For some ex-bankers, moving to a credit union is simply the right opportunity at the right time. For others, it’s a chance to live a philosophy.
Understanding the motives and methods of ex-bankers can be valuable for credit unions that are seeking to recruit promising lending officers and executives, according to “Ex-Bankers Working for Credit Unions: Challenges and Opportunities,” a CUNA Lending Council white paper.
Whether these lending officers apply for credit union jobs or are recruited by a professional “head hunter,” their motives for considering a credit union position will vary.
Credit unions should avoid ex-bankers who lack the ability to “convert” to a member service philosophy.
For ex-bankers, the key to success in the credit union movement seems to be in understanding the credit union philosophy and reconciling it to their own approach to lending policies and procedures.
Ex-bankers join credit unions for multiple reasons, such as:
Some critics call hiring ex-bankers an unnecessary risk, believing they’ll be likely to hold onto a for-profit mentality. But many people who accept a credit union position understand they’re signing up for a different type of organization and make their decisions on that basis.
How can you tell if an ex-banker will be a good fit for your credit union? Use the interview process to address these questions:
While there are many similarities between banks and credit unions, there are also significant differences. Be prepared to help ex-bankers adapt their knowledge base to the credit union environment in several areas:
Ex-bankers offer these suggestions to help leaders who join the credit union movement:
“Ex-Bankers Working for Credit Unions: Challenges and Opportunities,” is available free to CUNA Lending Council members; $50 for nonmembers.
A U.S. District judge Monday dismissed three lawsuits--including one by the National Credit Union Administration--brought against U.S. Bank National Association and Bank of America, National Association regarding their duties as trustees of residential mortgage-backed securities.