{"id":56596,"date":"2023-03-08T14:31:26","date_gmt":"2023-03-08T19:31:26","guid":{"rendered":"https:\/\/www.sogolytics.com\/blog\/?p=56596"},"modified":"2024-03-28T08:41:55","modified_gmt":"2024-03-28T12:41:55","slug":"our-takeaways-from-the-2023-cuna-gac","status":"publish","type":"post","link":"https:\/\/www.sogolytics.com\/blog\/our-takeaways-from-the-2023-cuna-gac\/","title":{"rendered":"Our Takeaways from the 2023 CUNA GAC"},"content":{"rendered":"

The Credit Union National Association (CUNA) recently hosted their annual Governmental Affairs Conference (GAC) in Washington, D.C.<\/p>\n

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Focusing on the impact that policymakers have on credit unions and their members, the GAC brings together world-class speakers from the worlds of business and politics, while also spotlighting some of the most innovative credit union solutions available today.<\/p>\n

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So naturally, we sent four of our most passionate finserv specialists\u2014Laurie Flanders<\/a>, Jessie Baderschneider<\/a>, Josh Apsey<\/a>, and Phillip Pinero<\/a>\u2014to the 2023 CUNA GAC, which ran from February 28 to March 2, 2023. At the conference, they were able to spotlight our advanced credit union member experience management platform<\/a> and <\/em>swap pearls of wisdom with other industry experts.<\/p>\n

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\"Sogolytics<\/a><\/p>\n

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As you might expect for an event held in our nation\u2019s capital, there were a lot of political heavyweights headlining the conference, including political strategist Karl Rove, Ohio Senator Sherrod Brown, and former U.S. Secretary of State Condoleezza Rice.<\/p>\n

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However, most of the biggest industry insights came from the smaller breakout sessions lead by credit union professionals. Here are some of the key takeaways we left the 2023 CUNA GAC with:<\/p>\n

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1. Credit unions need to prepare for an uncertain future\u2014not panic<\/strong><\/h2>\n

CUNA President Jim Nussle<\/a> kicked off the conference in a cowboy hat and Carhart jacket, imitating the look of Kevin Costner\u2019s cattle rancher character on the popular television series Yellowstone<\/em>.<\/p>\n

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\"CUNA<\/a><\/p>\n

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Nussle donned the rancher outfit in order to pose a simple question\u2014does the credit union industry have wolves coming down the hill?<\/p>\n

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\u201cYes,\u201d he warned. \u201cBut we have all the tools to future-proof our movement.\u201d<\/p>\n

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With a looming recession on the horizon, Nussle was focused on credit union industry\u2019s traditional role as consumer protectors.<\/p>\n

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\u201cWe are and have always been the original consumer protectors, and that will never change,\u201d Nussle said during his speech. \u201cConsumers that don\u2019t use credit unions are two times more likely to not have emergency savings.\u201d<\/p>\n

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This theme continued in a later keynote address delivered by Rodney Hood<\/a>, Eleventh Chairman and Current Board Member for the NCUA. He argued that in order to continue looking out for themselves and their members, credit unions should be wary of the next economic downturn, but resist the urge to panic.<\/p>\n

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\u201cThis is not the same as the last financial crisis,\u201d cautioned Hood. \u201cEven though we may be facing a recession, my advice to credit unions is stay calm, stay alert, and be prepared.\u201d<\/p>\n

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2. Credit unions are still struggling to connect with a younger, more diverse audience<\/strong><\/h2>\n

While great strides have been made over the last decade, credit unions still have a long way to go when it comes to diversity, equity and inclusion.<\/p>\n

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The vast majority of credit union employees below the executive level are women, yet credit union executives are still overwhelmingly male.<\/p>\n

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This disparity was one of the focuses of a breakout session titled \u201cDEI Progress & Our Future,\u201d which looked at the progress that\u2019s been made in the five years since DEI became the Eighth Cooperative Principle for America\u2019s credit unions\u2014and how much more needs to be done.<\/p>\n

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Speaker Monica Belz<\/a>, President and CEO of Kaua’i Federal CU, noted that credit union leaders set the culture, and there is a big wave of succession coming in the near future. The next group of leaders will be chosen by the board, meaning board membership is key towards selecting younger, more diverse leaders.<\/p>\n

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When Monica asked whether any credit union\u2019s board had at least one millennial member, only a single hand raised. That lone hand did a good job of underscoring her point: there need to be more millennials in these positions.<\/p>\n

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3. Cryptocurrency could be a way of attracting younger members<\/strong><\/h2>\n

Speaking of the \u201cgeneration gap,\u201d a breakout session titled \u201cCredit Unions\u2019 Role in the Cryptocurrency Evolution\u201d positioned crypto as a way to appeal to younger investors.<\/p>\n

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\"A<\/a><\/p>\n

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The speakers argued that recent scandals and crypto frauds have illustrated the need for more sober-minded actors in the crypto space. Credit unions, with their commitment to financial well-being, are poised to provide a more responsible entry point for members to this emerging industry.<\/p>\n

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Additionally, cryptocurrency\u2019s youthful appeal can help credit unions attract more millennial and Gen Z members.<\/p>\n

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One practical suggestion from the breakout session: credit unions can offer a digital wallet service to their members as a unique value add.<\/p>\n

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4. Cannabis banking is a gap that the credit union industry can fill <\/strong><\/h2>\n

Another way that credit unions can attach themselves to an emerging industry, appeal to younger and more diverse members, and cater to a historically underserved group? Cannabis banking.<\/p>\n

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While medicinal and\/or recreational cannabis is now legal in over 30 states, it remains illegal at the federal level. As a result, many banks are uncomfortable opening accounts for players in the cannabis industry, who are stuck with piles of cash they have no place to bank.<\/p>\n

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But credit unions can pivot faster than banks in highly regulated spaces like cannabis banking. And by opening their doors\/accounts to businesses in this \u201cgrowth\u201d industry, credit unions can generate more revenue, stay ahead of the curve, and also serve a largely young, underserved community.<\/p>\n

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These are just a few of the top takeaways we had after a fun and exciting GAC. If you missed out on this event, we’d still love to chat! Just request a demo<\/a> to get some time on the calendar to learn how Sogolytics can help you enhance the member experience.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Credit Union National Association (CUNA) recently hosted their annual Governmental Affairs Conference (GAC) in Washington, D.C. Focusing on the impact that policymakers have on credit unions and their members, the GAC brings together world-class speakers from the worlds of business and politics, while also spotlighting some of the most innovative credit union solutions available today. So naturally, we sent four of our most passionate finserv specialists\u2014Laurie Flanders, Jessie Baderschneider, Josh Apsey, and Phillip Pinero\u2014to the 2023 CUNA GAC, which ran from February 28 to March 2, 2023. At the conference, they were able to spotlight our advanced credit union member experience management platform and swap pearls of wisdom with other industry experts. As you might expect for an event held in our nation\u2019s capital, there were a lot of political heavyweights headlining the conference, including political strategist Karl Rove, Ohio Senator Sherrod Brown, and former U.S. Secretary of State Condoleezza Rice. However, most of the biggest industry insights came from the smaller breakout sessions lead by credit union professionals. Here are some of the key takeaways we left the 2023 CUNA GAC with: 1. Credit unions need to prepare for an uncertain future\u2014not panic CUNA President Jim Nussle kicked off the conference in a cowboy hat and Carhart jacket, imitating the look of Kevin Costner\u2019s cattle rancher character on the popular television series Yellowstone. Nussle donned the rancher outfit in order to pose a simple question\u2014does the credit union industry have wolves coming down the hill? \u201cYes,\u201d he warned. […]<\/p>\n","protected":false},"author":75,"featured_media":5078,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,5,175],"tags":[584,628,986,897,987,771],"yoast_head":"\nOur Takeaways from the 2023 CUNA GAC - Sogolytics Blog<\/title>\n<meta name=\"description\" content=\"We sent our Sogolytics team to the 2023 CUNA GAC to swap pearls of wisdom with other credit union industry experts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sogolytics.com\/blog\/our-takeaways-from-the-2023-cuna-gac\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Our Takeaways from the 2023 CUNA GAC - Sogolytics Blog\" \/>\n<meta property=\"og:description\" content=\"We sent our Sogolytics team to the 2023 CUNA GAC to swap pearls of wisdom with other credit union industry experts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.sogolytics.com\/blog\/our-takeaways-from-the-2023-cuna-gac\/\" \/>\n<meta property=\"og:site_name\" content=\"Sogolytics Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-08T19:31:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-28T12:41:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2018\/03\/financial-3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"487\" \/>\n\t<meta property=\"og:image:height\" content=\"714\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Patrick Grieve\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.sogolytics.com\/blog\/our-takeaways-from-the-2023-cuna-gac\/\",\"url\":\"https:\/\/www.sogolytics.com\/blog\/our-takeaways-from-the-2023-cuna-gac\/\",\"name\":\"Our Takeaways from the 2023 CUNA GAC - 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