This past week, I had the privilege of being part of America’s Credit Unions Small Credit Union Conference in Charlotte, NC. The event was remarkable, with a format and content perfectly tailored to the unique needs of today’s smaller but ambitious credit unions—and it was sold out! Even after years in the credit union movement, I left with fresh ideas and insights to help credit unions thrive.
Reflecting on the conference, Rich Mohr, Director of Membership at America’s Credit Unions, captured the atmosphere perfectly: “The collaborative spirit is alive and well and was on full display in Charlotte. Thanks to our generous and amazing sponsors, our outstanding speakers, facilitators, and panelists, and to the wonderful attendees who contributed and asked the tough questions for making this such a great event. And to the team onsite and behind the scenes at America’s Credit Unions for doing the hard work to make everything appear seamless.”
Rich’s words ring true—the spirit of collaboration was palpable. Here’s what stood out most to me:
Key takeaways
- Investing in learning and growth: I was inspired by the credit union leaders who prioritized time and resources to attend. Like most leaders at smaller credit unions, they juggle multiple roles and limited resources, yet they showed up to contribute and learn. The lesson here is vital: leaders of smaller credit unions must prioritize continued education to stay relevant and sustainable. While it’s challenging, the alternative is to risk becoming the credit union that time forgot. ACU, leagues, and system partners like CUWLA provide top-notch content that makes this time investment worthwhile. Supporting these opportunities not only aids your own growth but also encourages more offerings in the future.
- A growing movement supporting smaller credit unions: There is a powerful movement underway to support smaller credit unions. At the conference, Denise Wymore passionately advocated for CU De Novo Collective, a group of credit union leaders and volunteers working to establish new credit unions. They currently have six emerging credit unions in the pipeline, a tremendous boost for the movement. I’m proud of Alison Carr and Tom Sakash from our team, who are dedicated to this effort alongside Denise, a modern-day Louise Herring.
Organizations like Your Marketing Co and Luminate, which have heavily invested time and resources, are also championing this cause. Raising awareness of the value and needs of smaller credit unions is essential; the more resources they receive, the greater their impact on communities, aligning with the credit union ethos of financial cooperatives that enhance financial well-being.
- Proven growth strategies for smaller credit unions: For the past 14 years, Alison Carr and I have focused on helping smaller credit unions grow, working with over 200 clients—75% of which are smaller institutions. Some of these credit unions achieve impressive growth and revenue ratios that would make even larger institutions proud. From our experience, three best practices fuel their success:
- Define your niche: Identify and serve a niche group that needs your services, even if it means moving away from legacy affiliations. This differentiation is crucial to standing out from other financial institutions.
- Build a lending culture: Successful credit unions prioritize profitable loan growth, taking smart risks to serve borrowers overlooked by other lenders. They celebrate lending achievements and hold teams accountable for lending goals. Many financial resource challenges can be overcome with a strong lending program.
- Invest in professional marketing: Effective communication with current and potential members is key. If budget is a concern, remember that successful lending (see point above) can help fund your marketing efforts. Leaders without marketing expertise should strongly consider leaving this to professionals to ensure maximum impact.
- Focusing on member succession: A recent concept I heard was the "Member Succession Plan"—a strategic focus on who your future members will be and how to win their loyalty. Just as we prioritize leadership succession, we need to consider member succession. Ask yourself: who will your future members be, and how will you attract them? Our credit unions' cooperative, not-for-profit structure, with profits reinvested locally, is a compelling message. Use member stories to shape your mission and vision, showing how credit union services positively impact lives—through higher disposable income, better financial skills, home ownership, or small business support.
Anne Shivers, CEO of Caro Credit Union, highlighted the inspiring community-building effect of the conference, saying, “it was terrific to meet other inventive small credit unions. The out-of-the-box thinking may come as a surprise to many. But that’s how small credit unions are able to compete with the big guys and provide even more value to our members. Sometimes you may think that you are fighting the battle alone. Going to a conference like this reminds you that others are there working just as hard as you and we can team together to make an even bigger impact in our communities. The speakers bring such value. But it’s meeting our peers across the country that is even more valuable.”
The ACU conference was filled with credit union "rock stars," sharing insights and best practices to help smaller credit unions grow. If you’re looking for new ideas, inspiring networking, and practical tools, you should invest the time to attend the next ACU Small Credit Union Conference.
Why it matters
Smaller credit unions are alive and well, but many need resources to adapt and grow. Insights, strategies, and support from committed vendors, retired professionals, and current leaders can lead to sustainable growth. The long-term success of the credit union movement relies on fostering a vibrant mix of new, small, and mid-sized credit unions, as well as larger ones that can offer a helping hand.
