CEO Update: Industry changes bring a new beginning
Given the merger of the two largest credit union trade associations, and the merger of the two largest credit union payment system providers, the credit union industry as a whole is changing. Whether we like it or not, and whether we can control how things change, one thing for certain is the industry will never be the same. This applies to DCUC, as well
DCUC recently concluded an out of-cycle board planning session. Because things are changing rapidly, we felt it necessary to hold a second planning session in less than a quarter. It was clear back in October that in less than 90 days the industry would be much different. Thus, the DCUC Board scheduled an in-person meeting to discuss plausible scenarios, effective strategies, and contingency plans as we move forward.
As our industry evolves, there will always be ongoing issues such as artificial intelligence (AI), deposit management (and insurance), interest rate risk, and succession planning are always ongoing issues as our industry evolves. While the CUNA/NAFCU merger is currently being celebrated by several industry leaders who have longed for a “single voice,” the effects of the merger have yet to fully play out.
Given the diversity of our industry, I am not so sure we have grasped the significance of this brave new environment in terms of advocacy. When I was a student at the Air Command and Staff College, I read Neil Postman’s 1992 book, Technopoly: The Surrender of Culture to Technology. When discussing change, Postman wrote on page 18, “…It is neither additive nor subtractive. It is ecological.”
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