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In his Roundtable Discussion before a record turnout of 110 credit union leaders at the Maine Credit Union League's Management Roundtable on September 22-23, at the Samoset in Rockport, League President John Murphy mentioned words, such as "Impact, Advocacy and Involve," and noted the significant achievements that Maine's credit unions continue to accomplish. "Membership is at an all-time high, convenience is unmatched, we have had some impressive legislative wins, both in Augusta and in Washington, our trainings and conferences are attracting record numbers, and our leadership on ending hunger will help us surpass $6 million in funds raised in the history of the Campaign. We have a lot to celebrate," stated Murphy. While Murphy's 90-minute presentation and open discussion accentuated many of the positives that are happening with Maine's credit unions, he also lead a discussion on some of the challenges, such as product penetration with members, EMV implementation and ongoing fraud concerns, and the growing competition from a variety of financial services providers for consumer relationships.
Murphy said the League and credit unions make a combination that delivers to consumers. "We remain focused on opportunities to help credit unions compete and be successful in financial services through key investments, products and initiatives." One such initiative is the League's Statewide Awareness Program, a program that represents a nearly $1 million investment over a two-year cycle. Murphy asked the audience for feedback on the current level of funding. Many in the crowd were receptive to the possibility of committing additional funds to the campaign but what and how that funding would be divided remains an open question. "We will likely continue this discussion as we move forward but it's great to hear the positive feedback on the Campaign."
Other issues covered in Murphy's presentation included the support and assistance that the League provides to credit unions in a variety of areas from conferences and legislative advocacy to compliance and media coverage. "We recognize that with the increase in regulations that compliance remains an ongoing challenge. We have a variety of resources dedicated to helping credit unions with compliance and remain focused on accessing and providing additional resources in this area," Murphy explained.
In the open discussion portion of the Roundtable Discussion, issues, such as succession planning, young and free program, cybersecurity and attracting and retaining talent. Murphy said that the League and Synergent began the succession planning process more than three years ago and is working closely with the Board to continue this process. It was also announced that the Maine CU League Board has approved continued support and funding for the Young & Free Maine Program for another two years (2016-2017). The issue of attracting and retaining young talent generated a lengthy discussion among the group with Murphy noting the League established the Young Professionals Network to help in this area, and it has already exceeded its first year goal of 50 members. The League is also including an article on credit unions being great places to work as part of its CU Week content for the supplements that will run in all of the daily newspapers during CU Week.
Murphy said that the League remains focused on providing opportunities, support and other services to help credit unions best serve their members. "No financial institution in Maine can deliver more convenience and benefits to consumers than credit unions. Together, we will continue to tell that story."
Resources:
John Murphy's Roundtable Presentation