By: John B.C. Porter, Associate
I’m excited to be attending Credit Union Times’s 2nd Annual Credit Union Best Practices conference in San Diego, CA October 8-9. I will be blogging about the speakers, the topics, and my entire experience in general. The lineup of speakers is impressive and the topics covered are sure to be relevant to just about every credit union across the country.
Considering the seemingly unintended, yet far-reaching ramifications of the Credit CARD Act of 2009, I will be interested in how the keynote address, “The CU Business Model in the ‘New Age of Turmoil.’ With Adversity Comes Opportunity,” by Peter Duffy of Sandler, O’Neil & Partners, approaches the business effects of an increasingly regulated environment—even though CUs had little role to play in the events leading up to these new regulatory schemes. I know that I, personally, have had difficulty in figuring out where Congress was coming from when it passed that precious jewel of legislation. Speaking with my clients, in many ways, the Credit CARD Act of 2009 will end up confusing and even hurting consumers. The session titled “Credit Card Best Practices: Managing and Measuring for the New Reality” should also be instructive as it relates to amended Regulation Z and the Credit CARD Act of 2009 and where exactly it leaves CUs as they strive to stretch every dollar of income even farther.
In this increasingly competitive market and as membership in many CUs shrinks every year, it’s imperative for CUs to be able to reach out and communicate with existing and potential members. Undoubtedly, CUs received some unbelievable free advertising this winter as the banks stumbled, but CUs need to continue to take advantage of this opening to introduce themselves to new groups of members. I will be interested to hear what Paul Lucas and Roy MacKinnon, the latter of First Entertainment Credit Union, will have to share with us regarding branding and marketing.
As CUs strive to make every dollar go farther, it is important for CUs to understand the key factors involved in enhancing revenue and reducing costs. Which asset products result in the highest returns? How can CUs maximize their return on products that produce revenue in the first place? I’m hoping Christopher D. Joy and Tom Chandler, both of PSCU Financial Services, will have some effective tips and strategies to help all of us out there pinpoint the right products for our respective operations.
CUs have always excelled at pooling resources and approaching challenges collaboratively. CUs strength in this regard will be essential to the movement’s sustainability as the industry encounters more and more regulatory hurdles and the assault on CUs’ perceived competitive advantages become more and more lethal. Thomas C. Davis of NACUSO believes “collaboration is the new currency of the CU industry and that sustainability is not a problem to be solved; it is a future to be created.” Collaboration leads to sustainability? Hmmm…maybe Mr. Davis needs to have a chat with members of Congress!
This is just a sampling of the topics that will be covered at the conference in October. Check out the following link for more information: www.summitliveevents.com/cubp. And, just for being a loyal reader of this blog, if you register with code SA6734TCB you’ll get a $145 discount off the registration fee! Of course, if you’re not able to attend in person, stay tuned to my coverage of the conference on this blog!