Home » ACUC 2016 photos: Grow relationships and improve the product mix
ACUC 2016 photos: Grow relationships and improve the product mix
Scenes from Monday’s Thought Leader and Discovery Breakout sessions
June 28, 2016
Monday’s Thought Leader and Discovery Breakout sessions cover the economic outlook, the 2016 election, cybersecurity, and lessons from “best place to work” winners.
Following are highlights.
Barring some game-changing event, the presidential election probably is Hillary Clinton’s to lose, says Rich Meade, CUNA chief of staff and chief operating officer, during a session on the 2016 elections. “But strange things happen.”
Scott Mautz, author of “Make It Matter: How Managers Can Motivate by Creating Meaning,” signs a copy of his book for Lynnette Scott, a volunteer at Wanigas CU, Saginaw, Mich., during Monday’s Executive Series session.
Make efficient use of members’ net worth, says Mike Higgins, managing partner of Mike Higgins & Associates. “Focus on growing relationships and improving the product mix, not on getting bigger.”
The recent vote by the United Kingdom to leave the European Union is concerning, says Mike Schenk, CUNA vice president of economics and statistics, because it will boost uncertainty and volatility. But Schenk says the U.S. macro economy will experience somewhat muted effects.
Andrew Downin, managing director of innovation at the Filene Research Institute, asks conference attendees: Are you looking outside the traditional financial services realm for inspiration and insight? Ideas for new innovation can come from non-CU places, he says.
Who are the disruptive near-term threats in financial services? “It’s us,” says Steve Rick, CUNA Mutual Group chief economist. Rick defines these disrupters as progressive financial institutions—ones that offer true, omnichannel experiences, among other factors.
Cyberthreats come in many forms, especially as an increasing number of insiders and vendors access sensitive personal information and hackers become more sophisticated, says Jay Issacson, vice president of business protection at CUNA Mutual Group. Having the appropriate people, processes, and tools are crucial components of a sound cybersecurity governance structure.
In a tight labor market, CUs are fighting a “war for talent,” says Mollie Bell, CUNA chief engagement and transformation officer. On Monday’s panel, four “best place to work” winners agree that employees are attracted to companies that have a higher purpose and a conviction to do the right thing.
Consumer Financial Protection Bureau Director Richard Cordray will step down from the agency by the end of the month after serving since 2013. CUNA President/CEO Jim Nussle said CUNA looks forward to a new era at the bureau, one that takes credit unions’ structure and purpose into account during rulemakings.
Credit unions now have less than six months to come into compliance with FinCEN's Customer Due Diligence rule, effective May 11, 2018, which includes provisions on identifying the beneficial owners of legal entity accounts.