In this episode of 22 Minutes and Lending, host Vince Passione welcomes Juan Fernández Ceballos, president and CEO of Luminate, the credit union league for Louisiana. From helping smaller credit unions build economies of scale to challenging core providers to do better; addressing succession issues to navigating the incoming political administration, Juan Fernández offers a bold new vision for how credit union leagues can adapt and evolve their services to ensure every credit union can thrive. This conversation is a must-listen.

Key takeaways:

0:00 Intro

1:15 An overview of Luminate, the credit union league for Louisiana, and its three core pillars: Collaborate, Innovate, Thrive.

4:50 How complacency and an aversion to risk at the Board and executive level could be contributing to the credit union system’s contraction.

8:27 Why credit unions need to be more intentional and proactive in ensuring their Board of Directors reflect the type of members they are (or want to be) serving.

10:12 Fintech is omnipresent and necessary, but it cannot replace the personal connections and relationships that credit unions offer.

15:02 The important role that credit union Leagues play in helping smaller and medium-sized credit unions leverage economies of scale.

17:55 The core conundrum: How core providers are locking credit unions into long-term deals that can inhibit growth and innovation.

19:06 What the incoming political administration could mean for credit unions.

22:31 The state of the credit union league system–what they need to focus on to support the long-term growth and success of the credit union system.

Resources Mentioned:

• https://luminate.coop/ Luminate website
• https://www.lendkey.com/podcast/think-inside-the-box-the-growth-opportunities-staring-credit-unions-in-the-face/ Dr. Brandi Stankovic episode of 22 Minutes in Lending

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