DALLAS - Imagine the minivan you're standing beside starting to roll backwards down a steep hill. Imagine that it's headed directly for a high voltage electrical box. What do you do? By the way, you own the van. "You have two choices. Get out of the way and let it crash, or jump in and do something about it," said Kevin Maney, technology columnist for USA Today, drawing an analogy from personal experience to parallel credit unions' concern about the lightning speed of technological changes today. Maney was the opening general session speaker for Texas Credit Union League's 66th Annual Meeting & Convention held April 26-29 at the Adam's Mark Hotel here. After reviewing emerging technologies, Maney cautioned credit unions not to fear new technology, but to "jump in." "Life is simple. Television has been the fastest major technology to make its way into 50% of the homes in America. That took eight years. The VCR took 13 years, the electric lightbulb 40 years, the telephone 70 years. Even the personal computer took 20 years." Just as important as remaining technologically competitive, convention speakers shared their expertise with attendees on lending and increasing effectiveness in the political arena. Jane Pannier, Esq., Counter Intelligence Associates, Frederick, Md. suggested credit unions not to abandon unsecured loans, but instead incorporate risk-based pricing, and to do a better job of making loans available to young people. "Our competitors are willing to take risk on young borrowers," she said. "Seventy percent of Gen Xers have credit cards as college freshmen. If you wait until they're out of college to establish a relationship, it's too late. They already have their primary financial institution." Speaking about competing effectively in the financial services arena, Matt Matthews, former chief of staff for Texas Senator Florence Shapiro, told attendees, "Now that financial modernization is over, banks have staffs of lawyers with lots of time on their hands. Banks want to get rid of credit unions not because they want the 4% of the market that we have - the people that they've passed by. They want to get rid of us because we're a bad example (of how to treat members and set fee structures and rates)." During opening ceremonies the previous day, Chairman of the Board Harriet May, TCUL President Dick Ensweiler and CUNA Chairman David Maus challenged Texas CUs to become more involved in the political process and Project Differentiation. Maus urged credit unions not to become complacent. "Now I see our head starting to snore and bob," he said. "I am concerned about credit union apathy. I have a dream that one day credit unions will be recognized on the same level as banks." Approximately 1,100 credit union professionals and 150 exhibitors attended the event. -
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