Speaking at NACUSO's annual conference this week, Tom Davis, president/CEO of the group, told attendees that the "business as usual" mantra is reaching an "evolutionary dead end."

"When the going gets tough, the tough collaborate," Davis said. Quoting Winston Churchill, he added "we are out of time and out of money. Therefore gentleman, we are going to have to think."

Davis said while others in the financial services landscape are cowering, credit unions must take advantage of their ability to think critically, collaborate and innovate together. Collaboration along with implementation has become "the new currency of our industry."

"Business as usual is reaching an evolutionary dead end," Davis said during a conference keynote address at the Encore Hotel in Las Vegas. "Economic downturns provide an opportunity to create a gap between credit unions and their competitors."

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