Rising to the challenge

Credit union and industry leaders explore the top areas of concern that keep them up at night.

One of the toughest things about being a leader in the credit union space is that there are always challenges to face, and they’re constantly evolving.

“Since the beginning of the credit union movement in 1934, the industry has stood the test of time and has navigated every economic downturn, decline and recession,” says CUES member and board director Mark L. Robnett, CCE president/CEO of $924 million Justice Federal Credit Union, Chantilly, Virginia. “In today’s world, one thing is certain: uncertainty, a status that has emerged as the defining characteristic of our age. For decades, much of the world enjoyed relatively steady economic and social gains. But today, this economic logic is being upended.”

The pandemic, coupled with econominc turmoil and geopolitical instability, has created more uncertainty in the industry than ever before. The Great Resignation brought recruiting and retention challenges, and we’ve seen record mortgage demand and record-high increased deposits in the first years of COVID-19. “However, [the pandemic] has also influenced a 40-year high inflation, rising interest rates and a more than probable recession,” Robnett says. “In this increasingly uncertain world, leaders must learn how to navigate simultaneous crises. Excelling in turbulent times requires the ability to pivot, prioritize, work at pace, and provide a clear and compelling vision to move forward with purpose and strength.”


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