For some credit unions, it may be taking longer to fill senior lending positions because candidates may lack the ability to think strategically, said Bill Vogeney, secretary and treasurer for the CUNA Lending Council.
"There are a lot of people who know how to make a good loan. Management and administrative skills are often thought to be a given, so it's hard to stand out from the crowd based on those qualities," wrote Vogeney in a June 14 CUNA Lending Council article. He is also senior vice president/chief lending officer at the $3 billion Ent Federal Credit Union in Colorado Springs, Colo.
Vogeney said the CU industry is lacking candidates for top-level lending positions at larger credit unions who possess the ability to come up with strategies to compete beyond offering better pricing.
Another needed skill is analytical ability, Vogeney said. "It's the ability to understand the risk impact of increasing or decreasing your maximum LTV on an auto loan. It's the understanding that collection costs have to be built into your risk-based pricing program."
Over the next ten years, the vice president of lending position is not going to get easier due to aggressive competitors going after the best borrowers and continued unemployment.
He advised council members to attend conferences they've never gone to before to stay abreast of any changes, build a strong relationship with the CFO and take classes that can bring valuable knowledge to the CU's operations.