Nussle urges CUs to spend more time on offense

Yesterday, during the opening general session of the 2019 CUNA Governmental Affairs Conference, CUNA President/CEO Jim Nussle had a message for credit unions: spend more time on offense than defense.

Nussle, whose welcome was streamed live on Facebook to a record-setting 5,300 credit union leaders, including 255 advocates from 74 credit unions in the Cornerstone-region, marked the movement's 2018 accomplishments in economic terms. Credit unions across the country enjoyed the addition of 5 million new memberships and growth that was five times higher than U.S. population growth. Credit unions also delivered $16 billion in financial benefits to members and nonmembers—$12 billion to members alone.

Not only that, but 2018 was pivotal for its successes in the midterm elections. CUNA made $7 million in contributions to PACs to support a bipartisan group of credit union champions. It's all about building relationships, he said. And the success of their relationship building among candidates was impressive.

"We don't just have a seat at the table," Nussle said. "We set the table."

But 2018 also came with escalating banker attacks, which puts credit unions on the defensive. Instead, Nussle said, credit unions need to spend more time on offense. He noted the biggest achievement of 2018 was S. 2155 precisely because credit unions played offense.

How do we stay on offense going forward? By using our seven principles, the "cooperative super powers." Nussle said those super powers are credit unions' best asset and competitive advantage, particularly when it comes to diversity and inclusion because new members want to see themselves when they walk into a credit union. Financial literacy is important, but financial health among members is key—it's another super power, Nussle said, because physical and mental health are affected by financial health.

Credit unions are under attack on four fronts, Nussle said: the credit union model, the market (not only by bankers), the movement, and our credit union heart—not a medical condition but our principles. "Cooperation seems to be becoming ‘coopetition,’" he said, where credit unions compete against each other.

Nussle asked credit unions to do three things: 1) Take personal action; tell your CU story. 2) Help open America’s eyes to a CU. 3) Be fiercely cooperative. Fire up your cooperative super power!

This year's keynote speaker for the opening session was former Secretary of State John Kerry, and today's surprise speaker is Vice President Mike Pence (you can watch via Facebook). Kerry and Pence have both been long-time credit union advocates.

Watch the Day Two video recap.