President's Message

Last month at APEX there were many things for which I was grateful – that we were all able to finally meet in person after two years, that we had so many wonderful programs and workshops to offer and, as always, that you continue to place your trust in us to advocate for you every day.

But the single most gratifying aspect of last month’s gathering was seeing the sheer amount of talent and innovation that gathered at once under one roof. Our community of credit unions here is a force to be reckoned with because of the amazing leadership we have at the helm of so many of our member institutions.

One of those talents is Lori Herrick, President & CEO of Manchester Municipal FCU. Lori is running for a seat on the CUNA Board of Directors. Please join me in supporting Lori’s candidacy. She will be an excellent addition to CUNA’s leadership team.

There are few areas these days that create more anxiety among credit union members than student loans, and the ability to pay them off in a timely manner. And that is one of the many ways where Lori has shined.

A decade ago, her credit union launched an in-house student loan program that has now saved members tens and possibly hundreds of thousands of dollars in interest and debt. Federal programs built around student loans can be burdensome and make recent graduates (and their families) feel like they are alone in navigating this new debt. So, Lori and her team found a better way.

At Manchester Municipal FCU,  students and parents begin making payments immediately on their loans, rather than waiting until after graduation, which both saves money in interest but—most important—gets the student involved in the process from the get-go. It’s on-the-go, real-life financial we’ll-being education, and it prepares young people for a future of managing debt in a way no federal program can.

This kind of reminds-imagined student lending  involves personal conversations from the start and creates a partnership between the students/parents and the credit union. How well has it worked? Do yourself a favor and ask Lori to tell you about it, about the stories of the sincere appreciation parents and students have shared with her and her team. This positive emotional response is proof of the success, as is the overwhelmingly positive success rate of the program.

These efforts drive home the purpose-driven mission of credit unions, and it has made great financial sense for the institution too. Manchester Municipal FCU has grown its asset size from $15 million to nearly $32 million since the program began.

Leadership like Lori’s needs to be encouraged, embraced, and rewarded. We need her collaborating with fellow system leaders to find newer and even better ways to deliver for members – and to represent the voices of Connecticut’s credit unions and small credit unions nationwide.

That is why I am asking that you not only thank Lori for her innovation and leadership, but to support her campaign for a place on the CUNA Board. Leadership like hers no doubt deserves a bigger stage.

Thanks,
Bruce