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Leaders Turn Up CU-Difference Messaging During SVB Fallout

Statements, social media posts and videos are sent out to remind members and the public that CUs are not like banks.

President/CEO Tansley Stearns and CFO Scott Cameron of Community Financial Credit Union in a video posted Tuesday. President/CEO Tansley Stearns and CFO Scott Cameron of Community Financial Credit Union in a video explaining how credit unions are different than SVB and Signature Bank.

A video posted Tuesday opens on a credit union CEO and CFO sitting on a couch having a casual chat, explaining to members that their credit union and the credit union system at large is not wrapped up in the collapse and failure of the Silicon Valley Bank (SVB) and Signature Bank. The credit union system is different – thankfully.

In the three-minute video, Tansley Stearns, president/CEO of the Plymouth, Mich.-based Community Financial Credit Union ($1.5 billion in assets, 80,634 members) asks her CFO Scott Cameron about his reaction to the bank failures. “My initial thought was, ‘Thank God I work for a credit union!’ But another thought was I really feel for the individuals that are going to be impacted” by the collapsed banks.

Michael Ogden

Michael Ogden

Editor-in-Chief for CU Times.

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