In any case, I thought it important to share a perspective I developed this year of the character of the leadership in the credit unions with whom I have worked. The words courage and grace come to mind.
It is no secret that a number of credit unions are facing the unpleasant prospect of mounting loan losses. To be sure, this is not due to lax standards, fraud, or mismanagement. Rather, the housing slide has had unforeseen consequences in certain markets, severely impacting members and the credit unions to which they belong.
In working with credit unions on the response to members' needs during this crisis, I have seen impressive, selfless, courageous, graceful decision-making as leaders evaluated and chose from options that no one would ever desire.
Some argue that the CEOs and boards running a number of our nation's credit unions are not "professional grade." These naysayers suggest that many are in positions of leadership only because of natural attrition in a segment of the financial industry that lacks aggressive, competitive pressure. I don't buy it. I never will.
The leaders I have seen, in action, defining the strategies that they feel will give their institutions the best chance to succeed in meeting the needs of members (a novel concept) are some of the best I have ever come across, and I have met some very interesting, well-known business titans in my travels.
I think that the key to their effectiveness, and what ultimately leads to the right decisions with regard to strategic direction, is that they understand the core focus of credit unions. It's the people. They get that words like "members," "customers," and "staff," describe a human element, not some lifeless, faceless group.
To our clients, and you know who you are, regardless of how the economy goes or the pain that it may cause your members and perhaps your bottom line, rest assured that the credit unions you lead will emerge stronger than ever because of you.
