LAS VEGAS — Is the credit union philosophy just so many emptywords? Panelists at a Credit Union Times' “Not For CEOs”session held in a meeting room at the Mirage at the annual meetingof the California/Nevada Credit Union Leagues could not havedisagreed more loudly and persistently with thatsentiment.
|To Teresa Halleck, CEO of the San Diego County Credit Union, the $5.8billion cooperative, Greg Barnes, a senior vice president at $669million One Nevada in Las Vegas, and Carol Payne, a vice president atthe California/Nevada Leagues, the credit union philosophy remainsa powerful differentiator that distinguishes credit unions in thefinancial services marketplace.
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“I love leading a credit union,” Halleck said at the Mondaysession. “It's a good feeling, knowing we are helping peoplesave money.”
|“I feel great, knowing we are helping Nevadans buy a home or acar, things they perhaps could not have bought without our help,”said Barnes.
|“Exactly how important is the credit union philosophy today?”asked panel moderator Sarah Snell Cooke, the editor in chief andpublisher of Credit Union Times.
|“The philosophy is what makes us not Wells Fargo,” saidHalleck.
|“Are credit unions still a movement?” asked Cooke.
|“The movement today is very strong,” said Payne of theCalifornia/Nevada Leagues. “It's about emotions, theemotional attachment members feel to their credit union.”
|“We don't have shareholders. No bank operates as we do,”said Barnes. “We are a member- owned nonprofitcooperative.”
|A question for the panel came in via Twitter: What are creativeways credit unions are earning revenue and furthering memberfinancial education?
|Barnes pointed to payday loan replacement products offered byOne Nevada that are intended to wean members off paydayloans. He added that One Nevada's fee structure also is muchlower than the fees imposed by conventional payday lenders. “We give Nevadans a second chance,” said Barnes.
|Technical difficulties prevented live streaming of thesession. The footage will be archived for viewing here.
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