women to watch melissa domingues Melissa Domingues, CFO of the $576 million, Beaumont, Texas-based MobilOil Credit Union, was driving when she received an unexpected phone call that would change the trajectory of her career. The caller wasn't a recruiter who would typically make a job offer, but rather an elated credit union CEO who was intent on offering her the job himself.

“I was up against people who had way more experience than me, even a person who knew people within the credit union, including the CEO … I really thought it was a long shot,” the latest Trailblazers 40 Below honoree said. “I applied for it anyway because I thought it was a good fit. However, I didn't think I would get it.”

Domingues nervously accepted her first position in senior management, but still wondered if she could really do the job. During her 90-day review, she asked the CEO if he felt like he made the right choice.

“I absolutely made the right decision,” he responded.

She knew then that her fearlessness had paid off.

“I strongly believe that people back down from something because they're afraid of it,” she added.

One of her favorite quotes, by Virgin Group founder Richard Branson, reminds her that risks are often worth taking. It reads: “If someone gives you an amazing opportunity and you're not sure you can do it, say yes – then learn how to do it later.”

Her willingness to accept any challenge has been an ongoing theme in her 19-year career. She says she will never stop learning and listening, and encourages others to do the same.

Domingues' career began early in life. She graduated from high school a year early and was attending college when she found a job as a teller at a credit union. Her mom saw the position advertised while flipping through a newspaper (the real handheld kind, as she jokingly pointed out).

“I called and applied for it and got the job,” she said. “Once I saw what credit unions stood for, I really had no looking back and I can't imagine doing anything else.”

She held a number of jobs in the credit union industry before eventually becoming a CFO. While working as a CFO for another credit union, she took the risky move of shrinking the balance sheet below the institution's $200 million goal. A long-standing investment on the books was causing the credit union's net worth ratio to dip below 7% – a figure that can gather attention from regulators.

“The higher the assets go, the lower the ratio goes. I [recommended] … we shrink a little bit, and that was unheard of because everyone wants to grow, grow, grow,” she explained. “It was hard because we had people who had been there for decades who knew more than I did, and here I am this young, first-time CFO saying we should shrink and that was unheard of.”

After a round of conversations, she was able to get everyone on board with the change.

The credit union intentionally dipped below $200 million over a period of months. Then the net worth ratio increased to more than 8%, and the credit union experienced the best three years in its history, she recalled.

Leading a team through a challenge is when Domingues said she feels most empowered. She also empowers those around her by collaboratively working with her employees on constant process improvement. She challenges her fellow employees to do things better, even if it involves a dramatic departure from how things have always been done.

This keen eye for process improvement proved to be invaluable in a previous role, when she knew a change had to be made to Call Reports after she opened a report and stretched its adding machine tape across her entire office. She challenged her employees to create a report with no tape, and that challenge was met. Her employees worked with programmers to automate the process and eliminate the tape, cutting production time by more than 75%, and ultimately saving money and countless man hours.

As CFO at MobilOil, she's been involved in several notable initiatives, including a lending product called express loans, which cater to members who may not have good credit. No credit check is required and members only need to meet certain criteria to qualify, including having an account in good standing, participating in direct deposit for at least six months, being a member for one year and making the payment via auto transfer.

Dominuges says the loans offer a special service to the community. “I know we live in a time where there does not seem to be loyalty among consumers, but I do believe my credit union has very loyal members, because we help them when other financial institutions will not,” she said.

Domingues pointed to additional improvements that she's involved with as CFO. For example, the credit union switched to a new core system in 2011.

“Many credit unions are limited in the ability to serve their members because of their core system, and it is a big deal for a credit union to make the decision to convert systems,” she said.

The credit union is also bringing credit cards in-house and issuing EMV chip credit cards in about six weeks, which will make it easier for members to manage their cards, she said. It's also planning to improve its online account and loan applications, and is looking at new loan origination systems.

“I am proud that we are not afraid to take on major projects to improve the service for members and efficiencies for employees,” Domingues noted.

All of these improvements and initiatives seem to be paying off, as MobilOil has been extremely successful financially, she emphasized.

“As of December 2015, we were in the top 4% nationwide out of all 6,000-plus credit unions on return on assets, and we continue to have positive loan and share growth,” she said. “All of this has helped give us the ability to be innovative and offer competitive rates, products and services.”

For those looking to grow and improve, Domingues offered advice that was given to her early on in her career: Don't be afraid to want my job.

“I want them to want my job,” she said. “I think it's actually helped employees push themselves a little harder. And I keep in contact with quite a few that have moved on to bigger and better things. They tell me they wouldn't be where they are if it weren't for me. I understand that, because I feel like I wouldn't be where I am if it weren't for the people who encouraged me.”

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Domingues: Never Miss an Opportunity to Learn and Grow

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