Credit Union Times regularly has the opportunity toconnect with the leaders of the nation's largest credit unions, andthey've provided myriad nuggets of advice. Here we've rounded upsome of the best of their business practices to share with ourreaders.

StrategicPlanning and Communication

“It was an organization that needed a strategic plan,” JoeBrancucci said recounting when he took over as president/CEO of the$1.5 billion GTE FCU in Tampa, Fla., in 2010. Talent was in shortsupply, he said, merger discussions were going on with SuncoastSchools CU and GTE FCU wasn't replacing people.

“We implemented it as part of who we are, and it focuses oncreating engaged employees, who deliver a unique member experience that in turn creates engaged members,”according to Brancucci.

Not only did he introduce a strategic plan to the organization,but Brancucci was sure to communicate it with the staff to ensurethey understood where GTE FCU was heading. He continues to emailstaff multiple times a week to keep them abreast, and GTE's websitehas a link that goes directly to his email for member questions andcomments. Brancucci has also taken action following membercomplaints about certain fees.

Containing Costs While Maintaining ALM

Balancing the old school simplicity of keeping operatingexpenses down and asset liability management in order to providemembers a better deal is key forFort Knox FCU President/CEO William Rissel. At his $1 billionKentucky credit union that means offering above market savings andbelow market loans while maintaining a healthy return onassets.

But Fort Knox FCU isn't content to remain old school in itsproducts. The credit union moved into commercial lending a fewyears back as consumer markets dried up. The business loans aidexisting members and the loans reset every three to five years,mitigating interest rate risk.

Teamwork

It's your people that matter, Jim Warren, president/CEO of the$1.1 billion Tyndall Federal Credit Union in Panama City, Fla.,acknowledges. When someone has aquestion, he can direct the person right to the person in charge ofthat area. And when the credit union is successful, it's because ofthe employees.

“I feel very good about our management team. I believe we'vebuilt one of the best, if not the best, executive teams in theindustry,” Warren said. “We have a fine group of talented peoplewith experience from all four corners of the country. They haveworked very well together. It isn't just one person who has madethis place good.”

Appropriate Succession Planning

Have a plan in place in case your credit union suddenly, or evennot so suddenly as in the case of the $2.9 billion SanAntonio Credit Union, loses its CEO. WhenJeffrey Farver retired on Jan. 2, 2012, SACU was very prepared. Itstransition plan had been in action for a decade.

Stephen Hennigan, previously serving as chief operating officer,is now serving as president/CEO.

Farver explained that for 10 years he had been discussing withthe executive committee of the SACU board his thoughts onsuccessors when he would head into retirement, including a range ofpotential interims to fully qualified candidates. SACU also broughtin a recruitment specialist to discuss pros and cons of executiverecruitment.

More than two years before Hennigan took over the helm, adocument outlining the shift in leadership styles was distributedto the board and management.

Farver advocated for a fairly long transition period so thesuccessor has time to implement new systems and processes for whenthe change occurs.

Adapt to the Times

Keep pace with your unique members' needs. The $1.2 billion NASAFederal Credit Union in Upper Marlboro, Md., has experienced the impact to itsmembers of the budget and personnel highs and lows of its namesake.The credit union has diversified into more than 900 different SEGsthat comprise mainly engineers and scientists. But that's not all.There's also the Montgomery County Road Runners Club or theAmerican Consumer Council to qualify for membership.

Challenging economic times for the members meant that NASA FCUhad to adapt its business. For example, the credit union launchedan EarlyAccess Payroll option as part of a new premier checkingprogram. President/CEO Doug Allman explained, “We developedEarlyAccess as an innovative way to provide NASA Federal membersgreater control of, and access to, their money during thesechallenging economic times. One day or more can make a bigdifference to those on tight budgets and facing financialchallenges.”

NASA FCU also implemented a short-term loan program when thegovernment debt default threatened member paychecks, and a 100% LTVmortgage program with no private mortgage insurance necessary.