Credit card caps and constancy in credit union leadership

President Trump’s proposed 10% cap on credit card interest rates dominated industry news last month, and there was a fair bit of panic among industry leaders. Widespread calls to rise to the occasion and market the credit union difference rang out across industry publications and LinkedIn posts (including one from me).

But let’s be real: credit card caps aren’t the only challenge the industry faces. Some other headwinds include:

If anything, these crises reveal what leaders must do at all times—and not just when a threat arises. They reveal the value of constancy in credit union leadership.

Pretty much every credit union has a strategic plan, but the effectiveness of those plans varies widely. Some plans focus too much on the past with few forward-looking projects. Others are too cluttered and unrealistic. But the number one reason plans fail is because nobody implements them.

Day-to-day fires overwhelm leaders, pushing any strategic projects out of their minds. It’s nothing to be ashamed of—it happens to all of us. Still, it’s something you must address.

Leaders need to make time for strategy at least every week. If you can’t do it, you shouldn’t expect you team to do it either. And if no one’s focusing on strategy, you’re basically running on a treadmill. Rushing around in one spot, going nowhere, while the proverbial lions of industry headwinds get ever closer.

Take the credit card cap example. What can you do to wargame this now? What strategies can you work on each week that both prepare you for this situation and help your members today?

So, don’t just create a strategy. Calendar it. Constantly work on it. Inch closer to long-term solutions now, and you’ll be ready when the changes hit.

Great brands persevere despite challenges—but great brands don’t just appear out of nowhere. They are the result of passionate, energetic direction and of consistent, sometimes dull brand-building efforts.

Starting with the exciting stuff, you need a solid base for your brand. Embedded in popular support for the 10% credit card cap is a (false) belief that financial brands are callous, greedy, and cold. Many people don’t factor in reasoning behind rates—they just see a high rate and assume malintent.

So, maybe it’s time to swing your stuffy, traditional brand towards warmth and optimism. Or maybe you need to better emphasize how you look out for the “little guy,” directly targeting consumers’ affordability pain points.

Ok—now onto the boring stuff. But boring does not equal unimportant. In fact, the daily branding grind may be even more important than the initial direction. Without constant brand building by leaders, your brand vision never comes to fruition.

This “brand grind” involves:

Leaders show the way on promoting the brand. It isn’t always fun to do these tasks. You might even have better things to do. But creating a brand that perseveres requires persevering through some of the brand grunt work.

Don’t create an enthralling brand and then toss it on the roadside. Put in the constant work to execute the vision—no matter how occasionally dry it seems. Only then will your brand be ready for what’s ahead.

Stop looking at the clouds and waiting for the storm to strike. Be proactive rather than reactive. If you haven’t already, start the constant strategic and branding work now.