meeting coordinated by the Ohio Credit Union League, Williams spoke with a number of credit union leaders at the department, including Jerry Guy, president/CEO, KEMBA Financial CU, Gahanna; Mike Shafer, CEO, Pathways Financial CU, Columbus; and Scott Everett, general counsel for Wright Patt CU, Beavercreek.
They joined Paul Mercer, league president, in educating Williams about the unrelenting regulatory cost, burden and distraction imposed by regulators in Washington.
They said that regulatory burden poses the greatest threat to the viability of credit unions and the credit union charter, and asked Williams what could be done at the state level to push the regulatory pendulum in the other direction.
Mercer also agreed with Williams that credit unions should embrace younger generations at all levels, including on the board, at the staff level and with their members.