Tom discussed some of the biggest challenges facing small credit unions today, which include:
keeping up with new technology
rising health care costs
war for talent
The report revealed some good news, as well, finding that 53% of small credit union CEOs are female -- compared to 23% of the CEOs at larger credit unions. Tom shared his thoughts on this positive trend.
The report also showed the cost of doing business as a small credit union continued to be lopsided, as it relates to compliance and regulatory burdens. Regulatory costs totaled 73 basis points in 2018, compared to 47 basis points for the larger credit unions.
In addition, Tom talked about the rising costs of providing healthcare to employees at small credit unions. It has created a significant budget constraint for most.
Check it out and let us know your thoughts. And be sure to watch the entire interview with Tom below the show notes.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.