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On Monday, April 24, for the first time in a quarter of a century, there was a change in leadership at the Maine Credit Union League. Todd Mason (pictured addressing staff), who has spent nearly his entire, adult life in the financial services industry, much of it with credit unions, officially replaced John Murphy as President of the Maine Credit Union League, the state trade association for Maine's 58 credit unions and more than 685,000 members. While Mason will spend the coming weeks meeting with credit unions, elected officials and others, his first few weeks will be spent getting settled. In an effort to introduce Todd to the many readers who have not yet had an opportunity to meet him personally, News & Views sat down with him shortly after his arrival to get his thoughts and insight. Below are the highlights from that conversation.
NV: You've spent nearly your entire working life in and around the credit union industry. Tell us a bit about your career and what do you love about credit unions?
TM: My experience with credit unions began about 23 years ago when I cut my teeth doing user support at the Michigan Credit Union League. It exposed me to two key things. First, it showed me the wide array of services a league and its service corporation provide, from education and political advocacy to marketing and payment services, and what it takes to make them successful. Second, it exposed me to the mission of credit unions and being part of an industry that matters and, most importantly, is owned by the members who use its services. From there I was hooked, and I have spent my time ever since learning and growing, and finding new ways to serve credit unions.
I was part of launching CU Village, a technology CUSO that developed websites. I helped form League InfoSight and was the original architect of InfoSight, the product. I also ran CU Solutions Group, an organization with product lines ranging from technology and marketing to human resources and member rewards. For the past 4 years, I was at RouteOne, an indirect lending technology company that processes about 50% of all indirect financing in the country, and includes about 800 credit unions in its network.
Needless to say, I been fortunate to do the things I love, like innovate and collaborate, for an industry I love. Coming to the Maine League brings that together even more.
NV: Maine is already one of the strongest credit union states in the country. How do you plan on making it even stronger?
TM: Strength doesn't happen by accident. It happens because of hard work and focus on right things, which is what made John Murphy so effective. As a result, the good news for all of us is that 180-degree change is not needed. The organization is too well run for it. Instead of revolution, we need continued evolution. We need to take something that is truly great, and make it even greater. We are going to get that done through:
- Strong advocacy, which includes our commitment to giving back to the community
- Reducing legislative and regulatory burden for credit unions, and operate in a fair and competitive environment
- Cooperative initiatives to harness the collective power of credit unions
- Providing information and education to help credit unions keep their pulse on the latest information and skills
- Products that help credit unions serve members in a high tech/high touch way and consumers increasingly expect the Amazon Experience wherever they go
NV: The credit union philosophy of 'people helping people' remains as relevant today as it did back when the first CU was chartered in Maine nearly 100 years ago. Though it is evolving, what does the philosophy mean to you, and describe how you will incorporate that philosophy into your role as League President?
TM: My vision as the Maine League President is to help credit unions be at the right place, at the right time with the right service wherever member financial decisions are made. That vision is founded on the 'people helping people' philosophy, but recognizes that to do so in today's world means being available across multiple channels, and ever evolving skills, tools and products. The League and Synergent (its service subsidiary) are uniquely positioned to support credit unions with the fast paced change that is here and will continue to come.
NV: What are some of the biggest challenges facing the credit union industry?
TM: The biggest challenges credit unions face are relevancy and scale. Maine credit unions are competing against very big financial institutions that are able to reduce costs, go after large swaths of the market and, in some cases, offer a broader set of services. As big of a challenges as that may be, however, I see that as an opportunity for cooperation and collaboration. By working together, with the support of organizations like the League, Synergent and CUNA, credit unions can and will overcome these challenges.
NV: What are a few of the greatest opportunities facing the credit union industry?
TM: Through the use of technology, I think there are innovative ways credit unions can help members become better savers, make better financial decisions and get proactive service based on the 'people helping people' philosophy. Synergent, fortunately, is at the epicenter of 'fin tech' with the payment and core processing services it provides, and will be a big part of helping credit unions realize the opportunities of today and tomorrow.