Open Banking – Securing Member Data

Part 5 CUToday’s June 26 newsletter: Truliant FCU Faces Proposed Class Action Lawsuit Over Data Breach: WINSTON-SALEM, N.C.–Truliant Federal Credit Union faces a proposed class action lawsuit after a data breach reportedly exposed the private information of more than 48,000 members… CUToday’s July 2 newsletter: ‘Serious Security Incident’ Leads to Major System Outage at Patelco…

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Data Governance – Mitigating Data Biases

Part 3 Credit unions have many data sources beyond their core operating system. When a credit union conducts a data source inventory, it is not uncommon to have 50 or more data sources. These third-party data sets and reports commonly come in various formats, with different labels and definitions, and upload and report timing. Inconsistency…

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Mitigating the Risks of Open Banking

Part 2 Navy Federal Credit Union (NFCU) recently faced a lawsuit centered on using artificial intelligence (AI) in its customer service operations. The lawsuit highlighted several critical issues, including data privacy, algorithmic bias, and transparency. This incident underscores the broader risks associated with adopting advanced technologies, such as AI, within the framework of open banking.…

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Serving Members as an Act of Stewardship

Several years ago, I worked with Dale Turner, now CEO at TruStone Financial Credit Union. As the VP of Lending, he stood at the podium of an all-staff meeting and challenged the entire credit union to “think for the member, don’t just respond to the member.” Dale had the wisdom to know the difference between…

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Leaders, Avoid “Bobbleheads”

In leadership, the tendency to surround oneself with individuals who constantly nod in agreement—often called ‘bobbleheads’ due to their constant nodding—can be detrimental to effective decision-making, innovation, and overall credit union success. This behavior can lead to a lack of critical evaluation of ideas, as everyone agrees without questioning or offering alternative viewpoints. While it…

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Is Your Org Structure Top-Heavy?

First, let’s understand the impact of a top-heavy organizational structure on a credit union’s effectiveness, efficiency, and overall performance, which is critical. Here are the risks a top-heavy organization poses: Addressing a top-heavy organizational structure can be a significant challenge for a new CEO. Still, there are several practical steps to streamlining the organization and creating…

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From an Executive to a Strategist – Changing Perceptions.

One complaint I hear from most CEOs about marketing, lending, and operational executives is, “I need my leadership to be more strategic.” But most executives aren’t sure what that really means, and often, the CEO struggles to explain it.  Strategists play a distinct role compared to other executives within an organization. Here are fundamental differences…

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Facing Career Disruption?

Career disruption creates anxiety. It presents itself in many forms: you feel your influence is waning, there is a potential for layoffs, the company’s performance is missing targets, or layoffs have been announced. These palatable disruptions often cause you to become fearful, more risk-averse, or even to try to become invisible. You should do the…

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