tag:blogger.com,1999:blog-81393171660651894412024-03-13T19:44:20.032-07:00Laskos on Credit UnionsWalt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.comBlogger45125tag:blogger.com,1999:blog-8139317166065189441.post-44982127544076757112014-04-19T21:45:00.000-07:002014-04-19T21:48:08.132-07:00ASSET POVERTY: SHADOW ON THE AMERICAN DREAMApril is financial literacy month and in a nation where nearly 44 percent of households are liquid asset poor, one can quickly understand why it’s important to call attention to this topic.<br />
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To be liquid asset poor means if a family was to encounter an out-of-the-ordinary expense such as a broken water heater or medical bill, the family would have to borrow money to pay it. And that’s just the tip of the problem. If they are among the 56 percent of consumers who have subprime credit scores, their only recourse may be turning to a high-cost, predatory lender and we all know the rates Pay Day Lenders require!<br />
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<b>Who are the liquid-asset poor? </b><br />
According to the <a href="http://assetsandopportunity.org/scorecard/about/main_findings/" target="_blank">Corporation for Enterprise Development</a> and its <i>Ass</i><i>ets and Opportunity Scorecard</i>, the “majority of liquid-asset poor are white (59%), employed (89%) and nearly half (48%) have some college.”<br />
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Look further and the data shows that approximately four out of five (78%) of the lowest income households are liquid-asset poor, and among households of color, the number is staggering; nearly two out of three live in asset poverty.<br />
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If we, as a nation, want to influence the quality of consumers’ financial literacy or as I prefer to call it, financial empowerment, then fighting asset poverty and its devastating influence on the “American Dream” must top our agenda.<br />
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<b>More than an ability to pay bills</b><br />
Asset poverty is at crisis stage in the U.S. It reaches far beyond one’s ability to pay the bills without securing a loan. For households of color, it directly impacts their long-term financial security.<br />
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Based on the Scorecard’s latest data, households of color have “approximately one-tenth the median net worth of white households ($12,377 and $110,637, respectively). For such families without savings, they are much more vulnerable to economic catastrophe in the form of foreclosure, homelessness and prolonged use of public assistance. And as the racial wealth gap continues to grow, finding solutions becomes even more difficult.<br />
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Although The Great Recession saw the wealth of white families fall by just 11 percent, <a href="http://www.urban.org/UploadedPDF/412802-Less-Than-Equal-Racial-Disparities-in-Wealth-Accumulation.pdf" target="_blank">The Urban Institute</a> found that among African-American families, the drop was 31 percent, and among Hispanic families, wealth declined by more than 40 percent.<br />
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As the recession began to subside in 2010, less than half of Hispanic and African-American families owned homes while three-quarters of white families did. Knowing that homeownership is a large portion of wealth for African-American families (53% of wealth compared to 39% for whites), one can easily see that for African-Americans, losing their home represented a significant, if not a total, loss of all their assets.<br />
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<b>The American nightmare</b><br />
During a seminar for the <a href="http://www.womensorganizations.org/index.php?option=com_content&view=article&id=304:women-of-color-wealth-and-americas-future&catid=4:press-releases&Itemid=43" target="_blank">National Council of Women’s Organizations</a>, Meizhu Lui said America’s belief that hard work generates wealth and success is a myth. As the director of the <a href="http://www.insightcced.org/communities/Closing-RWG.html" target="_blank">Closing the Racial Wealth Gap Initiative</a>, she claimed disparities of wealth between white families and those of color are undermining the American dream. According to Lui, the greatest distinguishing factors of a person’s wealth are their gender and/or race, a fact illustrated by comparing the median net worth of a white family to that of an African-American or Latino family.<br />
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<b>Financial empowerment</b><br />
It’s generally assumed that <a href="http://www.urban.org/UploadedPDF/311224_financial_literacy.pdf" target="_blank">financial literacy programs</a> help people make wiser financial decisions, but the question remains: is it knowledge that improves behavior or more experience in financial activities? I believe the answer is both, and much more.<br />
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Financial education programs must work hand in hand with banking institutions, government and the private sector to address not only cultural obstacles but to also implement solutions designed to transform America’s nightmare back into a dream of promise and prosperity. <br />
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As America marks financial literacy month, let’s remember that financial literacy programs will not solve the challenges wrought by asset poverty alone. As the Scorecard notes, “Without improved policies at all levels of government that help families earn more, save more, and build assets, the yawning income and wealth inequality gap will widen rather than narrow. Inaction consigns millions to persistent financial insecurity, dimming their economic future and the future of the nation as a whole.”<br />
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Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com0tag:blogger.com,1999:blog-8139317166065189441.post-12069711116640103102013-11-16T07:46:00.000-08:002013-11-16T07:46:42.674-08:00IS CHANGE KEEPING YOU UP AT NIGHT?<div class="separator" style="clear: both; text-align: center;">
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Several weeks ago I learned some disturbing news. Back where
I grew up in <st1:place w:st="on">Northeastern Pennsylvania</st1:place>, the
decision was made to tear down the building which served as the parish church
and parochial school I attended all throughout my early childhood. Hearing
about this and seeing the pictures seemed to suddenly thrust all the precious
memories I have of my grade school experience, the Polish Nuns and serving as
an altar boy into a dark and stomach-wrenching void.</div>
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The last time I felt something similar was when I watched
Veterans Stadium in <st1:city w:st="on">Philadelphia</st1:city> be imploded in
order to accommodate the new baseball field, Citizens’ <st1:place w:st="on"><st1:placename w:st="on">Bank</st1:placename> <st1:placetype w:st="on">Park</st1:placetype></st1:place>.
All those memories of going to ballgames at “the Vet” as a kid with my Dad and
brother were turned into ashes in a matter of a few seconds. Or were they?</div>
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I know I’m not alone in experiencing the kinds of feelings
these situations evoke. Such occurrences are common to all of us. They are part
of the fabric that is time, and as time marches on, change inevitably keeps up
the pace—sometimes in sync; sometimes a whole lot slower. It’s all part of
life’s journey and experienced by all of us everywhere without exception.</div>
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<a name='more'></a>For example, look at the credit union system. There was a
time when the <st1:country-region w:st="on">US</st1:country-region>
was home to more than 10,000 credit unions. How many do we have today? What
about all those stories of credit unions that had once used a cigar box to
store money and receipts and today are organizations that can boast having
assets in the billions? I remember hearing those stories. You, too, may have
heard them. <br />
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Today’s credit union system continues to change almost on a
daily basis. There are new regulations, new threats, new products and services,
and let’s not forget new ways to engage members. Paper has evolved into the
digital, and mobility is rattling the stability of bricks and mortar. Long time
CEOs are retiring, passing the torch to a new generation. And all the while it
seems more and more people are discovering the value of credit unions and
transferring their accounts to them from banks.</div>
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There’s no doubt, change permeates every nook and cranny of
the credit union community and it only stands to reason. If credit unions are
growing, developing and expanding in membership, sophistication, products, and
services, then change is to be expected. It’s just something we have to learn
to accept and live with.</div>
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I for one am certainly seeing change dominate the headlines
of my life story at the moment. I’m in the process of relocating from <st1:place w:st="on">Southern California</st1:place> to Madison Wisconsin. I’ve started a
new job as Editor-in-Chief of Credit Union Magazine at CUNA. My wife, Deborah,
and I are selling our house in <st1:city w:st="on">Cali</st1:city>.
We’re also buying a house in <st1:place w:st="on">Madison</st1:place>
. . . and, those are just the headlines!</div>
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Seeing photos of my church and school being torn down and
moving from the Pacific Time Zone to the Central Time Zone where I’ll be
breaking out the winter clothes and learning to navigate the halls of CUNA
certainly embody change. </div>
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For some folks, such change can be earth shattering, rocking
the status quo beyond belief. For others, among whom I identify, such change
represents the start of a new chapter and a whole new set of opportunities. </div>
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And, as for letting go of what has seemed to be such icons
of my history, whether it’s Veterans Stadium or my home in <st1:place w:st="on">California</st1:place>, I look at it this way. </div>
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When change takes us on a new path, we don’t lose the past
or what we left behind. All of it continues to be with us as part of our
personal heritage, safely entrenched within the vault of our sweetest memories.
Those memories help form the foundation on which we will build new friendships
and experiences. And most important, it’s those memories that will also help shape
and influence everything we’ll do in the years to come. </div>
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So why let change keep you up at night? After all, once you
take a closer look, maybe it’s not all that it’s cracked up to be?</div>
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<i>(Originally published November 14, 2013 with <a href="http://www.cuinsight.com/is-change-keeping-you-up-at-night.html" target="_blank">CUinsight</a>)</i></div>
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Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com0tag:blogger.com,1999:blog-8139317166065189441.post-81559580789559496942013-10-08T00:10:00.001-07:002013-10-08T07:19:52.087-07:00International Credit Union Day—How Will You Be Celebrating?<div class="separator" style="clear: both; text-align: center;">
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Back on Saturday, October 2, 2010, I published a blog post on this site featuring 12 simple ways to mark your observance of International Credit Union Day. Three years later, it goes without saying that all 12 ideas continue to hold value for any credit union searching for that special way to call attention to their distinguished heritage.<br />
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So once again, here are my 12 ideas for making October 17th, this year’s International Credit Union Day, a memorable occasion for your staff, your volunteers, your members, and really, your entire community!<br />
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I. Make your members feel like owners. Host an Owners’ Day Party.<br />
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II. Review and closely examine the definition of a cooperative. Understand the meaning of the business model it describes. Ask yourself what makes your organization a co-op?<br />
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III. Have a meeting with staff to identify the Seven Cooperative Principles and evaluate how your organization embraces each one. Are they posted publicly for all to see?<br />
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IV. Invite the local business reporter to the credit union to meet and greet the staff and your members. This is a great way to help the reporter develop a deeper understanding and appreciation for credit unions and the cooperative difference.<br />
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V. Participate in other International Credit Union Day activities sponsored by your local League, CUNA and WOCCU.<br />
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VI. Develop special messaging to your members talking about co-ops, the cooperative difference, and what co-ops stand for in the community. Display the messages in your lobby, in electronic statements, in your mobile banking application, on your credit union’s website, and on your social media channels like Facebook and Twitter.<br />
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VII. Sponsor an art competition for youngsters of the credit union asking them to draw a picture of a cooperative. Publicly post the images in your lobby and your website. Offer awards to the best drawings.<br />
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VIII.<span class="Apple-tab-span" style="white-space: pre;"> </span> Leverage your relationships at the local chamber of commerce or rotary club to serve as a presenter during the month of October to talk about the cooperative business model and the values and principles on which it is built. As part of this community education effort, talk about your credit union as one of the many organizations built on that model. (If you missed the chance to do it this year, get your name on the list for next October!)<br />
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IX. Sponsor an essay contest in collaboration with the local high school. Offer a grand prize of $1,000. Make the essay topic: How cooperatives and their distinct business model deliver better value to the American consumer.<br />
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X. Host an open house of your credit union. Roll out the red carpet and invite folks from the community to stop in and have a coffee, have a donut and find out what a credit union is all about. Include a local radio station to broadcast LIVE from the credit union branch to further attract public participation in the open house. And don’t forget to invite the public to bring along cans of food for donation to the local food bank!<br />
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XI. Cooperate with other co-ops in your community to create an organized referral effort where each cooperative helps to promote awareness of one another.<br />
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XII. Organize a community day where the staff of your credit union goes into the community to help low-income and underserved families do repair work, painting and cleaning on their homes. Invite your members to join with staff, shoulder-to-shoulder in providing these services on Community Day as a way to mark National Cooperative Month—People Helping People.<br />
<br />Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com0tag:blogger.com,1999:blog-8139317166065189441.post-33343576163390122672013-06-13T11:59:00.000-07:002013-06-13T11:59:35.880-07:00Five Simple Rules for Safeguarding Reputation(<i>Originally published June 3, 2013 with <a href="http://www.cutimes.com/2013/06/03/5-simple-rules-for-safeguarding-reputation" target="_blank">Credit Union Times</a></i>)<br />
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Reputation management—protecting and safeguarding the image and good name of your credit union—should always begin and end with your ambassadors—every employee; from the corner office to the mail room. It's a collective responsibility, one in which we all share.<br />
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As a matter of fact, the strength of any credit union's effort to manage its reputation is only as strong as its weakest link. All it takes is one person's fumble and the public perception of your credit union could be severely damaged for days and months on end. And, that fumble is not just limited to getting caught with your hands in the cookie jar. It could be as simple as not responding to a customer inquiry, something tweeted out of emotion or not properly addressing a member who has been wronged by an unfortunate billing error.<br />
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Managing the corporate reputation can be a tough assignment because people are more apt to share stories of mistreatment and dissatisfaction. Somehow, telling others to avoid an organization that has wronged them seems to temper the human psyche. It makes one feel better, as if justice has been dealt for the wrong that was committed.<br />
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One thing is for certain; always remember that the smallest of grievances can scar your good name just as easily as a headline misdeed. If left unchecked, sooner or later you can count on them to come back and bite you.<br />
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Finally, to ultimately be effective, reputation management has to be a continuous and ongoing process. Everyone on the credit union’s team is on stage, not just for the shift but 24/7, so it’s important that everyone be constantly reminded about their role and the influence they exert on the success of the organization. It’s a responsibility we all share—not just to the credit union—but to one another as professionals, as reputation ambassadors, and as people helping people.<br />
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Here are my 5 simple rules for safeguarding the reputation of your credit union. Feel free to add your rules to the list as well.<br />
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1) <i>Always acknowledge and respond politely and professionally to others.</i><br />
It's the littlest of things that can make the biggest negative impression. Respond in a timely manner to your e-mails and phone calls. When someone e-mails you a simple question, don't choose to avoid them by simply not responding to their inquiry. Choosing to ignore or not acknowledge a person is a sure way to sow seeds of frustration and disrespect deep within their perception of you.<br />
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2) <i>Keep your word.</i><br />
If you say you're going to do something, do it. There is no better way to undermine your credibility and detract from your authority than by not keeping your word or breaking a promise.<br />
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3) <i>Behave as if you’re always on stage.</i><br />
Whether at the office, behind the wheel or at the grocery store, behave as if you're always on stage. Like it or not, you're a public figure because you are associated with an organization serving the public. They may not know your name but more often they will remember your face from working the teller line at the credit union.<br />
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4) <i>Be prudent in what you post in the social media. </i><br />
Do you really want to post that political comment? What about Facebook and all the photos of you with a cocktail in hand at all those Happy Hours? They may present you as the life of the party but they can also make you out to be a big lush as well, more focused on partying and drinking rather than on your responsibilities. Really, do I want to trust my money with you?<br />
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5) <i>Be present to the other person. </i><br />
Make people feel important by giving them your utmost time and attention. Look at them in the eye when you are shaking their hand and being introduced, not over their shoulder at the next person whose hand you'll shake. When attending a meeting, engage those with whom you are meeting. Don't be texting or paying more attention to your e-mail and Twitter feeds.<br />
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Now, be sure to share these Five Simple Rules with others. Remember, it’s a responsibility we all share.<br />
<br />Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com0tag:blogger.com,1999:blog-8139317166065189441.post-42860801961132987822013-05-01T15:13:00.000-07:002013-05-01T15:13:05.612-07:00Credit Unions—Courting a Destiny of Failure?<br />
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<span style="font-size: 12.0pt;">(<i>Originally published </i><i>in January 2013 </i></span><i style="font-size: 16px;">on</i><span style="font-size: 16px;"> </span><a href="http://www.cuinsight.com/" style="font-size: 16px;" target="_blank">CUinsight</a><span style="font-size: 16px;"> </span><span style="font-size: 12pt;">) </span></div>
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<span style="font-size: 12.0pt;">For some time now, I've had
this nagging notion that all is not right in credit union land. It's been
bugging me to no end and so it's about time I get this concern off my chest.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt;">What I'm going to say may,
for many, strike at the very heart of the credit union business model which I
so respect. Yet, I realize I'll have to risk arousing the ire of industry
associates and friends in raising the issue but, hopefully, they, too, will see
the validity of my concern. Perhaps some will even respond by sharing their
views for the benefit of us all.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt;">What’s gnawing at me? I’m
concerned that credit unions, as financial cooperatives, might be headed toward
a destiny of failure. I fear they are moving in a direction that will eventually
see them become exactly the same as their for-profit banking counterparts and
this prompts me to wonder what is the threshold, which when crossed, determines
that the credit union is no longer a “<i>credit
union</i>.” Is it merely the charter that defines such an identity or does it
depend on something much more pervasive? <o:p></o:p></span></div>
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<span style="font-size: 12.0pt;">For instance, when a couple
is given their divorce decree, is it the decree that actually dissolves their
marriage bond or was it of the couple’s own personal doing, months and possibly
years before such a decree is ever issued?<o:p></o:p></span></div>
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<span style="font-size: 12.0pt;">As credit unions continue to grow—swallowing
up smaller shops at alarming rates, expanding their reach well beyond community
boundaries and providing their membership with the same products and services
that can be found down the street at the corner bank—will they one day
transform themselves and the movement into something no longer resembling what
Edward Filene had in mind when he crisscrossed the nation in the early 20th
century to sell his credit union model to others? <o:p></o:p></span></div>
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<span style="font-size: 12.0pt;">Let’s not be fooled. Just
because credit unions reach out today to the underserved in ways much more
profound than other financial service providers is no guarantee that our credit
union culture, philosophy and principles will stay the course to distinguish our
business model for decades to come. Let’s not think that our not-for-profit
status is what separates us from other providers, or that a continuation of the
feud with the bankers’ lobby is what preserves our heritage. <o:p></o:p></span></div>
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<span style="font-size: 12.0pt;">Think of it. Credit unions
were formed as financial cooperatives to help the common man and woman save and
secure credit. Being shunned by other service providers gave them fair reason
to pool their savings in a cooperative venture for the benefit of each member
of the group. Establishing a credit union afforded certain "segments"
of the population, defined by culture or employment or religious affiliation
access to affordable financial services which they, the members, owned and
controlled. <o:p></o:p></span></div>
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<span style="font-size: 12.0pt;">There were no community
charters where membership was essentially open to anyone who breathed the same
air as those running the credit union. Monthly chapter meetings were the town halls
for the movement where friendships were formed, information was shared and
learning was seen as a cooperative venture. In their struggle to survive,
credit unions showed mutual respect and support for one another in ways that
were without reservation. There was no co-opitition, competition or jousting
for supremacy. Regulations were manageable and more members than naught were personally
known and addressed by name when they entered the shop. <o:p></o:p></span></div>
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<span style="font-size: 12.0pt;">Today, after more than 70-plus
years of evolution, only a fool would expect credit unions in the U.S. to look
the same as they once did, untouched by a barrage of life's joys and sorrows, countless
discoveries and advancements, and most especially, a burgeoning
financial-services marketplace and its many sophisticated products and
applications. Credit unions have evolved but at what price? <o:p></o:p></span></div>
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<span style="font-size: 12.0pt;">As credit unions continue to grow
bigger, stretching out their reach throughout the populations they serve,
applying the latest apps technology has to offer, and expanding their mix of
products and services, will they one day find themselves unconsciously transformed
into their for-profit counterparts? Will their inherent design as financial
cooperatives be seen as an impediment to growth and sustainability? Stray too
far from the tenets of that cooperative model and credit unions will find
themselves flirting with a destiny of utter failure.<o:p></o:p></span></div>
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Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com1tag:blogger.com,1999:blog-8139317166065189441.post-46221566697993235682013-04-19T08:56:00.000-07:002013-04-19T08:56:31.140-07:00The Credit Union Difference—One of Principles, Not Profits<br />
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Union Times</i> carried a <a href="http://www.cutimes.com/2013/03/14/cu-leaders-debate-filsons-white-house-petition-pri" target="_blank">front page story</a> on Chip Filson and his petition for NCUA board members to be
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The article included comments from several credit union
executives, two of which struck a chord with me. One was Randy Karnes, CEO of
CU Answers, who said Congress didn’t create the credit union charter because
the nation needed “nice banks.” He pointed to the cooperative principles as the
defining element which makes the structure of credit unions different from
banks. </div>
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Henry Meier, associate general counsel for the Credit Union
Association of New York was the second. Henry suggested that those advocating
for the cooperative structure to play a larger role in the credit union
industry seem to be promoting it for its own sake.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Hearing the comments of both executives took me back down
memory lane into the corporate credit union environment. There, as I rubbed
elbows with right-brainers and left brainers alike, I began to realize more and
more how important it was to find a course of harmony between the cooperative
principles and the principles of asset/liability management, if a credit union was
to be truly faithful to its “soul” purpose. </div>
<div class="MsoNormal">
<o:p></o:p></div>
<a name='more'></a><br />
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<div style="text-align: right;">
<a href="http://3.bp.blogspot.com/-0VbWHvbXBgk/UW16YSEAK6I/AAAAAAAAA2c/WYHqwvGPeWc/s1600/Little+Man+w+Umbrella.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="background-color: white;"><img border="0" height="200" src="http://3.bp.blogspot.com/-0VbWHvbXBgk/UW16YSEAK6I/AAAAAAAAA2c/WYHqwvGPeWc/s200/Little+Man+w+Umbrella.jpg" width="200" /></span></a></div>
Lean too far to the right and the organization can become
akin to a social service agency lacking in ability to manage its fiduciary
responsibility; too far to the left and the organization is no different than a
bank or investment firm. </div>
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<br /></div>
<div class="MsoNormal">
The experience taught me that in a credit union, the cooperative
principles and the principles governing balance sheet management must work
together, hand-in-hand. I also came to realize that the cooperative principles exist
not as some kind of superfluous guidelines that are up for interpretation and
debate at each and every shop. No, they exist in the DNA code of every credit
union. They make the credit union, a credit union. </div>
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<br /></div>
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This is why I content that they should never be viewed
distinct and apart from the credit union balance sheet. Their role must be one
of harmony with balance sheet management and every other aspect governing the fiduciary
responsibility credit unions have to their member/owners. In the very same way,
they must also be in harmony with any efforts at cooperation with other co-ops,
social responsibility or reaching out to the underserved. </div>
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<br /></div>
<div class="MsoNormal">
Yet, even though they are what defines the very heart and
soul of the credit union business model, there are many throughout the entire credit
union system today who may be dismissing these principles too quickly. Just
bring up a conversation about the role of the cooperative principles with your
own staff or board members and judge for yourself. Measure their knowledge and
interest in, what is essentially, the value proposition of any credit union. </div>
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<br /></div>
<div class="MsoNormal">
Perhaps this explains why so many of us feel a deep
conviction to constantly draw attention to the role of these principles in
credit union operations. Lose the heart and soul that defines who you are, and
you not only lose touch with your roots but also with your very identity as
well; and many of us believe that credit unions are flirting with the loss of
their heart and soul. Just look around. Where’s all the cooperation between
credit unions today? With community charters, it’s more a game of competition
than cooperation. Come on, let’s be real. We can either continue on the current
path (and we can see where that’s leading as the number of credit unions
becomes less and less each year) or as Bill Cheney and CUNA have advocated, <a href="http://uniteforgood.org/" target="_blank"><b>Unite for Good.</b></a></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I see it this way for anyone of influence at a credit union—either
embrace the cooperative principles as that which fundamentally defines your
business model and see that they are actualized throughout your operation, or ask
yourself if the for-profit banking model might be more suited to your tastes. </div>
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<br /></div>
<div class="MsoNormal">
After all, the “soul” purpose of a credit union is not
determined by opinion or an executive’s perspective on balance sheet
management. Credit unions don’t need bankers to ensure the success of their balance
sheets and cooperative business model, just as much as bankers don’t want
credit union folks to tell them how to distribute their profits. </div>
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<br /></div>
<div class="MsoNormal">
For credit unions, the focus should always be more than
price and yield. Yes, while price and yield are important, there’s a whole lot
more. Credit unions should not see themselves simply as commodity providers but
rather as organizations that abide by a vastly different set of ethics and
values from others in the financial services industry. </div>
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<br /></div>
<div class="MsoNormal">
Just look at the success associated with <a href="http://www.co-operativebankinggroup.co.uk/servlet/Satellite?c=Page&cid=1166524495174&pagename=Corp%2FPage%2FtplCorp&loc=t" target="_blank"><b>The Cooperative Bank</b></a> in the <st1:country-region w:st="on">U.K.</st1:country-region>
and its member-led ethical policy. So, don’t tell me customers are concerned
only about price! If so, The Ritz-Carlton and The Four Seasons would have
succumbed a long time ago to the likes of the Red Roof Inn.</div>
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<br /></div>
<div class="MsoNormal">
Look at it this way. There are different religions, each
with its own code of beliefs, yet all are similar in their ability to unite the
believer to the divine. </div>
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<br /></div>
<div class="MsoNormal">
For instance, if you happen to espouse, let’s say, a
Lutheran tradition, you would accept and live by the principles of that
tradition. On the other hand, if you find that living as a Baptist more
accurately defines your core beliefs, you wouldn’t remain a Lutheran and
continue to live your Baptist principles within a Lutheran congregation, right?
</div>
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<br /></div>
<div class="MsoNormal">
While both the Lutheran and Baptist spiritualities are reverent
pathways to the Divine, there are differences in approach that define each code
of belief. It’s not about changing those codes but rather recognizing which one
resonates most closely with your set of beliefs and then living that code to
the fullest within the congregation it represents.</div>
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<br /></div>
<div class="MsoNormal">
If you want to adhere to a <i>banking</i> model, one that is for-profit in nature and
shareholder-driven, then fine; work in a bank. They do CRA. They help people. It
can be an honorable profession. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<a href="http://3.bp.blogspot.com/-1AoA3Ad3nX8/UW16u6bU_WI/AAAAAAAAA2k/hukzeYzK9fc/s1600/ACU+02.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><span style="clear: left; color: white; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="224" src="http://3.bp.blogspot.com/-1AoA3Ad3nX8/UW16u6bU_WI/AAAAAAAAA2k/hukzeYzK9fc/s320/ACU+02.jpg" width="320" /></span></a>On the other hand, if you lead a credit union, then for
God’s sake, live and abide by an approach to financial services that’s defined
by the set of principles associated with cooperative values (open and voluntary
membership, democratic control, non-discrimination, service to members,
distribution to members, building financial stability, ongoing education,
cooperation, and social responsibility). Don’t sweep those principles under the
rug, belittle their importance or divorce them from your management style
because you feel they have no bearing on the balance sheet and the price of
your services. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The credit union difference is one of principles—to be
embraced; to be lived; and to be celebrated. Wouldn’t you agree?</div>
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<br /></div>
Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com0tag:blogger.com,1999:blog-8139317166065189441.post-20309443982361389142013-03-12T18:30:00.000-07:002013-03-12T18:30:02.297-07:00Another Tax Break for the Wealthy!<br />
<div class="MsoNormal">
Something is wrong, absolutely seriously wrong in our
beloved <st1:country-region w:st="on">United States</st1:country-region>—and
I do mean, SERIOUSLY WRONG!</div>
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<br /></div>
<div class="MsoNormal">
Just a few minutes ago on the radio, I heard the news that
Republicans in Congress are putting together their version of a plan to balance
the budget. And what do you think that plan calls for once again? Yes, another
tax break for the wealthy!</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Now, I’m not out to attack the Republicans. As a
nonpartisan, I claim affiliation with no political party. BUT, what am I to
think after hearing the news this morning that the push is on once again to
give a tax break to the very rich? It simply gets my dander in a fluff. What on
earth are these lawmakers thinking? Have they taken up residence in the back
pockets of the one-percent?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Here’s the reason why I am so miffed when I hear that any
politician wants to give the wealthy another break while the middle class along
with the downcast and underserved continue to get chewed up, spat out and
trodden on.</div>
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<o:p></o:p></div>
<a name='more'></a><br />
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Simply watch the following video.
It’s gone viral and has been attracting a lot of attention
across <st1:place w:st="on">America</st1:place>.
It’s based on an academic paper titled, <i>Building
a Better <st1:country-region w:st="on">America</st1:country-region>—One Wealth
Quintile at a Time</i>, by Michael Norton from the Harvard Business School and
Dan Ariely from <st1:place w:st="on"><st1:placename w:st="on">Duke</st1:placename>
<st1:placetype w:st="on">University</st1:placetype></st1:place>. The authors
point to a majority of scholars who agree that wealth inequality in the <st1:country-region w:st="on">United States</st1:country-region>
is at historic highs, even topping the levels seen just before the Great
Depression in the 1920s. Noting the facts presented in this video, how can
anyone walk away and not be upset and angry at what we hear being proposed by
those we’ve elected?<span style="color: #000099; font-size: 18.0pt;"><o:p></o:p></span></div>
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<br /></div>
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Before you watch the video, however, answer these questions
for yourself. </div>
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<br /></div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]-->1)<span style="font-size: 7pt;"> </span><!--[endif]-->What’s
your perception of the current distribution of wealth among Americans? </div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]-->2)<span style="font-size: 7pt;"> </span><!--[endif]-->Is
it evenly distributed? </div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]-->3)<span style="font-size: 7pt;"> </span><!--[endif]-->How
much of <st1:country-region w:st="on">America</st1:country-region>’s
wealth do you think actually resides in the hands of the working class and less
fortunate?</div>
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<br /></div>
<div class="MsoNormal">
OK, now watch the video and afterward be sure to bring it up
as a topic of conversation at your next credit union board or staff meeting. </div>
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<br /></div>
<div class="MsoNormal">
As financial cooperatives that place a special emphasis on
serving the marginalized and underserved, I wonder whether credit unions should
be 1) taking on a larger role in educating the public about the growing inequality
of wealth distribution among the classes in the U.S., and 2) stepping up their
advocacy efforts for those who are seen as having no voice in today’s society. </div>
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<br /></div>
<div class="MsoNormal">
By their very nature as cooperatives, credit unions have
this profound responsibility to their members and their communities. Think of
it. If this trend of inequality goes unchecked, there will one day be no more
credit unions—period—because the vast majority of their members will no longer
have a penny to their name. All the wealth in our land will be held by some 40
to 50 people. Scary, isn’t it?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There is, however, one lasting hope—and even that is being
threatened with efforts to redraw voting districts. People still have the power
of “the vote” and with education and more information, people can use that vote
to improve their circumstances and begin to carve out a more equal distribution
of the bounty that’s part of the fabric of <st1:country-region w:st="on">America</st1:country-region>.</div>
<div class="MsoNormal">
<br />
<br />
<div style="text-align: center;">
<a href="http://www.youtube.com/watch?feature=player_embedded&v=QPKKQnijnsM" target="_blank"><b><span style="font-size: large;">Infographics on the Distribution of Wealth in America</span></b></a></div>
</div>
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<br /></div>
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<iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/QPKKQnijnsM?feature=player_embedded' frameborder='0'></iframe></div>
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Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com0tag:blogger.com,1999:blog-8139317166065189441.post-65603104628993319092013-02-26T13:00:00.000-08:002013-02-26T13:00:04.270-08:003 Lessons From the Vatican: Know When to Hang Up the Mitre<br />
<a href="http://3.bp.blogspot.com/-magHqfmu4Us/US0Pvan3pSI/AAAAAAAAA1U/G2dsQ8NUfnU/s1600/mitre.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="320" src="http://3.bp.blogspot.com/-magHqfmu4Us/US0Pvan3pSI/AAAAAAAAA1U/G2dsQ8NUfnU/s320/mitre.jpg" width="192" /></a>This week, the world will witness an event that has not occurred since the year 1415—a Pope stepping down from the Papacy.<br />
<br />
Although we all watched his predecessor grow more frail and disabled during the final years of his papacy, Benedict XVI has decided to spare the world audience the repeat performance of witnessing the same debilitation take hold of him during his reign. He has chosen to abdicate the Papal Office on the grounds that he is becoming unable to measure up to its many responsibilities.<br />
<br />
Of course, while some may disagree, reigning as Pope is like night and day in comparison to serving as a credit union executive, volunteer or CEO. Nevertheless, we ought to ask ourselves if there is a lesson we can all learn from Pope Benedict, a man to whom the keys of St. Peter have been entrusted. Can one find in this historic gesture a particularly meaningful take-away.<br />
<br />
As I avidly read the news surrounding Benedict’s upcoming abdication and follow the stirrings underway in preparation for a Papal Conclave tasked with electing his successor, I see three lessons of value for all of us who hold a position of influence and leadership.<br />
<br />
<b>1) Know your limitations</b><br />
<i>- Be cognizant of the demands required by the office you hold and be honest with yourself about your personal capabilities in meeting them. </i><br />
<br />
Today’s world is quite different from the ‘60s of the last century. Credit unions continue to evolve, growing in technology and service offerings as they strive to meet the demands of a highly sophisticated financial services marketplace. Keeping abreast of all the changes in regulations, delivery channels and consumer needs can be, without a doubt, an overwhelming task. And, to further compound one’s effort to meet all these challenges on a daily basis is age and one’s ability to run the race. Age should not be seen as a game-<i>ender</i>. I prefer to view it as a game-<i>changer</i>.<br />
<br />
There comes a point when we need to be honest with ourselves in realizing that the demands of the game require a finesse and agility best suited to someone else. That absolutely is not to say it’s all over, rather, it’s simply the recognition that one can accomplish more from the third-base coaching box rather than the batter’s box.<br />
<br />
For example, consider any of the greatest pitchers in baseball. For them, throwing smoke was not the same 10 or 15 years into their career. There comes a point when the smoke starts to become a whiff. So then what happens? Acknowledging the realities of the situation, they simply continue the game but in a different manner—becoming a pitching coach, going on a speaker’s tour for Major League Baseball or maybe even sailing around the world.<br />
<br />
<b>2) It's all about the organization; not you</b><br />
<i>- Realize the role you play is that of a leader, inspiring others by both word and deed. It's not about your success and personal record book rather, it's about the team and what's best for it.</i><br />
<br />
In his resignation announcement, Pope Benedict cited the demands associated with the Papacy. Realizing his growing inability to meet all those demands, he concluded that remaining in office would be detrimental to the health and welfare of the church. One surely has to admire him for such virtue.<br />
<br />
Benedict may not have accomplished all he had hoped to do as Pope. Some may even view his “record book” as being short on achievements or tainted by all the challenges facing the church. Of course, only time will reveal the actual reasons that influenced his decision to abdicate. However, one cannot deny his role in ecclesial history for deciding to put the Papacy and needs of the church before his own.<br />
<br />
If a Pope can step down from office, then one must ask why it is that others find it to be an unacceptable option when it becomes apparent that the required vigor to do the job is no longer present.<br />
<br />
<b>3) Finish strong</b><br />
<i>- End your biography on a high-note. Then immediately start working on a sequel.</i><br />
<br />
Remember Johnny Unitas of the Baltimore Colts back in the sixties and seventies? He happens to be one of my all-time football favorites. He was a record-setting quarterback, selected as the league’s most valuable player in 1959, 1964 and 1967. His overall achievements list him as one of the greatest NFL players of all time.<br />
<br />
When I think of Johnny I can’t help but recall his numerous face-offs against Broadway Joe Namath of the New York Jets. My most savory memory however is Super Bowl V, a championship he clenched in the waning years of his career. I remember all the talk back then. Reporters and analysts alike all wondered if Johnny’s Super Bowl V win would be the crowning highlight of his career. Will he now decide to retire? Yes, I certainly remember the chatter because as my favorite football star, I had a vested interest in Johnny and did not want to see him move on.<br />
<br />
Instead, what followed was anticlimactic; a sad ending to the career of a player I revered as a legend. I watched as Johnny decided to push on, be traded to the San Diego Chargers in ’73 and after a sad and lackluster year, fade into retirement in 1974. You see, along with my fond memories of Johnny is one that's most sad. It's a memory of Johnny playing as a Charger and being badly sacked. It was painful.<br />
<br />
As we watch Benedict XVI abdicate the Papacy this week, let’s all remember the primacy of the organization which we serve; the role we play in leading and inspiring others; the strengths and weaknesses associated with our humanity; and, the way we want our biographies to sum up our professional achievements.<br />
<div>
<br /></div>
Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com0tag:blogger.com,1999:blog-8139317166065189441.post-6522313863012968532013-01-01T16:55:00.000-08:002013-01-01T16:55:54.388-08:00DREAMS CAN COME TRUE IN 2013<br />
<div class="MsoNormal">
<a href="http://1.bp.blogspot.com/-sr0Y9qbhuFY/UOOE7MndpyI/AAAAAAAAAtY/OA1zfaPAwlo/s1600/HNY.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="295" src="http://1.bp.blogspot.com/-sr0Y9qbhuFY/UOOE7MndpyI/AAAAAAAAAtY/OA1zfaPAwlo/s400/HNY.jpg" width="400" /></a>This morning as I opened my eyes after a night of blissful
dreams, I bid farewell to the holidays and set my gaze on a nascent new year
and all that it might unfurl before me in the weeks and months to come. I
pondered the lucky “13,” and wondered if life and its many experiences throughout
2013 would be any different from all years both past and to come.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As I got out of bed, and turned on the TV, I happened to
catch one of the many commercials currently airing that promote <st1:country-region w:st="on">America</st1:country-region>’s
financial cooperatives—credit unions. The spot is part of a national branding
campaign cooperatively managed and sponsored by credit union associations, credit
union leagues, and food and electrical co-ops. It seems collaboration among all
cooperatives has become the new norm, emerging from what many have discovered
to be a golden opportunity for growth in both membership and services, coming
of course, at the expense of corporations and big banks and the growing anger
and mistrust consumers have of them.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Yes, life among cooperatives has changed dramatically. Now
when I receive a check from any credit union organization and look at the name
of the issuing financial institution, I no longer see the word, “bank.” Credit
unions have not only learned to keep their money within the system, they also
have come to realize that if they are to promote the value of their model over
one benefitting shareholders, they ought to maintain their business checking
accounts at another financial cooperative, not at a bank.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Credit unions and cooperatives are also applying the same
mindset when it comes to staffing vacancies and selecting vendors. Going
outside of the cooperative system no longer makes sense when there are already
talented people within the system who bear allegiance to the cooperative
business model and who are unemployed and eager to work. It’s no longer
acceptable to look for products and services outside of the cooperative
business model when there are already CUSOs and vendors within the system that can
offer pricing and expert services exclusively aligned at meeting the needs of
cooperatives. Why pay more and go outside of the system we now ask ourselves, when
the same services or talent can be tapped from among credit unions and
cooperatives at a much cheaper price and so many times at a value no one else
can offer. </div>
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<br /></div>
<div class="MsoNormal">
In this new age of 2013, walking the talk has become the
mantra for credit unions. We have seen that by holding ourselves ever more
closely to the principles and values we espouse as a business model, we have finally
not only discovered our true value proposition but have further developed a
reputation for integrity and social justice within the American marketplace.
And, it’s that reputation that’s attracting the attention and trust of
consumers in ways that are startling Wall Street and inciting a new look at
corporate <st1:country-region w:st="on">America</st1:country-region>’s
code of ethics . . . </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
BUZZZZZ, BUZZZZZ, BUZZZZZ. With a nice big yawn, I hit the
snooze button and rolled over onto my side pondering the lucky “13,” and wondering
if life and its many experiences throughout 2013 would be any different from
all years both past and to come.</div>
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<br /></div>
<div class="MsoNormal">
May all your dreams for 2013 come true! Happy New Year!</div>
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Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com1tag:blogger.com,1999:blog-8139317166065189441.post-63600538114168200462012-12-04T08:02:00.000-08:002012-12-04T08:02:20.960-08:00What Happens at the Credit Union, Stays at the Credit Union<br />
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<br /></div>
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It’s been awhile since I last posted on this blog of mine
and I can’t say it’s because I have nothing to discuss. For several months now,
I’ve been expressing my thoughts and comments through my regularly featured column
on <i><a href="http://www.cuinsight.com/author/walt-laskos" target="_blank">CUinsight</a></i>. The <i><a href="http://www.cutimes.com/2011/08/04/three-keys-to-branding-success" target="_blank">Credit Union Times</a></i>, too, has been
running my op-eds, yet even with both of those superb media channels, I am
still finding a need to express my insights and ideas on a more routine basis,
particularly when I come across thought-provoking material through my work and
travels, including all that I see occurring throughout the credit union system.
<i>Laskos On Credit Unions</i> gives me that
opportunity and I hope to take more advantage of it in the months to come.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I was at the <st1:placename w:st="on">San Diego</st1:placename>
<st1:placetype w:st="on">Airport</st1:placetype> last week waiting to board a
flight to <st1:city w:st="on">Albuquerque</st1:city>
where I would produce <a href="http://www.operationbestwishes.com/" target="_blank">Operation Best Wishes</a> at Kirtland Federal Credit Union
for military families associated with the adjacent Air Force base. What caught
my eye in the terminal was something I’m sure you have seen somewhere during
the course of your travels as well.</div>
<div class="MsoNormal">
<o:p></o:p></div>
<a name='more'></a><br />
<div class="MsoNormal">
This man was marching back and forth talking, or should I
say, yelling into his cell phone at such a level that it dominated all
conversations in his immediate area. Of course, by the expression on his face
and the tone of his voice, he must have been someone very important in the
sales chain-of-command where he worked, or at least that’s what he wanted
everyone around him to think. If only I had a mirror to show him just how
ridiculous he looked! Naturally, I figured his ego had to be more evolved than
his brain because had I been a competitor, I would have learned all the major
sales strategies, secrets and tactics used by his colleagues and company. </div>
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<br /></div>
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What’s sad is that this experience was not an anomaly. Later
that week while at the <st1:city w:st="on">Oklahoma City</st1:city>
airport, I encountered a similar situation. This time a guy, sitting behind me
in the terminal, was talking to his boss on the cell phone about one of his
direct reports who had been causing him a lot of grief. What he was saying in
the public forum was just too much information for anyone outside of his
company to hear! Really, what should have been a confidential conversation from
a more private corner of the terminal was conducted from a soap box.</div>
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Although they may seem to be amusing and entertaining, such
annoying scenarios prompt me to ask what it is about airports and the way people
talk on their cell phones? </div>
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For god’s sake, just because you’re talking in a public place
doesn’t mean the conversation must be equally as public! You never know who
might be sitting next to you or standing across the concourse taking in the
entire discourse. </div>
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More important, is it really smart to be discussing
sensitive issues or sales strategies in a way that gives everyone around you a
privileged insight into your company’s business or your personal life?</div>
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Neither of these two men who made sure I heard their
conversations worked at a credit union. At least it didn’t appear to be so, but
that’s not to imply that all credit union folks are highly evolved, reserved
and smart when communicating in a public forum. Yes, we, too, can be found guilty
as well. </div>
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Just the other day I came across a tweet from someone
responsible for managing their credit union’s Twitter account. Now, this was no
obscure credit union organization but one having a significant national
prominence. The tweet said something like this, “My boss is a total jerk.” </div>
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Is that the kind of messaging you would want seen in public
that’s associated with your credit union and its sterling brand? As a matter of
fact, are you even aware what is being said of your credit union in the social
media?</div>
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Whether it’s communicating in the social media or having a
conversation on your cell phone in an airport terminal, when you’re in a public
space always consider yourself on stage. Act in a manner that’s respectable of
your organization’s brand and your own personal brand as well. You are an
ambassador. Always remember, maintain your etiquette; what happens at the
credit union, stays at the credit union.</div>
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<i>If you agree, share this post as a reminder with others at
your credit union. Save them from becoming a spectacle which others will in
time discuss in their blog or Tweet about to their followers on Twitter!</i></div>
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Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com1tag:blogger.com,1999:blog-8139317166065189441.post-76247691094114112842012-09-03T14:32:00.000-07:002012-09-03T14:33:35.756-07:00Coopetition: The Cancer Within?<br />
He is among the most successful producer-directors in Hollywood, best known for his comedy films Ace Ventura: Pet Detective and Bruce Almighty, to name a few. Yet, unlike so many of his colleagues whose fame and fortune has built them a mansion in Malibu, Brentwood or the Hollywood Hills, <a href="http://www.oprah.com/oprahshow/Tom-Shadyac-From-Millionaire-to-Mobile-Home" target="_blank">Tom Shadyac</a> has chosen to make his domicile a mobile trailer park.<br />
<br />
His decision to forsake a lifestyle that he once shared with a very few privileged elite occurred after a bike accident left him with post-concussion syndrome. The excruciating experience, one that took him to death’s doorstep and a face-to-face encounter with his own mortality, prompted him to make some radical life-altering choices.<br />
<br />
Five months after the accident, Shadyac was back at work, however this time he was not directing a comedy film but rather a documentary titled, “I Am.” In it he addresses two burning questions: What’s wrong with our world and what can we do about it?<br />
<br />
I recently watched this award-winning production and among the many messages it conveys I found one in particular to be most thought provoking. Shadyac continually points to society and our culture as being one that is profoundly tied to competition. From an early age we are taught to compete, whether it is in school, on the athletic field or later in life at our job and in our career. He suggests that the focus on competition is all wrong and posits an alternative course for happiness and success, one that forms the basis for all nature. He asks us to consider, cooperation.<br />
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Isn’t that very interesting, I thought. Here we are—credit unions and food, housing and power-generating co-ops all espousing cooperation as the foundation of our business model, and here is Tom Shadyac, a multi-millionaire who simplified his lifestyle and gave hundreds of thousands to charities now proclaiming through his documentary that the key to life is found in cooperation. Can it be that we as co-ops are sitting on a fundamental truth that is much more profound than the business model on which it is built?<br />
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I once heard a venerable cooperator explain what makes us different from others outside of the cooperative sector. He simply said, “It’s the way we do things.” Indeed, cooperation is what makes us tick. It’s in our blood and in our DNA. It explains the way we do things.<br />
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Yet, I’ve heard it jokingly said more than once, that coopetition (competition among co-ops) is the way we do things, a style of business that’s healthy for our sectors and our members. Is it, really? Last I looked, all that coopetition spawned was a tidal wave of competition among corporate credit unions, pitting one against the other, each vying to offer the most yield for a member’s investments. Like a cancer from within, I don’t have to tell you what that coopetition produced.<br />
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Maybe Shadyac is right. Perhaps life’s focus should be on cooperation, not competition and certainly not coopetition. And if so, what does that say about us and our cooperative enterprises? If he’s right, then there’s a lot more to our cooperatives than meets the eye.<br />
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You can find more information about Tom Shadyac and his documentary, “<a href="http://iamthedoc.com/" target="_blank">I Am</a>.”<br />
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<i>Coopetition: The Cancer Within was originally published in February 2012 on <a href="http://www.cuinsight.com/" target="_blank">CUinsight</a>.</i></div>
Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com0tag:blogger.com,1999:blog-8139317166065189441.post-9545167281193407952012-04-25T12:04:00.000-07:002012-04-25T12:16:47.338-07:00Credit Union PR: Why Confine It To The Back Seat?<br />
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As the month of May fast approaches, we'll soon find the college
graduation season upon us and the awarding of degrees—Bachelors, Masters,
Doctorates, and let’s not forget honorary degrees. So it won’t be any surprise when
we hear and read about such folks as the POTUS or Warren Buffet or Captain
Sullenberger receiving an honorary degree. That’s part of the annual May
ritual. But, did you ever stop to consider why these and other dignitaries and celebrities
are being recognized in this way? Are we to believe that the degrees were
bestowed in a vacuum, devoid of any strategy as to how the recipients will
influence and benefit the institution? Of course not! </div>
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A lot of factors go into the nomination process for honorary
degree recipients, from how they would attract publicity and foster alumni
donor support, to how they reflect the values of the institution and can help
open the door to new opportunities. Sometimes the rationale can be as simple as
forming a relationship that will eventually develop over time to see the
recipient becoming a major benefactor of the institution.</div>
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OK, so you’re wondering what does this have to do with
credit unions. What is it about honorary degrees that can apply to credit
unions and their business strategies? Here’s how I see it.</div>
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When we speak of an image or branding campaign that promotes
the credit union difference, I can easily see the honorary degree model serving
as a highly valuable template for credit unions to emulate. </div>
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However, before that can successfully occur, there are a few
things we ought to assess. I’m talking about our understanding of image
campaigns and from what I’ve seen just last week at the ball park, I have to
wonder what’s going on. Have some of the folks responsible for image campaigns just
become all too complacent in their understanding of branding initiatives, or
are they unable to devote the proper amount of time to such initiatives given
the workloads they carry? Not only does this pose a problem but the campaigns I
saw were just downright bland in their creativity. I mean no disrespect, but
that’s the impression these campaigns had on me. </div>
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Then again, maybe there’s a lot more going on that’s
contributing to what I was experiencing. For instance, why is it that when we
talk image and branding, a majority of credit union folks feel the compulsion
to immediately think about taglines and logos, and possibly the interior
decoration of branches as the only way a credit union brand is expressed? It
frustrates me to see this confining attitude and misunderstanding of what
“brand” actually is. It’s as if minds have become frozen, locked in a marketing-centric
paralysis that only sees the importance of catering to sales and advertising. </div>
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I’m sure there are many who would disagree with my
assessment, but let me be clear, my point is this: marketers must have their
eyes focused on selling the credit union’s products and services as their
primary responsibility. Community outreach and branding (creating a distinct
experience of the credit union through all its touch points) is for them, secondary
to sales and delivering the numbers. Yet isn’t community outreach, branding and
the credit union’s reputation in the marketplace equally as important as sales,
particularly in a cooperative business model? Are we not about “people;” people
helping people?</div>
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This is why I advocate that credit unions employ a public
relations officer in addition to the marketing officer, because community
outreach and branding can too easily become lost in a mix of product ads, sales
strategies and MCIF (Marketing Customer Information File) mining. Public
relations delivers its own unique value to the overall sales strategy of a
co-op, and it should not be overlooked or underestimated. </div>
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A fully-engaged PR effort is too important to load on the
back of the marketing officer where it does not get the kind of attention it rightly
deserves. In my opinion, by not acknowledging a PR/marketing distinction and
relegating it to the back seat by lumping it on the long list of
responsibilities reserved only for the marketing officer, we are all overlooking
a critical deficiency in the way we manage credit union image and reputation in
the marketplace, and by doing so, we continue to feed impediments to our own success!
</div>
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While it’s true that my opinion vis-à-vis public relations
and marketing reflects a debate that’s been going on for decades among all PR
and marketing professionals, it’s also true that credit unions can benefit by thinking
a little differently about the role of public relations at their shops, how
they manage their image campaigns and of course, how the honorary degree model might
be used to foster brand awareness. </div>
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I see three takeaways.</div>
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1) By instituting an award campaign that publicly recognizes
individuals in the community for the way they exemplify credit union values, your
shop can bring a whole new dimension to its reputation and image in the
community. This might be a new imaging idea to many, but I believe it’s
certainly an effort worth discussing.</div>
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2) Consider refining the award programs currently being
conducted throughout the credit union community to go beyond recognizing one of
our own. Once again, let me be very clear; there's nothing wrong with recognizing
our own and the practice needs to continue. The occasional pat on the back is
good, but it seems that the stories of the heroic people we celebrate never get
conveyed beyond the credit union walls. They only internally energize the
credit union community. </div>
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What I do recommend is that current programs also recognize
others outside the credit union community with whom we should consider forming
special relationships, much like the way colleges select honorary degree recipients.
Imagine how the Wegner Awards might look if they also recognized, let’s say,
someone like Vice President Biden for his <a href="http://www.ucgis.org/priorities/education/priorities/summary.htm" target="_blank">legislation</a> with Claiborne Pell that
eventually provided <a href="http://pdf.usaid.gov/pdf_docs/PDAAT853.pdf" target="_blank">funding</a> to launch <a href="http://www.ncuf.coop/render_site.asp?sectionpath=3/22" target="_blank">Credit Union Development Education</a>—which is now
an international program—or someone who cherishes the principle of cooperation
over competition, like Hollywood producer <a href="http://en.wikipedia.org/wiki/Tom_Shadyac" target="_blank">Tom Shadyac</a> has demonstrated in his
current documentary film, “<a href="http://www.iamthedoc.com/" target="_blank">I Am</a>.” </div>
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3) Let’s re-evaluate our understanding of public relations
and the strategies that flow from it. They are not intended to sell products
and services. PR is not slick marketing or advertising but a tool for building relationships
through brand awareness and positive publicity. In doing what it does best, PR
helps to cultivate the sales process by serving as a catalyst for marketing and
advertising to then engage customers in the business of the organization. While
PR and marketing may exist as separate disciplines, let there be no doubt that
they are aligned as partners for the same goal—the success of the organization.</div>
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<br /></div>Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com0tag:blogger.com,1999:blog-8139317166065189441.post-61914921341230350062012-03-28T08:38:00.000-07:002012-03-28T08:38:09.201-07:00“LIVE FROM THE GAC, WELCOME TO . . . “<div class="MsoNormal">Ever have an experience that found you tethered to home while all your buds or peeps were off on a school trip or a semester-break vacation? Did you find that all your thoughts were focused on them; what they were doing and the kinds of activities they were experiencing? That’s how I felt last week during the 2012 GAC. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Due to circumstances beyond my control, I couldn’t make it to DC this year for the GAC. Since I’ve attended the event a number of times in past years, I’m quite familiar with each day’s agenda, from the annual CUDE gathering at Michael Ray’s home the Saturday before the conference kicks off to the Embassy Reception, Wegner Dinner, Trailblazer Awards, and Hill visits, to name a few. Well, as you might guess, last week, all my thoughts were on my colleagues and friends in <st1:state w:st="on"><st1:place w:st="on">Washington</st1:place></st1:state>, and everything I was missing!</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">As I followed the tweets, slide shows and the day-to-day reporting in the Journal, Times, News Now, and on CUinsight, I began to think about the way we use social media including the traditional news communication channels that served us for generations. Something was missing! </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">You know what I’m talking about. We could look at family photos and read letters from relatives all day long but nothing beats those old 8mm movies and VHS videos of family gatherings. We’re a people who have been conditioned to turn to TV as our primary source of information when major events are breaking. Let’s face it, we are conditioned to get information LIVE—as it is happening, not the next day from a newspaper or after the event has concluded. So you could imagine how I felt last week, keeping up with the numerous streams of communication that still left me feeling worlds apart from all the action.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">So, what can be done about it?</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">I’m keeping my fingers crossed that someone will read this blog post and take it back to the committee for action, or forward it on to people who can. The pizzazz of Twitter is fading. Slide shows are good but they present the info after the fact and without names. While columns in the trades offer an accurate summary, they are word-based and lack the energy that comes with seeing and listening to an event as it unfolds.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">In an era that finds both audio and video ruling the Internet, I found no one tapping that medium in a LIVE format. The only one I saw who came the closest to doing so was my friend, Mike Bridges at the League of Southeast Credit Unions. Take a look at the great job he did for his members. (<a href="http://www.lscu.coop/" target="_blank">LSCU Web-TV</a>).</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Mike shot, hosted and produced his video reports, and then posted them to the league’s website for access on the following day. Randy Smith shared them as well with his audiences via CUinsight.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">However, as good as this effort is, it still falls short of seeing a daily LIVE roundup of all the activities those of us at home had to miss. With people like Mike Bridges and the many credit union techies already producing a wide assortment of LIVE webcast presentations for their members, we wouldn’t have to look far for experts skilled in producing this new “Credit Union Web-TV” service.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">If what goes on at the GAC is vital to our movement and important enough to merit the attention and participation of all credit union aficionados, then the time has come for CUNA or someone else in the communications arena to give serious consideration to offering LIVE Web-TV coverage of such activities.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">After all, why should the credit union system view itself any differently than the many others who are tapping video to further expand their audiences? The annual E-3 (Electronic Entertainment Expo) offers LIVE Web-TV coverage of its conference (<a href="http://reviews.cnet.com/E3/" target="_blank">E-3 Web-TV</a>). The same is true for the investment services company, Morningstar. It offered LIVE interviews with panelists participating in its 2011 ETF Invest Conference (<a href="http://www.morningstar.com/videos/395314/fixed-income-etfs-fact-and-fiction.aspx" target="_blank">Morningstar Web-TV</a>). And let’s not forget the Big East Conference. They, too, offer LIVE Web-TV coverage, albeit more of the sporting variety.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">And, here’s yet another; pushing the envelope directly to the mobility of my Blackberry. On Tuesday night of last week, I received a tweet with a link to LIVE video coverage as it was unfolding of Mitt Romney claiming victory in the Illinois Primary. All I had to do is click the link on my Blackberry and I would have been connected LIVE to Romney and his message, even though I was miles from my home in Temecula.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">As you can see, what I’m proposing is nothing new. It does not have to cost an arm and a leg to produce. Charge a subscription fee if need be, to help offset production costs. Include commercials to attract sponsor support. As for attendance levels, I don’t see it diminishing attendance because the best form of networking will always be person to person. In fact, I’d be willing to bet it would help increase attendance by showing everyone what they’re missing. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Most important, LIVE Web-TV coverage would inject new energy into the credit union community, heightening conference agendas and enhancing the way our cooperative system educates and motivates its followers. It would give everyone the opportunity to participate and become engaged in the agenda.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">I see it as a primary communications channel we can no longer ignore.</div><div class="MsoNormal"><br />
</div>Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com2tag:blogger.com,1999:blog-8139317166065189441.post-89799291753197929902012-03-27T14:28:00.001-07:002012-03-27T14:29:48.359-07:00GIVING CREDIT UNIONS THE PROVERBIAL SLAM DUNK<div class="MsoNormal"><strong><span style="font-weight: normal;">I recently read an article in <i>CUNA News Now</i> reporting on the national coverage credit unions are receiving as major financial institutions continue to raise fees and add others for their services. The article illustrated how credit union membership is expanding as a result of consumer disillusionment with their banking institutions, noting, “</span></strong><span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial;">Credit unions added 1.3 million new memberships in 2011, bringing total membership to a record 91.8 million by the end of 2011.”</span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><strong><span style="font-weight: normal;">Certainly, the silver platter continues to be presented to credit unions and I’m willing to bet that most shops are adding these new members to their rosters simply sitting down and doing nothing extra about it. Sounds like an easy come, easy go scenario to me. <o:p></o:p></span></strong></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><strong><span style="font-weight: normal;">On the other hand, there are shops actively engaged in exploring new ways to capitalize on the newfound popularity they are attracting among American consumers, looking for every possible way to entrench the new members in their products, services and culture so they’ll remain active users of the credit union for many years to come. <o:p></o:p></span></strong></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><strong><span style="font-weight: normal;">In support of that effort, I propose credit unions consider an initiative far different from what they may have ever done before, well, at least to my best knowledge. As I see it, credit unions could slam dunk the ball right now in building their brand reputation and member loyalty if they were to seize the financial stage by launching a national campaign which I am calling, <i>America’s Credit Unions: Our Pledge to You.</i><o:p></o:p></span></strong></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><strong><span style="font-weight: normal;">I propose that we as a movement deliver a pledge that clearly and concisely states what a consumer can count on experiencing from any of <st1:country-region w:st="on"><st1:place w:st="on">America</st1:place></st1:country-region>’s 7,500-plus credit unions. <o:p></o:p></span></strong></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><strong><span style="font-weight: normal;">Whether it’s called a pledge, a guarantee, a creed, or a promise, such a commitment from credit unions would certainly drive home the difference between their cooperative business model and the shareholder model governing the banking community. It’s a great way of being proactive; underscoring the distinct value consumers will receive in return for placing their hard-earned money into a credit union’s hands. <o:p></o:p></span></strong></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><strong><span style="font-weight: normal;">Offering a pledge at this moment in time also demonstrates that credit unions are just not sitting back as consumers move their money from the banks, but are seriously paying attention to what consumers are expressing by their actions—a burgeoning dissatisfaction with the way they continue to be treated by the banking community. It’s a frustration fueling not only their lack of trust with the bankers but the <i>Move Your Money</i> initiative as well. <o:p></o:p></span></strong></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><strong><span style="font-weight: normal;">I believe the time is ripe for credit unions to draw a line in the sand and boldly communicate their set of beliefs and principles to the American public. It would launch a move that could elevate the banking relationship in this country to a whole new level, one that a shareholder model could never approximate.<o:p></o:p></span></strong></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><strong><span style="font-weight: normal;">So, what would such a pledge look like? <o:p></o:p></span></strong></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><strong><span style="font-weight: normal;">Starbucks says, <o:p></o:p></span></strong></div><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 52.8pt; margin-top: 0in;"><strong><i><span style="font-weight: normal;">“If your coffee isn’t perfect, we’ll make it over. If it’s still not perfect, make sure you’re in a Starbucks.”<o:p></o:p></span></i></strong></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><strong><span style="font-weight: normal;">The Malcolm Baldrige Quality Award-winning Ritz-Carlton Hotel expresses its pledge as:<o:p></o:p></span></strong></div><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 52.8pt; margin-top: 0in;"><strong><i><span style="font-weight: normal;">“The Ritz-Carlton Hotel is a place where the genuine care and comfort of our guests is our highest mission. </span>We pledge</i></strong><strong><i><span style="font-weight: normal;"> to provide the finest personal service and facilities for our guests who will always enjoy a warm, relaxed yet refined ambience. The Ritz-Carlton experience enlivens the senses, instills well-being and fulfills even the unexpressed wishes and needs of our guests.”<o:p></o:p></span></i></strong></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><strong><span style="font-weight: normal;">Others like Hawaiian Air, Jiffy Lube and even the Long Island Railroad have distinguished their reputations for service through a customer pledge and are reaping the benefits because of it.<o:p></o:p></span></strong></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><strong><span style="font-weight: normal;">For <st1:country-region w:st="on"><st1:place w:st="on">America</st1:place></st1:country-region>’s credit unions, the pledge must imbue the cooperative philosophy and principles that distinguish its business model in the financial services marketplace. The pledge should include statements on treating members like owners with personalized service, respect and courtesy, and providing them with the best possible yield and lowest fees. It might also include a commitment to social responsibility, member education and the local community. <o:p></o:p></span></strong></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><strong><span style="font-weight: normal;">Drafting such a pledge would need to be a collective and collaborative effort. To be successful, the pledge must resonate will all credit union executives and be something all of us would be proud to see included in advertisements and communications, as well as after our names in every e-mail we’d send out. I can see the many talented folks at the Filene Institute leading the charge in drafting the initial version for us all. <o:p></o:p></span></strong></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><strong><span style="font-weight: normal;">Of course, once drafted, the pledge would earn its legitimacy from an endorsement of credit unions throughout the country. Could you imagine having the thousands of attendees at the GAC or <st1:country-region w:st="on"><st1:place w:st="on">America</st1:place></st1:country-region>’s Credit Union Conference voting on and ratifying such a pledge? What a legacy it would establish for that annual gathering!<o:p></o:p></span></strong></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><strong><span style="font-weight: normal;">But why stop here? A similar pledge could be drafted for any of the other cooperative business sectors in the <st1:country-region w:st="on"><st1:place w:st="on">United States</st1:place></st1:country-region>, further associating the cooperative identity we all share in common with the United Nations celebration of the International Year of Cooperatives.<o:p></o:p></span></strong></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><strong><span style="font-weight: normal;">Take a moment with your senior staff or board members to consider the influence such an initiative could have on your credit union—your employees, your members, their loyalty, and your reputation and perception in the marketplace. <o:p></o:p></span></strong></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><st1:country-region w:st="on"><st1:place w:st="on"><strong><i><span style="font-weight: normal;">America</span></i></strong></st1:place></st1:country-region><strong><i><span style="font-weight: normal;">’s Credit Unions: Our Pledge to You. </span></i></strong><strong><span style="font-weight: normal;">Maybe it’s our turn to present the silver platter to <st1:country-region w:st="on"><st1:place w:st="on">America</st1:place></st1:country-region>’s consumers?<o:p></o:p></span></strong></div><div class="MsoNormal"><br />
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</div><div class="MsoNormal"><strong><span style="font-weight: normal;"><o:p>Originally published on <a href="http://www.cuinsight.com/" target="_blank">CUinsight</a></o:p></span></strong></div>Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com0tag:blogger.com,1999:blog-8139317166065189441.post-20913339650208620872012-02-17T13:26:00.000-08:002012-02-17T13:26:32.635-08:00SHARE THE VALUE OF THE COOPERATIVE BUSINESS MODEL<div class="separator" style="clear: both; text-align: left;">I came across these two videos today, both are on YouTube and both provide excellent information on the value that comes from the cooperative way of doing business.</div><div class="separator" style="clear: both; text-align: left;"><br />
</div><div class="separator" style="clear: both; text-align: left;">The first features Howard Brodsky, NCBA board member and CEO of CCA Global Partners. Howard talks about the value of U.S. purchasing cooperatives. </div><div class="separator" style="clear: both; text-align: left;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/XFVR1FxfZgQ?feature=player_embedded' frameborder='0'></iframe></div><br />
<span style="text-align: left;">The second video features Adam Schwartz sharing his extensive knowledge about the different kinds of cooperatives that exist in the U.S.</span> <br />
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<div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/4Pj0TPliwEs?feature=player_embedded' frameborder='0'></iframe></div>Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com0tag:blogger.com,1999:blog-8139317166065189441.post-70914768312135868052012-02-14T14:42:00.000-08:002012-02-14T14:42:38.436-08:00MAKING THE REGULATOR THE SCALPEL OF LAST RESORT<div class="MsoNormal">I often wonder how the role of independence and autonomy, one of the seven principles of cooperation, applies to the credit union business model. I’m of the belief that any sacrificing of autonomy and independence would mean that credit unions cannot truly be “cooperatives” in the strictest sense of the definition, well, at least perhaps in the way the <st1:place w:st="on">Rochdale</st1:place> cooperators envisioned. Maybe that explains the continuous struggle between credit unions and any outside agency vying to regulate its “cooperative” model. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Now, don’t get me wrong, if credit unions are to participate fully and legally in the <st1:country-region w:st="on"><st1:place w:st="on">U.S.</st1:place></st1:country-region> financial services system and offer their members the protection of the federal government, then, of course, I see no other way than to expect that credit unions play by the rules of the game. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">But, here’s the challenging observation I have. Should credit unions be doing more for one another—cooperatively—to protect the independent and autonomous nature of all credit unions? </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Here’s what I mean. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Given our cooperative nature, does the credit union system have to rely solely on NCUA to take prompt corrective action or conserve a failing credit union? Why should a credit union be forced to stand face-to-face with a government entity responsible for overseeing and rating its performance without first having the benefit of review by a resource that let’s just say, is less threatening; a resource that could point out compliance deficiencies and help set a corrective course of action? Is it really possible for credit unions to exercise a greater role in overseeing the performance of one another, stepping in to offer guidance, resolve problems or shore up inadequacies <b><i>before</i></b> it becomes necessary to have the regulator step in and place a shop into conservatorship? </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">I say make the regulator’s scalpel the last resort by designing innovative ways to first rely on one another for guidance in staying compliant with all those endless regulations. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Well, there may be such programs already in place. If so, are they affordable to all? Let’s hear about them. Or, can it be that working with one another to resolve performance shortcomings on a balance sheet is more dreadful and painful than having the regulator come walking through the door and us facing the consequences of their judgments and decisions? There has to be a better way. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">What do you think? Share your thoughts and hopefully we’ll hear from leagues and associations as well; including some CEOs whose shops are about to go under the regulator’s magnifying glass. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">The strength of credit unions is in their collective numbers. I say apply that strength to find ways to preserve any degree of independence and autonomy credit unions can muster. </div><div class="MsoNormal"><br />
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</div>Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com0tag:blogger.com,1999:blog-8139317166065189441.post-82098771195345265432012-01-24T11:20:00.000-08:002012-02-03T13:09:35.365-08:00UNUS PRO OMNIBUS, OMNES PRO UNO<div class="MsoNormal"><span style="font-size: 12pt;">Once again, credit unions, through no effort of their own, are finding themselves in a position of strength. We’ve seen it happen recently with the <i>Move Your Money</i> campaign, which as I just saw in the trades, continues to make a dramatic contribution to credit union membership levels, particularly at BECU.<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">This time around, credit unions are being given another great opportunity to steal the show. The United Nation’s observance of the <i>International Year of Cooperatives </i>is providing credit unions with an ideal opportunity to educate the masses on the fundamental difference between their cooperative business model and that of their banking counterparts who observe a shareholder-based, for-profit model.<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">Even more important with this observance comes the opportunity for credit unions to dramatically influence the public’s perception of who they are as financial cooperatives. I see it as an opportunity to grow and nurture the credit union brand to a level never experienced before. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">But, are credit unions willing and ready to support an effort that promotes a collective identity rather than one that focuses exclusively on their own image and business? Putting all politics and egos aside, such an effort will require all credit unions to speak with a unified voice in a common language the masses can easily understand. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">Yes, you’re correct! We’re back to the topic of a national branding campaign. Well, this time around, let’s not kid ourselves. <o:p></o:p></span></div><div class="MsoNormal"><br />
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</div><div class="MsoNormal"><span style="font-size: 12pt;">We all know it’s more important to gaze at one’s own navel and focus on the distinctions of one’s own individual credit union rather than on the values and principles all credit unions collectively share. Since members always come first, it’s obvious that we shouldn’t expect a sudden move away from local campaigns to support a national agenda. Or, can we?<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">Guess we’ll have to turn to CUNA, NAFCU or the Association of Credit Union Leagues to develop some common message points that can be consistently used by all credit unions in the way they present themselves in the marketplace during 2012, no matter what words precede “Credit Union” in their name. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">On second thought, I’m not sure we all may even agree on message points. Perhaps we can limit it further. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">Maybe we can collectively come up with a simple list of credit union-friendly words and phrases that can be used to build a more common and consistent public perception and understanding of coops. That’s it! And if we’re lucky, maybe we’ll hit a 45 percent participation rate.<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">To get us started, here are a few thoughts that readily come to my mind.<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">Since credit unions are cooperatives owned by their members, doesn’t that make a credit union a <i>People's Bank</i>? The concept certainly distinguishes the credit union image from banks that are more aligned with big business, profits and shareholders. I don’t think anyone in this day and age would consider them to be a “people’s” bank.<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">Of course, I’m of the opinion we keep “bank” and “banking” in the credit union lexicon. Why waste energy trying to get the public to use a different word that encompasses writing checks, depositing money into a savings account, or securing an auto loan? I say use language everyone understands and put the energy where it’s better spent, associating the concepts of <i>bank</i> and <i>banking</i> with adjectives and phrases like <i>Banking You Can Trust</i> from the New Jersey League, <i>ownership</i>, <i>understanding</i>, <i>the Little Guy</i>, and <i>the</i> <i>People’s Bank</i>. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">We ought to be finding ways right now to use these words and phrases in member newsletters, presentations, news interviews, and yes, even ad campaigns. By using them consistently and at all credit unions, we influence perceptions and build common brand recognition.<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">And let’s not forget, "financial cooperative." Now, some may say that there is a lack of understanding among the public of what a cooperative is. Well, isn't that also true of "credit union" in many ways? While I’ve seen reports that suggest the public’s understanding of a cooperative is not as far off track as you may think (and even more accurate than their understanding of a credit union), the observance of the International Year of Cooperatives is the perfect opportunity for all credit unions and coops alike to ensure the accuracy of such an understanding and perception. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">It is expected that the International Year of Cooperatives will generate tons of exposure opportunities, from news interviews to public discussions, focusing attention on the credit union/cooperative brand and the distinct way credit unions conduct business. With that opportunity before us, will the thousands of credit unions throughout <st1:country-region w:st="on"><st1:place w:st="on">America</st1:place></st1:country-region>, both small and large alike, finally work together cooperatively to discover their common voice and speak a language that builds brand recognition? <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">Our time has come! The train is at the station and the silver platter is being offered. If credit unions get onboard now and take advantage of the opportunity, I believe they can build a common perception, a national brand experience that will foster growth and success not only for the industry at large but for the individual credit union cooperative as well, and for many years to come. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">So what do you say, Unus Pro Omnibus, Omnes Pro Uno</span><span style="font-size: 12pt;">—</span><span style="font-size: 12pt;">One For All, All For One?</span></div><div class="MsoNormal"><span style="font-family: Tahoma; font-size: 16pt; text-transform: uppercase;"><o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><b><span style="background-color: white; font-family: arial, sans-serif;">(Originally published on <a href="http://www.cuinsight.com/" target="_blank">CUinsight.com</a></span><span style="background-color: white; font-family: arial, sans-serif;">)</span></b> </div><div class="MsoNormal"><br />
</div>Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com0tag:blogger.com,1999:blog-8139317166065189441.post-14151453214675388462011-12-26T12:05:00.000-08:002012-02-03T13:10:12.877-08:00THE PROPHETIC MESSAGE OF 2012<div class="MsoNormal">Alas, we are standing at the front door of the New Year, 2012. Ready to cross over the threshold to greet all that will come our way this year? </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Considering everything we’ve been through these last several years, what more can come as a surprise? My hope is that 2012—The International Year of Cooperatives—will turn the tide and see credit unions once again take charge of their own destiny in ways that offer more aggregation, more safety, more cooperation, and more prosperity. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Having seen the news last week about U.S. Central Bridge and NCUA’s plan to shutter its operation, I can’t help but think back a decade to a time when all the talk about the corporate network consisted of who would replace Gigi Hyland upon her departure as CEO of the Association of Corporate Credit Unions; which corporate is in merger talks and who will offer me the most yield today on my investments.</div><div class="MsoNormal"><br />
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</div><div class="MsoNormal">Of course, all eyes were on the big guys like WesCorp, the largest of the retail corporates. Remember Empire and Southwest? They, too, were among the movers and shakers, as well as U.S. Central. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><a href="http://2.bp.blogspot.com/-1PBZm7NCnbE/TvjRjVEQZCI/AAAAAAAAAGs/P8RbhQqMCps/s1600/Corp+logos.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="198" src="http://2.bp.blogspot.com/-1PBZm7NCnbE/TvjRjVEQZCI/AAAAAAAAAGs/P8RbhQqMCps/s320/Corp+logos.jpg" width="320" /></a>News about the corporates, their services and activities seemed to be unending, warranting a fulltime effort by journalists like Paul Gentile, who covered the beat for Mike Welch and the <i>Credit Union Times</i>. Over at the <i>Credit Union Journal</i>, Frank Diekmann held the post, keeping an ever-vigilant eye.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">And certainly, when we think back to the corporates of a decade ago, we can’t forget the exceptional conferences and workshops that each sponsored for its membership. The speakers and educational value provided at these gatherings was by far, top tier, rivaling CUNA and NAFCU in scope and quality. And, remember the shrimp? I had a hard time distinguishing them from lobster tail!</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">There’s no question, corporates were at the top of their game at the turn of the millennium and everyone profited. Not only were investors earning an average of 12 basis points above LIBOR but corporates were also pouring tens of thousands into the National Credit Union Foundation and other credit union charities. The bounty and generosity of the corporates was simply overwhelming. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">As organizations espousing the cooperative business model and its principles and values, one could say that the corporates may have been bending the rule about profitability and its place in a cooperative business, but with everyone reaping the benefits from the way in which corporates were investing, no one dared to rock the boat. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Then suddenly, after 40 years of corporate credit union history, it all got ugly—and fast. Could anyone ever have thought it would all end up like this: NCUA walking into two corporates on a typical Friday afternoon in March of ’09 and placing them into conservatorship, the creation of bridge corporates, the formation of Catalyst and Alloya, the burial of WesCorp, the closure of U.S. Central, hundreds of pink slips, and the loss of billions. We were all shaken to the very core of our being.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Yes, there are those who say we paid heavily for the 12 basis points, the shrimp, the first class speakers, and all the other services that corporates provided. They simply point to the loss of capital and the NCUSIF assessments. But back in the day, without a crystal ball and before OTTI and The Great Recession, our coffers were healthy, our bellies were full and the only complaint seemed to hinge on yield and the need for more. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">God willing I should live another score or two of years so that I might not only read how this whole era in America’s credit union history has been recorded but to see how the next generation of corporates will have evolved, how many will exist, how they will be living the cooperative principles, if at all, and how far the pendulum had swung back toward the glory days of old.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">With a New Year comes a new beginning and a future that is now ours to reshape—and it is happening as the United Nations turns the world’s eyes towards the principles and values that define cooperatives. A coincidence in timing, I might ask, or a prophetic message to guide us toward our true destiny?</div><div class="MsoNormal"><br />
</div>Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com2tag:blogger.com,1999:blog-8139317166065189441.post-71471219870414970062011-11-29T23:51:00.000-08:002012-02-03T13:10:43.147-08:00Some Things Are Better Left Unsaid<div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-YxR1uExvrno/TtXepeL3CnI/AAAAAAAAAGc/rL6LQ3OU-9I/s1600/CU+Times+Article.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="312" src="http://4.bp.blogspot.com/-YxR1uExvrno/TtXepeL3CnI/AAAAAAAAAGc/rL6LQ3OU-9I/s320/CU+Times+Article.jpg" width="320" /></a></div><div class="MsoNormal">I am puzzled. What would prompt <i>The Credit Union Times</i> to publish an article spotlighting one person's political views on the “Occupy” movement, as well as their judgmental way of generalizing a certain group as being “spoiled, selfish, dopey, left-wing idiots?” Outside of an opinion column, how does such unsavory characterizations warrant news coverage? Come on, was it really that slow of a news day?</div><div class="MsoNormal"><br />
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</div><div class="MsoNormal">The truth is I am appalled to hear a credit union CEO speak so negatively and carelessly in the public forum. Yes, I'm speaking about a November 28th <a href="http://www.cutimes.com/2011/11/28/massachusetts-cu-manager-condemns-occupy-movement" target="_blank"><i>Credit Union Times</i> article</a> about Tina Mooney, CEO/manager at RAH Federal Credit Union. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">If I lived in the community and heard Mooney, the CEO of my credit union, denigrate the neighborhoods in which I live, saying <st1:city w:st="on">Randolph</st1:city> and <st1:city w:st="on">Brockton</st1:city> are becoming less than desirable parts of <st1:city w:st="on"><st1:place w:st="on">Boston</st1:place></st1:city>, I’d have to wonder what gives. Is this an appropriate statement for a credit union CEO to make in a public forum or is she planning to run for office? After hearing how readily she spoke of the neighborhoods and those participating in the Occupy movement, I prefer to think she may have become so negative about everything around her that it’s beginning to cloud her better judgment. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal"></div><div class="MsoNormal">Yes, I am appalled because after all, what is a credit union and what is its role in the community? Is it not a financial cooperative organized around a set of operational principles and values? And, who owns that cooperative? And, what should one expect from a credit union CEO, one who is the public face, the public brand of those cooperative principles and values? </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Let’s also not forget what should be expected from a trade news publication that’s governed as well by journalistic principles.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Still, I find it difficult to understand why Mooney would go on record about the Occupy movement about which she readily confesses little knowledge, and say, “If they want to protest the state of the country right now, why don’t they protest the White House or [Mass. Rep.] Barney Frank’s house, as his housing crisis was brought on [by] Democratic policies run amuck.” OK, let me guess which side of the aisle Mooney sits.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Has the CU Times now become the new tabloid for such partisan diatribes? While Mooney is certainly free to express her opinion, she, as CEO, is also a public person, a public representative of the credit union system. Expressing her partisan opinions and characterizations of those engaged in the Occupy movement (whether we agree with Occupy or not) so pointedly in a public forum (CU Times articles are available to all throughout the world by search engines) can mislead anyone into thinking that Mooney’s mindset is representative of the movement.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">In today's world, when such uninformed opinions are coupled with partisan extremism and bickering, we will only see a further alienation of one group of Americans from another. Is this what credit unions really represent? </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">In the Year of Cooperatives, we should tolerate nothing less than a commanding spirit of integrity and inspiration from those holding the sacred reigns of America’s credit unions, and let’s not forget, the wisdom to know when some things are better left unsaid. </div><div class="MsoNormal" style="text-align: left;"><br />
</div>Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com5tag:blogger.com,1999:blog-8139317166065189441.post-56885069012899168092011-10-31T17:52:00.000-07:002012-02-03T13:11:13.527-08:00The Legacy—The Age of Cooperatives<div class="MsoNormal">The <a href="http://social.un.org/coopsyear/" target="_blank">International Year of Cooperatives</a> is finally underway, fueling a myriad of global opportunities served up on a silver platter for all cooperatives in all sectors; opportunities that can be creatively harnessed to educate all peoples on the inherent value of the cooperative business model. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">If there ever was a time when the world needed a business model rooted in values and principles, now is the perfect time for us to step forward. Now is the time for all cooperative leaders to take to the airwaves. Now is the time for member/owners to tell their neighbors why they belong to a food co-op, a housing co-op or a credit union. And, now is especially the time for cooperative evangelists to herald the tidings of hope, equity and dignity that come with membership in a co-op.</div><div class="MsoNormal"><br />
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</div><div class="MsoNormal">In early October while attending the National Cooperative Business Association’s annual conference in <st1:place w:st="on"><st1:city w:st="on">Minneapolis</st1:city>, <st1:state w:st="on">Minnesota</st1:state></st1:place>, I decided to grab my flip cam and document what cooperators hope will be the legacy of the International Year of Cooperatives. The video that follows documents their responses. My thanks and appreciation to those who contributed to this effort:</div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><b>Martin Lowery</b></div><div class="MsoNormal">Executive Vice President</div><div class="MsoNormal"><a href="http://www.nreca.coop/Pages/default.aspx" target="_blank">National Rural Electric Cooperative Association</a></div><div class="MsoNormal"><st1:place w:st="on"><st1:city w:st="on">Arlington</st1:city>, <st1:state w:st="on">VA</st1:state></st1:place></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><b>Sue Douglas</b></div><div class="MsoNormal">Senior Vice President/COO</div><div class="MsoNormal"><a href="https://www.ncsecu.org/" target="_blank">North Carolina State Employees Credit Union</a></div><div class="MsoNormal"><st1:place w:st="on"><st1:city w:st="on">Raleigh</st1:city>, <st1:state w:st="on">NC</st1:state></st1:place></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><b>Paul Hazen</b></div><div class="MsoNormal">President/CEO</div><div class="MsoNormal"><a href="http://www.ncba.coop/" target="_blank">National Cooperative Business Association</a></div><div class="MsoNormal"><st1:place w:st="on"><st1:city w:st="on">Washington</st1:city>, <st1:state w:st="on">DC</st1:state></st1:place></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><b>Sarah Pike</b></div><div class="MsoNormal">Executive Administrator</div><div class="MsoNormal"><a href="http://www.ace.coop/" target="_blank">Association of Cooperative Educators</a></div><div class="MsoNormal"><st1:place w:st="on"><st1:city w:st="on">Hanover</st1:city>, <st1:state w:st="on">MN</st1:state></st1:place></div><div class="MsoNormal"><br />
<b>Michael Spink</b></div><div class="MsoNormal">Innovation Strategist</div><div class="MsoNormal"><a href="https://www.lgfcu.org/" target="_blank">Local Government Federal Credit Union</a></div><div class="MsoNormal"><st1:place w:st="on"><st1:city w:st="on">Raleigh</st1:city>, <st1:state w:st="on">NC</st1:state></st1:place></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><b>Tom Webb</b></div><div class="MsoNormal">Adjunct Professor</div><div class="MsoNormal"><a href="http://www.mmccu.coop/" target="_blank">Sobey School of Business</a></div><div class="MsoNormal"><st1:place w:st="on">St.</st1:place> Mary’s University</div><div class="MsoNormal"><st1:place w:st="on"><st1:city w:st="on">Halifax</st1:city>, <st1:state w:st="on">Nova Scotia</st1:state></st1:place></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><b>Jim Jones</b></div><div class="MsoNormal">Senior Director of Development & Asset Management</div><div class="MsoNormal"><a href="http://www.nasco.coop/" target="_blank">North American Students of Cooperation</a></div><div class="MsoNormal"><st1:place w:st="on"><st1:city w:st="on">Chicago</st1:city>, <st1:state w:st="on">IL</st1:state></st1:place></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><b>Charles Gould</b></div><div class="MsoNormal">Director General</div><div class="MsoNormal"><a href="http://www.ica.coop/al-ica/">International Cooperative Alliance</a></div><div class="MsoNormal"><st1:place w:st="on"><st1:city w:st="on">Geneva</st1:city>, <st1:country-region w:st="on">Switzerland</st1:country-region></st1:place></div><div class="MsoNormal"><br />
</div><div class="MsoNormal">No doubt, we all have our own hopes and dreams for the International Year of Cooperatives, but there will be no hope and no dreams to come true unless we all unite as one movement in a spirit of cooperation. If all sectors join together on this occasion, we can light a fire that will truly transform our world, and through the United Nations that opportunity is being offered to all of us on a silver platter. The legacy begins today.</div><div class="MsoNormal"><div class="separator" style="clear: both; text-align: center;"><br />
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</div>What are your hopes and dreams for the International Year of Cooperatives and what will you do to make those hopes and dreams come true?</div><div class="MsoNormal"><br />
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</div>Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com0tag:blogger.com,1999:blog-8139317166065189441.post-48979931869258923812011-10-19T00:21:00.000-07:002012-02-03T13:12:35.495-08:00Opportunities On A Silver Platter<div class="MsoNormal"><span style="font-size: 12pt;">First there was <a href="http://www.investopedia.com/terms/t/troubled-asset-relief-program-tarp.asp#axzz1bD39jDrU">TARP</a> in 2008 and the bailout of the banks using taxpayer money. Then came the return of <a href="http://www.rollingstone.com/politics/news/wall-streets-bailout-hustle-20100217">hugeprofits and executive bonuses</a>. Now, we're seeing the addition of <a href="http://www.reuters.com/article/2011/09/29/us-bankofamerica-debit-idUSTRE78S4GQ20110929">new fees</a>, such as those announced by B of A for users of its ATM card. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">Needless to say, such events have fueled an ever increasing frustration among American consumers, elevating their mistrust of bankers and Wall Street investors like never before. It's most apparent in the recent "<a href="http://occupywallst.org/">Occupy Wall Street</a>" demonstrations that are now spreading throughout the world. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">If there was ever a time for someone with an alternative to the for-profit shareholder business model, now would be the time to step forward. <o:p></o:p></span></div><div class="MsoNormal"><br />
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</div><div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-rD1sEHmJ4Nw/Tp52RA5cIwI/AAAAAAAAAGE/U2Kb7HmrnJU/s1600/ICU_logo.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="320" src="http://2.bp.blogspot.com/-rD1sEHmJ4Nw/Tp52RA5cIwI/AAAAAAAAAGE/U2Kb7HmrnJU/s320/ICU_logo.jpg" width="251" /></a></div><div class="MsoNormal"><span style="font-size: 12pt;">But wait! Don't financial cooperatives already have the market cornered as a viable alternative? Don't we offer the most reasonable alternative to using a bank? Are we not engaged in a service industry that is contingent on having trusting relationships?<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">This week the world observes <a href="http://www.woccu.org/events/icuday">International Credit Union Day</a>. Less than two weeks later, on Oct 31, the United Nations launches the <a href="http://social.un.org/coopsyear/">International Year of Cooperatives</a>.<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">Yes, I hear and read stories of credit unions and coops planning ways to mark these wonderful observances. <a href="http://thedisclosuresmusic.com/">The Disclosures</a> will be setting the rhythm as the <a href="http://www.ncba.coop/">National Cooperative Business Association</a> eyes a series of events throughout 2012. CUNA and many of our leagues will be doing the same. The National Federation of Community Development Credit Unions hopes to be first out of the box by hosting an event, <a href="http://events.r20.constantcontact.com/register/event?oeidk=a07e50eoz6k0f457106&llr=ktshzucab">Building a Cooperative City</a> in <st1:place w:st="on"><st1:city w:st="on">New York City</st1:city></st1:place> on Nov 1<sup>st</sup> that promises to result in greater collaboration between credit unions and coops. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">What do you think; will these all be one-time events or a prelude to a much larger and ongoing series of enrichments that will shape our movement for years to come?<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">After it's all said and done, after 2012 has come and gone, will cooperatives and credit unions be better known than they currently are? Will we be any larger, more successful and more influential in making a difference for millions than we are now?<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">All these golden opportunities are being served up to us on one big silver platter, one after another. Wouldn’t you agree? And, they are ours for the taking. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">For me, however, a larger question looms. Are all these things happening just by coincidence or are we being presented with the big silver platter because the world needs us now more than ever before?<o:p></o:p></span></div><div class="MsoNormal"><br />
</div>Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com1tag:blogger.com,1999:blog-8139317166065189441.post-68282764083125939272011-09-06T16:01:00.000-07:002012-02-03T13:07:04.859-08:00Are Credit Unions Missing the Boat?<div style="text-align: right;"></div><table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="http://3.bp.blogspot.com/-FFj2NtJwjUI/TmZDX9jYKuI/AAAAAAAAAFc/mbkFMXIxdDQ/s1600/Star+of+India+web.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="150" src="http://3.bp.blogspot.com/-FFj2NtJwjUI/TmZDX9jYKuI/AAAAAAAAAFc/mbkFMXIxdDQ/s200/Star+of+India+web.jpg" width="200" /></a></td></tr>
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</tbody></table><div class="MsoNormal">Recently, I took a tour of the <a href="http://www.sdmaritime.org/">San Diego Maritime Museum</a> and while I walked the decks of a frigate and schooner and crawled through the belly of a Soviet era <i>Foxtrot</i>-class attack submarine, I found myself imagining what it must have been like to those who actually sailed the high seas in these astonishing vessels.</div><div style="text-align: left;"></div><div class="MsoNormal"><br />
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<tr><td style="text-align: center;"><a href="http://2.bp.blogspot.com/-DgYhRij-dqY/TmZDTqJ5M0I/AAAAAAAAAFY/1pok1KynuMc/s1600/IMG_2042.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="240" src="http://2.bp.blogspot.com/-DgYhRij-dqY/TmZDTqJ5M0I/AAAAAAAAAFY/1pok1KynuMc/s320/IMG_2042.jpg" width="320" /></a></td></tr>
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</tbody></table><div class="MsoNormal">First of all, there’s not a lot of room for comfort. Unless you were the captain or high ranking officer, you practically lived the entire day rubbing elbows with all those around you. Second, when you put out to sea, you were confined to that vessel for months. And third, I could only imagine how these conditions bonded everyone on board, giving them plenty of reasons to get to know one another, to communicate with each other (remember, there was no TV or Internet connectivity) and most especially, to depend on one another to safely and successfully reach the port of their destination. I took some photos aboard the Star of India, the HMS Surprise and the Foxtrot B-39, and you can see them all at <a href="http://waltlaskos.shutterfly.com/">Shutterfly</a>.</div><div style="text-align: right;"></div><table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="http://3.bp.blogspot.com/-ND-RQ2k_InE/TmZDaANG45I/AAAAAAAAAFg/ho8Zy6MAFko/s1600/Sub+porthole.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="150" src="http://3.bp.blogspot.com/-ND-RQ2k_InE/TmZDaANG45I/AAAAAAAAAFg/ho8Zy6MAFko/s200/Sub+porthole.jpg" width="200" /></a></td></tr>
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</div><div class="MsoNormal">Today, however, such voyages have taken to the open sky and the comfort of airships flying at 550 mph and offering frills like reclining seats, XM Satellite Radio and Direct TV. Albeit, passengers are still crammed into a very confining space, but the tendency to bond with others making the journey has given way for the most part to where we now exchange only a brief glance and possibly only a few words, like, “Excuse me, but that’s my seat.” </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">It’s no wonder then, that when we hear someone say, “We’re all in the same boat,” we have difficulty truly appreciating all that it might imply. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Yet, wouldn’t you agree that all of us associated with credit unions are in fact, <i>all in the same boat, together</i>? </div><div class="MsoNormal"><br />
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</div><div class="MsoNormal">At this precise moment in time and history, you and I and thousands of others find ourselves bound together by a set of cooperative principles and values, whether we are cognizant of it or not. We celebrate our triumphs each year in the ritualistic ways we do, dinners and conferences, and we acclaim those whose inspiration and contributions have guided us so well. We face the same challenges and obstacles; attacks from the banking lobby, regulatory requirements and a stubbornly sluggish economy. And, in times of adversity, we turn to one another to tap our own wellspring of generosity, talents and skills. When we bond with one another and work together cooperatively in these many ways, isn’t it true that we gain an inner strength, just like those aboard the sailing vessels of old? And, in doing so, isn't it true that somehow we find ourselves having the profound ability to navigate our way to success?</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">As a movement, it’s clear that we depend on each other in so many ways for survival. Yet, there are many times where we continue to find reason to erect walls that separate and divide; to point fingers in frustration; to compete with the wrong competitors—each other; and, to fuel egos that in many cases masquerade a humble and gentle spirit that is in most need of expression today.</div><div class="MsoNormal"><br />
</div><span style="font-family: 'Times New Roman'; font-size: 12pt;">As I walked those decks, I wondered if credit unions are missing the boat. </span>Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com0tag:blogger.com,1999:blog-8139317166065189441.post-34442010647053746102011-07-14T20:14:00.000-07:002012-02-03T13:13:21.669-08:00What If . . . You Banked at a Co-op?<div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-igDwiCnldMI/Th-u6TyX12I/AAAAAAAAAFU/F2wLUHKs_Zo/s1600/SMCU+ad.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="272" src="http://4.bp.blogspot.com/-igDwiCnldMI/Th-u6TyX12I/AAAAAAAAAFU/F2wLUHKs_Zo/s400/SMCU+ad.jpg" width="400" /></a></div><div class="MsoNormal">In the May/June issue of <i>The Cooperative Business Journal</i>, Seattle Metropolitan Credit Union finds itself in the spotlight once again for another trendsetting approach it has embraced in an effort to further cultivate its sterling image in the community. The full-page article, <i>Banking on the Co-op Brand: How Seattle Metropolitan Credit Union Boosted Membership by Celebrating its Co-op Roots</i>, is also laid-out around a print advertisement the credit union is currently running to make its point. The ad asks, “What if . . . you banked at a co-op?”</div><div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-igDwiCnldMI/Th-u6TyX12I/AAAAAAAAAFU/F2wLUHKs_Zo/s1600/SMCU+ad.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a></div><div class="MsoNormal"><br />
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</div><div class="MsoNormal">Seattle Metropolitan’s campaign also includes a specially designed website, <a href="http://www.7principles.coop/">www.7principles.coop</a>, which further engages the consumer to consider the value that a cooperative banking model offers. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">While such an effort by a credit union to tout its cooperative heritage should no doubt be lauded and emulated by all of us throughout the movement, I think it’s important that we also be particularly attentive to the factual data that Seattle Metropolitan is acquiring as a result of this branding venture. <b style="mso-bidi-font-weight: normal;">It is generating a rise in new membership! <o:p></o:p></b></div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Surprised? I’m not.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">The seven cooperative principles are the unique value proposition of a credit union. They imbue the credit union brand with a life that is absolutely unique. No other banking or financial institution outside of a credit union can claim that distinction. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">A little more than a year ago in my blog, I discussed a national branding campaign and what is needed to provide a <b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">consistent </i></b>credit union brand experience from <st1:state w:st="on">Maine</st1:state> to <st1:state w:st="on">Alaska</st1:state> and <st1:state w:st="on"><st1:place w:st="on">Hawaii</st1:place></st1:state> (<a href="http://www.blogger.com/post-edit.g?blogID=8139317166065189441&postID=3444201064705374610" name="_Hlk298397168"></a><a href="http://laskosoncreditunions.blogspot.com/2010/06/key-to-consistency-in-brand-experience.html"><i style="mso-bidi-font-style: normal;">The Key to Consistency in the Brand Experience of Credit Unions</i></a><i style="mso-bidi-font-style: normal;">,</i> June 2, 2010).</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">If you recall, I pointed to the brand as being <span class="apple-style-span">the</span><span class="apple-converted-space"> </span><strong><i>total comprehensive experience</i></strong><span class="apple-converted-space"> </span><span class="apple-style-span">one has of an organization. This is an experience that’s influenced by the organization’s history, reputation and the caliber of its staff; its products and services, how they are packaged, priced and named; its style of communication and advertising. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span class="apple-style-span">A national branding campaign would, of course, need to encompass all those attributes, everything contributing to the way a person would <b><i style="mso-bidi-font-style: normal;">experience</i></b> a credit union. However, for a national brand to be successful, I believe it needs to be consistent from one end of the country to the other. And, the key to maintaining that consistency across a national landscape, one exhibiting all sorts of credit union names, logos, appearances, and membership segs, is the seven cooperative principles. They represent a common brand we can all put our arms around!<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span class="apple-style-span">The seven principles are a common story we all should be proudly telling our communities. It’s a story that certainly captures our unique value proposition, will attract media attention and can engage consumers like never before. It’s a story perfectly fitting to tell the world during the United Nation’s upcoming celebration of the International Year of Cooperatives. And, most important, it’s a story that delivers value to the balance sheet; proven by Seattle Metropolitan Credit Union. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Suppose your credit union asked the community, “What if . . . you banked at a co-op?”<span style="color: black;"><o:p></o:p></span><br />
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(<i>Special thanks to Andrew McLeod at the National Cooperative Business Association for providing me with a PDF copy of the article as it appears in the May/June issue of </i>Cooperative Business Journal<i>. Access the full article at</i> <a href="https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=0B4IwhkBV7AUEMjEzYzFiYjItOTljMC00ZDlmLWIzOTctMWQzNGRkYzI2MDU2&hl=en_US">Banking on the Co-op Brand</a>)</div>Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com1tag:blogger.com,1999:blog-8139317166065189441.post-69635923314092713442011-06-29T09:56:00.000-07:002012-02-03T13:13:52.696-08:00Improve Ways to Tell Your Story to Offset Shrinking CDRLF and CDFI Allocations<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/-Zu3o1b21WP0/TgtR5PH-BTI/AAAAAAAAAFQ/u-5t1RLpkak/s1600/Logos+50.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="209" src="http://1.bp.blogspot.com/-Zu3o1b21WP0/TgtR5PH-BTI/AAAAAAAAAFQ/u-5t1RLpkak/s320/Logos+50.jpg" width="320" /></a></div><div class="MsoNormal"><span style="font-size: 12pt;"><br />
</span></div><div class="MsoNormal"><span style="font-size: 12pt;">If you are an executive at a Community Development Credit Union or at a designated Community Development Financial Institution and dependent on grants to sustain your programs, you already know that how you complete the grant application process determines your chances for securing the funds on which your program relies. Well, stand by because the application process is about to get even more challenging!<o:p></o:p></span></div><div class="MsoNormal"><br />
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</div><div class="MsoNormal"><span style="font-size: 12pt;">Last week, the House Appropriations Committee approved a spending bill that includes cuts in funding for NCUA’s Community Development Revolving Loan Fund as well as the Treasury Department’s Community Development Financial Institutions Fund. The measure allocates $500,000 for the CDRLF (this year, the fund received $1.25 million) and $183 million for the CDFI, a reduction from the requested amount of $227.2 million. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">With all the attention being given these days to reduce the national deficit, we should not be surprised by these cutbacks in funding, which unfortunately may be on the horizon for some time to come! However, for those prepared to tackle this new wave of austerity, the impact can be managed quite successfully. Here’s one way to make it happen. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">As a public relations professional and from my work in institutional development and capital campaigns, I’ve learned the importance of brand perception and the role it plays in building success, whether it be for a funding campaign, a program or an organization. While it’s easy to get caught up in the details of the application process, many times we tend to forget how branding and the communications we share about our programs over the course of time can influence our chances of attracting the funding we seek. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">Success breeds success. If you already are engaged in community development and have the stories to tell that demonstrate your abilities to truly make a difference among the underserved, then you have half the battle won. A list of success stories not only proves your skills in good stewardship, it also points to your abilities to develop and manage projects and programs that are truly making a difference in the community. Remember, potential donors and foundations want to associate themselves with success. They want to back a winner. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">Now, if a track record of success is half the battle and one that makes for quite a persuasive appeal when you go to solicit funds, you must be wondering what the other half of the battle can be. Well hold on, I see it as a “must do” to securing a donor’s commitment. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><i style="mso-bidi-font-style: normal;"><span style="font-size: 12pt;">You have to tell your story</span></i><span style="font-size: 12pt;">—but in ways that garner more attention than others vying for the same funding. Yes, I caution here against following your innate credit union instincts that tell you you’re boasting if you promote the good work you are doing. When it comes to soliciting funds there’s no alternative if you want your program to survive. I see it as a “must do” to influence perceptions and nourish your brand. Simply relying on the written word to describe your activities in the grant proposal form just won’t cut it in today’s highly-competitive race for dollars. You have to stand out and one way to do that is to improve and increase the ways you tell your story.<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">How? Document the successes of your involvement in community development using a variety of media, and constantly and consistently push the images and stories out into the limelight. This might involve creating a series of video testimonies from those who benefited most from your program or perhaps launching a Facebook page where folks can follow the work you’re doing and become more engaged in supporting your good cause. Reserve a small portion of the funds you receive for communication purposes, specifically to document the results achieved by the funding. Consider it an investment for securing future funding. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">Pursuing an organized communications strategy like this not only influences how others perceive and experience what you and your program are all about—<i style="mso-bidi-font-style: normal;">your brand</i>—it also helps to further establish your credibility as a respectable community development organization. It contributes to your position as a winner!<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-size: 12pt;">Today, we may be seeing allocations to the CDRLF and CDFI funds shrinking and intensifying applicant competition, but community development organizers that implement strategies to document and share their compelling stories of success using electronic and social media will find themselves ahead of the competition. While doing so may not ease all the requirements associated with the grant application process, it will contribute significantly. It’s an investment in your community development program that I believe, you cannot afford to overlook.<o:p></o:p></span></div>Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com2tag:blogger.com,1999:blog-8139317166065189441.post-13601171686557026602011-05-23T12:08:00.000-07:002012-02-03T13:14:34.079-08:00ROADMAP TO PROSPERITY<div class="MsoNormal">Do you believe that in a cooperative society, the needs of the many outweigh the needs of the few? <o:p></o:p></div><div class="MsoNormal"><br />
</div><div class="MsoNormal">I couldn’t help but consider the concept after reading an article last week in the <i style="mso-bidi-font-style: normal;">Credit Union Times</i>. Submitted by Natasha Chilingerian, it was titled, <a href="http://www.cutimes.com/2011/05/19/credit-unions-lag-for-first-time-in-annual-online">Credit Unions Lag for First Time in Annual Online Banking Survey </a></div><div class="MsoNormal"></div><div class="MsoNormal"><br />
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</tbody></table><div class="MsoNormal">The survey found that consumers are less satisfied with the online banking services of credit unions than they are with those of banks. The author of the report, Larry Freed, explained the rationale in an interview with <i style="mso-bidi-font-style: normal;">Credit Union Times</i>, where he emphasized the growing pressure credit unions face in competing with large banks in the area of online banking.<o:p></o:p></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><i>“Overall when you look at the score, it’s still a strong score,” Freed told</i><span class="apple-converted-space" style="font-style: italic;"> </span><em style="font-style: italic;"><span style="border-bottom-color: windowtext; border-bottom-style: none; border-bottom-width: 1pt; border-image: initial; border-left-color: windowtext; border-left-style: none; border-left-width: 1pt; border-right-color: windowtext; border-right-style: none; border-right-width: 1pt; border-top-color: windowtext; border-top-style: none; border-top-width: 1pt; padding-bottom: 0in; padding-left: 0in; padding-right: 0in; padding-top: 0in;">Credit Union Times</span></em><i>. “But at the end of the day, credit unions are facing some challenges. Because of the consolidations that have taken place, large banks have become more focused on the customer than they were before. And as they deploy new channels, such as mobile channels, the bar is being raised for credit unions to keep up.” </i></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><i></i>(Access the full report at <a href="http://www.foreseeresults.com/">ForeSee Results</a><span class="Apple-style-span" style="font-size: 16px;">)</span></div><div class="MsoNormal"><span class="Apple-style-span" style="font-size: 16px;"><br />
</span></div><div class="MsoNormal">Sporting a sudden interest in customer service, big banks are now forcing credit unions to work even harder to compete in the financial services marketplace. At first glance, one might evaluate this new challenge as insurmountable considering all the other challenges credit unions face today, from stagnant lending portfolios to an ever-expanding list of regulatory requirements. Yet, when faced with such challenges, credit unions should not despair. Unlike banks, credit unions have an inherent ability (always did) to reach out to one another and in unity generate the strength needed to overcome and persevere. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">This is why I believe credit unions can compete when it comes to mobile banking platforms. I believe our movement has the ability to take banking technology to a whole new level by providing members with scores of new convenient services. We just need to provide the right services at the right prices and most important, back it up with genuine service quality, and I mean a level of quality that can only be experienced at credit unions. All we need to do is summon the courage to think and do things a little differently, and most of all trust in that which should be making us profoundly different from our banker counterparts—our cooperative nature. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">The way I see it, the essence of our cooperative nature can inspire and drive credit unions to a level of performance and self-understanding never thought possible. It can open the door to new opportunities and a new generation of prosperity.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">One example; cooperation can make a profound difference in the way credit unions do research and development. While many would say competing with the banks on a technical level requires millions in funding for R&D, I say there’s more than one way to win. If funding is the only requirement to compete than how is it that we still exist today? With somewhere from a six-to-10 percent market share, the credit union movement should have ended a long time ago. But it hasn’t because there’s just something more about the way credit unions do business. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">So how can cooperation make a difference in R&D? Rather than watching a host of CUSOs, corporates, credit unions, and affiliate organizations compete with one another, spending valuable time and dollars designing and developing their own versions of, let’s say, a mobile banking or a payment settlement solution suppose they all combine their resources and talents into one cooperative venture? Imagine each one contributing its share toward a united credit union effort to develop world-class solutions that would ensure the competitive advantage we all desperately seek. </div><div class="MsoNormal"><br />
</div><div class="MsoNormal">I’m not suggesting these organizations dissolve their businesses or merge with one another. What I am suggesting however, is a shift in understanding how each organization is to get to the finish line; not by squashing the competition as is the custom with shareholder-owned companies but as a winner among winners by placing the needs of the many before the needs of the few—by cooperating with others for the good of all credit unions.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Could such a reality be possible within the credit union system? Look around. I see plenty of evidence indicating we have the potential. Joining hands and resources in cooperation to ensure the prosperity of the movement is in the best interests of all—all credit unions, CUSOs, corporates, and affiliate organizations. Working together not only ensures prosperity for the movement but also ensures the longevity of each individual service provider and organization engaged for the one and only purpose of serving credit unions—serving the needs of the many.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal">Such a future of prosperity for credit unions could be a reality. Learning how to place the needs of the many before the needs of the few is one roadmap to prosperity.</div><div class="MsoNormal"><br />
</div>Walt Laskoshttp://www.blogger.com/profile/03539605551080293088noreply@blogger.com2