A passion for economic equality
Verity Credit Union combines sound financial management with a focus on people, says Board Chair Nancy Woodland.
With her passion for economic equality, Nancy Woodland is a natural fit for the credit union movement.
The board chair at $862 million asset Verity Credit Union in Seattle shares her leadership approach and offers insights on how the credit union improves members’ financial well-being.
CUNA News: How did you become involved in credit unions?
Woodland: I’m a passionate anti-poverty advocate. The connection between access to wealth and one’s place and race is evident and inequitable.
I joined our board of directors as a logical avenue to address the issues of financial access for all. I stay involved because being member-driven and community-focused can be even more actualized while we continue to grow.
Q: What are Verity’s top strategic imperatives?
A: We’re swiftly moving toward our goal to be a $1 billion asset credit union while also being committed both internally with the staff and board and externally with products to be authentically equitable. This imperative involves operational changes, as well as cultural adjustments.
We’re committed to financial access, with one recent example being our decision to eliminate overdraft fees.
We’re committed to the community through microgrants and nonprofit products and support, especially focused on those who serve marginalized communities. Small business investments are the backbone of our economy, and we’re intentionally investing in organizations led by women and minorities.
This aligns with our commitment to increase access.
Q: What’s your biggest challenge as board chair?
A: Volunteering in credit union leadership requires capacity, financial acumen, and a clear understanding of the board’s role. Ensuring we have the volunteer capacity to execute our many duties and to continue our education so we’re properly assessing risk is a challenge when we’re all still deep in our careers.
Q: How does Verity improve members’ financial well-being?
A: We invest in our staff. Over the past two years, we’ve addressed wages, staff engagement, and retention.
Committed staff creates member benefits every day. By making space for real feedback, we’ve adjusted work conditions and continue to do so.
Any staff member can directly reach our CEO. That’s unusual and demonstrates that we value those who make Verity succeed for its members.