Aug. 20, 2025

The Credit Builder Strategy That’s Actually Working

The Credit Builder Strategy That’s Actually Working
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Access to credit can be life-changing, but for many members, the process still feels out of reach. Great Lakes Credit Union is working to change that with practical solutions that meet people where they are.In this episode, host Drew Megrey sits down with Steve Bugg, President and CEO of GLCU, to talk about how his team is rethinking lending through small-dollar loans, credit builder programs, and face-to-face financial coaching. Steve shares how they’re making a difference for underserved members while keeping risk low and impact high.

Join us as we discuss:

  • How GLCU uses $300 loans to create long-term financial confidence
  • Why second-chance lending isn’t as risky as most think
  • Where mobile tools and in-branch service come together
  • How community partnerships and DEI efforts support sustainable lending
  • What it means to put trust at the center of the loan process
WEBVTT

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Hey everyone, and welcome back to another episode of Leaders

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in Lending. I'm your host Drew Beggery, joined today by

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Steve Bug, the CEO at Great Lakes Credit Union, a

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one and a half billion dollar asset size credit union

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based just north of Chicago. Steve, welcome to the podcast

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and thank you for joining me today.

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Hey Drew, thanks for having me on. Really appreciate it.

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Glad to join you.

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Awesome. So let's just dive right in, Steve, As you

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may already know, I always love to give the listeners

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a bit of context on the how did you get

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here type of stories? So can you tell us one

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what first drew you to financial services and to know

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what did that journey look like as you progressed into

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your role today at Great Lakes.

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Sure? So, financial services for me started many years ago

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in college where I worked for a regional bank, worked

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for a finance company for a while as well, left

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the industry for several years, got into tell communications, and

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then was fortunate about eighteen years ago to be drawn

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into a union. And at the time they were looking

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for somebody with some distribution experience, some sales and marketing

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that would compliment the executive team I'm like, this sounds

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pretty cool, right, I'll do it for a couple of years.

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Eighteen years later, I'm here, And what really drew me

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to the credit union movement drew was the passion for

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the interaction with the community, the people helping people, spirit,

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and just really the capacity to give back and really

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serve your members and the community in a different way

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perhaps than a bank. And so that really drew me in.

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I've always loved to be involved in the community and volunteer,

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and then really once I got ingrained in the industry,

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had a great CEO that gave me that ability to

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learn the industry from an expert inside the industry. We

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complimented each other's skills really well, and she gave me

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that opportunity over time to learn the credit union movement,

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the different functions of the credit union, to lead those areas.

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And when I left that credit union was their EVP.

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And it really pitched me really well at Great Lakes,

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especially from the community involvement, which is what our board

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was looking for at the time. So I joined Great

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Lakes Credit Unions seven years ago president and CEO. Much

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different institution now than we were. Of course, a lot

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in the world has changed in those short seven years,

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as we know. But I would say, Drew, one thing

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that I have always really appreciated. I've had great leaders

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that have given me that opportunity to excel, learn and develop.

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But equally important to me was being able to utilize

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coaches and mentors in my career, which I've really and

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I still use today to bounce ideas off of. And

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it just give me a different view through a different

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lens than perhaps what I'm looking through and that has

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served me well, not only here at Great Lakes, but

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really throughout my entire career.

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Now, that's awesome, and that sounds like a very non

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linear path to your to your current current role, but

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I can echo that I that I have the same

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settiment on the Credit Union mission of people helping people.

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So that is a that's great. So the main theme

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of our discussion I would define, as you know, like

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building credit, building confidence. In some of our prior conversations Steve,

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leading up to this, you shared how Great Lakes has

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you know, helped members with thinner credit files start building

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credit and rebuilding their you know, their financial confidence. I'd

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love to hear about how you went about doing that

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and how has it served as a real alternative to

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to pay day lending.

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Yes, great question, Drew. Thanks. So if we look back

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at GLCU, we're a low income designated credit union, a

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community development credit union, so we really serve those of

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modest means. Uh So, over fifty one percent of our

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membership is low income. We serve a very diverse population

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just because of where we sit in the Chicago suburbs,

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branches in the city and in suburbia. So when we

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look at serving those members, especially those that are more

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challenged from a credit perspective, we need to make sure

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that we have products and services that are going to

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benefit them and add that value. And one thing that

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we realized is we just can't have a standard suite

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of lending products that we say really fit all demographics

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because as you and I know, they don't. So we've

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been very diligent in our efforts to have products and

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services that are going to help our members improve their lifestyle. Right.

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Some of it is changing their behavior, some is just

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giving them an opportunity to get back into what we

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would consider more traditional banking. So a couple examples that

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we've utilized at Great Links Credit Union. One is our

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credit builder loan. We're very proud of this loan. It's

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simply one thousand dollars. We don't charge an applic pation fee,

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there's zero percent, and it's set up on a repayment

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plan and the idea is that we're reporting that back

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to the credit bureau because they are making payments on it,

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we hold that thousand dollars, so in essence, there's never

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any delinquency right or a charge off, and it rebuilds

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their file and it gives them that ability then to

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use that in their credit file to look at other

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opportunities for lending in the future. And so I would

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say it's been somewhat popular. We have about forty loans

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on file right now, and those that have utilized it

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have graduated then into other lending products such as getting

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a credit card or getting a small personal loan. And

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so when we look at the members that utilize that,

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they've understood that they either have no credit file or

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they need that second chance opportunity. Right. We try to

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tie in to the best of our ability financial literacy

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and education as well, because we do need to change

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that behavior or that pattern that they've fallen into. So

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those that do take that seriously, will work with our

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consulors on developing kind of what that needs to look like,

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how important it is to make those payments timely, and

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then to utilize that right as that next stepping stone,

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and that has worked well for those members. We've had

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that product for a couple of years now and so

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slowly over time. Right, we want to make sure that

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we're offering it to the right member that's going to

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use it in the right way. I think for us,

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something that we've offered for several years at Great Lakes

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Credit Union. Another example is our payday lending alternative. We

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call that fast Cash, and that is a loan that

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is a twenty nine point nine nine percent with auto

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pay thirty three point nine nine percent without auto pay.

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There is a twenty dollars application fee and it's based

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on that member's behavior with the credit union. So they

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do have to be an existing member, but it gives

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them that opportunity to prove to us over a period

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of three months that they're a member in good standing,

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and then they do have to be eighteen years or older.

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They access that through our mobile app, so it becomes

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available when they hit that criteria. So any member that

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is eligible can go on the app, they'll see it appear,

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they can basically apply, and so it's self service, right,

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they go in, it's offered to them, it's underwritten, it's

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funded without Credit Union employee interaction or intervention. And so

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we have a little over one thousand loans on our

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books for about seven hundred and three thousand. We only

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have thirty eight loans that are past due, so that

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delinquency is about three point eight percent, and we've only

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charged off forty four of those loans for about forty

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seven thousand. So in the big scheme of things, that's

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not that large, right because they are smaller loans. But again,

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a lot of our members will utilize that as a

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way to bridge paychecks or gaps in income coming in,

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and so they find that they need to utilize that

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for emergency spending or in the current economic times that

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we're dealing with, to put food on the table, help

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pay rent, and so they look forward to paying that

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down where they can apply again and use that in

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those emergency situations. And we've also seen that members then

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will utilize that right as part of their tool and

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resource to really kind of manage their day to day budget. Again,

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we want to provide financial liver see an education a

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little bit harder on that because it is more of

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an automated tool. But I will tell you the feedback

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we get through from members is that they appreciate that

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they can do it on their own and they don't

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have to bring forward why it is that they need

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to use that right. So some members are embarrassed because

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they do need to bridge that gap. So through self service,

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it's a great, great opportunity for those members to take

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advantage of that. One. One new loan that we've just

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started in a financial desert on the southwest side in

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Austin through our Leader's Network branch is a member assistance

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loan and it could be used for an existing member

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or a new loan. We've just started it a couple

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weeks ago and it's simply a loan for three hundred dollars.

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It's at twenty nine point nine nine percent, so monthly

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payments approximately sixty five dollars a month set up on

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a five year term. After a couple of weeks we

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have six loans eighteen hundred dollars. It is underwritten, but

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it is really underwritten to give them an opportunity to

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prove themselves before we would look at offering another type

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of product or service. This came up due to our

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relationship with the Leader's Network, which is a nonprofit national

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group that we've worked with to bring that branch to

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that financial desert and our branch staff. So we're testing

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it in that community. We'll see how that goes over.

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We're monitoring that on a weekly basis. If that works,

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then we'll look out rolling that out in other areas

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in the community. But again, I think for us, these

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are just examples Drew of trying to provide some products

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that are needed in those diverse communities that are economically

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challenged and for those members that just need that second

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chance or another opportunity.

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Yeah, they're getting that second chance. And then at the

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end of the day, it's it's comfort. Right. So I

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want to dig a little bit more into the credit

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builder and the and the fast cash. You know, that's

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of course building credit, building building confidence. What I want

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to dig into though, is like you already kind of

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outline that it can translate into secondary type of loan,

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credit cards, so so on and so forth, or maybe

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even some type of of deposit product that you uh

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that you share internally, right, So can you walk us

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through what the journey and or transformation for those members

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is like going from that almost like uncertainty to empowerment

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type of stage of life.

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Yes. So for those members that look at that product

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as a way to help them build their relationship with

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more of a traditional banking establishment, then they're using that

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to kind of enter back into what we would consider

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traditional banking. Right, so it's their first opportunity to either

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re estate, bablish or establish credit and use that to

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build kind of that journey. So, for example, on the

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credit Builder loan, we've had some members because first they're

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becoming members of the credit union, so they're opening that

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share account and then we're attaching that loan on the

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credit union side. So we are one of five credit

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unions that offer a HUD certified consoling program. It's just

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not for housing, it's for budgeting assistance, financial literacy. So

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we've had members that have utilized that Credit Builder loan

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and through utilizing that, they'll meet with one of our

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consulors who will say, this is a great way for

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you to establish credit. Let's get that credit file belt.

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Then they'll work with our consolers post program to then

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work on that next step. So for a couple of them,

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it's been able to build up a savings routine of

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then starting to save for a down payment for a

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home or a down payment for an automobile, and then

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we'll tie in a deposit account. So we also offer

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a second chance checking. It's a certified bank on product

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where you can't overdraft or nsf it, so they'll use that.

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They can still use the debit card, put it in

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their digital wallet, but again it gives them that ability

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so they're saving. They've had a loan. Now we're getting

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them into utilizing a transactional type account right letting them

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use a debit card or a digital wallet, so that

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then we can start building some of that spending history

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along with the lending file. And then we've had those

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members graduate into more mainstream lending products, applying for a

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credit card, applying for a small personal loan. We've had

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examples of where they've applied and gotten approof for an

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auto loan. We've had a couple examples where they've said

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over time to put money down on a home while

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they're working with our consolors. Right, So if you think

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about it, Drew, we're really trying to change their perception

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of banking. We're also trying to improve their decision making

237
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and change their behavior. Right, So, if they're working with

238
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the concertor they're putting these programs in place, those are

239
00:14:24.720 --> 00:14:31.000
some success stories. Certainly, we do have those that don't

240
00:14:31.000 --> 00:14:33.960
complete paying the loan back, right, So then we're taking

241
00:14:33.960 --> 00:14:36.519
that thousand dollars back and paying that down so it

242
00:14:36.559 --> 00:14:41.679
does not negatively impact them, which is great. And so

243
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I think those that are taking this seriously and know

244
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it's a way to better their economic lifestyle, right, we

245
00:14:51.639 --> 00:14:56.799
help them through that journey. That timeline can be as

246
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great or as small as they want it to be.

247
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And that's why our concertors work on that individualized plan

248
00:15:03.600 --> 00:15:07.200
to really help them achieve what it is that's important

249
00:15:07.240 --> 00:15:12.840
to them. Same thing with our fast Cash loan. Although

250
00:15:12.919 --> 00:15:18.039
folks are using that as a payday alternative, they're also

251
00:15:18.279 --> 00:15:22.840
being able to utilize that to bridge that gap. Most

252
00:15:23.000 --> 00:15:28.399
of those members, since they're already GLCU members, utilize it

253
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in addition to their checking account relationship, their savings relationships.

254
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Some of them do have loans with us, but it

255
00:15:36.919 --> 00:15:40.159
is helping them kind of bridge that gap in tough,

256
00:15:40.279 --> 00:15:44.159
tough economic times, and we do see, especially in the

257
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current environment, we're in more utilization of that loan just

258
00:15:50.200 --> 00:15:53.080
because it's tough, right and things are very expensive.

259
00:15:53.120 --> 00:15:57.320
Now that's good. It's like you think about that whole structure.

260
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It could be a set in and forget it. But

261
00:16:00.200 --> 00:16:04.039
kudos to your team of there's more of a consultative

262
00:16:04.080 --> 00:16:07.159
approach on the back end that gives them that holistic

263
00:16:07.279 --> 00:16:09.879
view of what their financial freedom could look like if

264
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if you follow that path. So in thinking forward, you

265
00:16:13.559 --> 00:16:16.320
know the building of credit, the building of confidence it

266
00:16:16.440 --> 00:16:19.679
should have, and I believe it does have an impact

267
00:16:19.759 --> 00:16:23.639
on increased loan demand across these this cohort of numbers, right,

268
00:16:24.159 --> 00:16:28.519
But in today's lending landscape, automation and reduced human interaction,

269
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of course, are becoming the norm. I know I've talked

270
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about it a lot on this podcast and in prior recordings,

271
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but if I'm not mistaken, Great Legs has taken a

272
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different approach by eliminating the traditional loan department right in

273
00:16:42.200 --> 00:16:44.919
favor of I believe, a centralized lending type of model,

274
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but still empowering the branch loan officers to lead those

275
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personalized financial wellness types of conversations. So, Steve, can you

276
00:16:53.919 --> 00:16:56.919
talk about what kind of inspired that shift, how it's

277
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reshaped the lending experience for your members because the traditional

278
00:17:00.120 --> 00:17:03.879
format right now is digital, digital, digital, and less people

279
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wanting to come into a branch and talk to a

280
00:17:06.839 --> 00:17:10.119
representative about their financial wellness.

281
00:17:10.799 --> 00:17:15.079
Sure, and I think for us it's important to understand

282
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that because we're dealing with members of low to modest means, right,

283
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certainly we have mid market and upscale memphers as well

284
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to help us fuel and fund what we're doing. Right. However,

285
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if you think about the members that we're engaged with

286
00:17:29.160 --> 00:17:32.599
our members in the communities we serve where we have

287
00:17:32.680 --> 00:17:36.160
brick and mortar, view that as kind of that financial

288
00:17:36.160 --> 00:17:39.519
wellness center. So, yes, you got on a great point.

289
00:17:39.680 --> 00:17:44.079
We need robust digital offerings, which we offer at Great Lakes.

290
00:17:44.119 --> 00:17:48.119
You know, we utilized that example earlier with fash Cash

291
00:17:48.160 --> 00:17:52.319
being on our mobile app. Right, we have online account opening,

292
00:17:52.599 --> 00:17:57.319
online loan opportunities. But what we find through for a

293
00:17:57.319 --> 00:18:00.640
lot of our members, especially our lower income members, they

294
00:18:00.680 --> 00:18:05.119
may start digitally, but they want to have that interaction,

295
00:18:05.960 --> 00:18:09.119
so we offer that a couple of ways. One certainly,

296
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you can contact us through the member contact center. You

297
00:18:12.279 --> 00:18:15.759
can use our AI assistant and chat with us right

298
00:18:15.839 --> 00:18:19.680
and get a human, or you can come into a branch.

299
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We have certified concerts, the FI set program in branch

300
00:18:24.839 --> 00:18:27.400
and it is turning into more of a financial wellness center.

301
00:18:27.519 --> 00:18:31.079
Transactions continue to go down, but what we're finding is

302
00:18:31.119 --> 00:18:36.039
the interactions with our members in branch become more focused

303
00:18:36.079 --> 00:18:38.920
on how are we here to serve you?

304
00:18:39.480 --> 00:18:39.640
Right?

305
00:18:39.720 --> 00:18:42.920
It's not just about a transaction anymore. So what we

306
00:18:43.039 --> 00:18:46.359
realized is the challenge when we had all of our

307
00:18:46.480 --> 00:18:51.559
lending folks sitting in a centralized department right, branches weren't

308
00:18:51.599 --> 00:18:54.039
really engaged. We had a way that you could come

309
00:18:54.039 --> 00:18:58.680
into a branch and then virtually be connected. Our members

310
00:18:58.720 --> 00:19:00.839
told us they did not like that because if they're

311
00:19:00.880 --> 00:19:02.960
coming into the branch, they're coming into it for a

312
00:19:02.960 --> 00:19:06.640
specific reason. So when we started looking at, well, how

313
00:19:06.640 --> 00:19:10.000
can we enhance that service model, it become apparent to

314
00:19:10.119 --> 00:19:15.839
us that we needed to move those loan officers out

315
00:19:15.839 --> 00:19:19.839
into the branch and then also upscale some branch staff

316
00:19:20.119 --> 00:19:23.079
to be able to interact on the lending side with

317
00:19:23.200 --> 00:19:27.119
the members right face to face, so we still use

318
00:19:27.599 --> 00:19:31.759
a digital interaction tool to enter information and work with

319
00:19:31.759 --> 00:19:34.480
that member. The member can even do that digitally in branch.

320
00:19:34.640 --> 00:19:38.039
Most preferred to have us do that, and so yes,

321
00:19:38.160 --> 00:19:41.640
there are times when automation will underwrite it. It'll kick

322
00:19:41.720 --> 00:19:45.559
back the decision quickly, but if it needs to be reviewed,

323
00:19:45.839 --> 00:19:49.119
we do have centralized underwriters, not a lot, but a

324
00:19:49.160 --> 00:19:52.279
few that will look at those cases that require more

325
00:19:52.319 --> 00:19:56.000
hands on. But the branch staff is able to interact

326
00:19:56.039 --> 00:19:58.200
with the member, understand their need, get them in the

327
00:19:58.240 --> 00:20:02.160
right product and service, explain the program to them, and

328
00:20:02.279 --> 00:20:05.680
then fund it for them once that's approved as well.

329
00:20:06.240 --> 00:20:10.960
So our model has been get rid of that centralized model, right,

330
00:20:11.440 --> 00:20:14.119
and then put that back in for us back into

331
00:20:14.160 --> 00:20:18.720
the branches. We still offer that through our contact center,

332
00:20:19.240 --> 00:20:22.599
so you still can reach a person, but it's not

333
00:20:22.640 --> 00:20:25.359
in a centralized area, right, It's going to be in

334
00:20:25.359 --> 00:20:28.119
one of our branches. And quite honestly, if the members

335
00:20:28.119 --> 00:20:30.279
calling in, they don't care if you're in a centralized

336
00:20:30.279 --> 00:20:33.359
group or you're sitting in a branch. So from a

337
00:20:33.400 --> 00:20:36.720
cost savings perspective, since we have branch staff anyway, because

338
00:20:36.720 --> 00:20:40.039
they're there for the members during branch hours, why not

339
00:20:40.240 --> 00:20:43.640
utilize them more effectively, so we've upskilled them. And that

340
00:20:43.759 --> 00:20:47.640
also means, because we require a different skill set, we

341
00:20:47.680 --> 00:20:50.720
pay them a little bit more than just a transactor, right,

342
00:20:51.319 --> 00:20:54.680
So it serves the member, it serves us, and then

343
00:20:54.880 --> 00:20:59.559
certainly right we overlay our digital platforms on top of that,

344
00:20:59.640 --> 00:21:02.359
so we offer kind of the best of both worlds,

345
00:21:03.240 --> 00:21:06.039
and that model has really worked well for us for

346
00:21:06.119 --> 00:21:07.359
the last several years.

347
00:21:08.240 --> 00:21:12.000
That's great. I think with this ever changing idea of

348
00:21:13.319 --> 00:21:16.720
more digital, less human interaction, as much as we say

349
00:21:16.759 --> 00:21:21.400
we all love it in some facet, we're always trying

350
00:21:21.440 --> 00:21:24.960
to obtain it right, Like you go on to a

351
00:21:25.000 --> 00:21:27.400
specific website and talk to an AI agent, you just

352
00:21:27.400 --> 00:21:29.480
want a quick answer, and it's not out putting it

353
00:21:29.559 --> 00:21:31.599
quick enough. You immediately pick up the phone and she's like,

354
00:21:31.720 --> 00:21:33.279
I need to talk to an agent. I need to

355
00:21:33.279 --> 00:21:36.640
talk to a member service representative or something. So it's

356
00:21:36.680 --> 00:21:39.000
a good kind of thought to keep in the back

357
00:21:39.039 --> 00:21:41.720
of your mind. Like as we go forward with this

358
00:21:41.799 --> 00:21:44.920
digital shift, like us as humans are going to want

359
00:21:44.920 --> 00:21:47.839
to continue to engage with other humans.

360
00:21:47.839 --> 00:21:49.799
But yeah, and I think that's a great point right

361
00:21:49.880 --> 00:21:54.359
to make. So digitalization is very important, But you're get

362
00:21:54.359 --> 00:21:57.200
on a great point through it's that human interaction as well.

363
00:21:57.519 --> 00:22:01.279
So you need a strong, great digital platform, but you

364
00:22:01.359 --> 00:22:03.920
need that ability to your point, right, it's a great point.

365
00:22:03.960 --> 00:22:06.480
You still need that human interaction, whether it's through the phone,

366
00:22:06.880 --> 00:22:09.960
through a direct chat, or for us even being able

367
00:22:10.000 --> 00:22:12.319
to offer it through one of our twenty two locations.

368
00:22:12.519 --> 00:22:15.880
So last question, and I kind of want to pivot

369
00:22:15.920 --> 00:22:19.759
a bit from the member experience to the broader lending

370
00:22:19.839 --> 00:22:22.680
landscape if you want to go there. But you know,

371
00:22:22.759 --> 00:22:25.960
currently there's a lot of uncertainty now with of course

372
00:22:26.480 --> 00:22:33.559
the administration change, the evolving regulatory signal, wavering, ongoing tariff discussions,

373
00:22:33.559 --> 00:22:36.920
and the uncertainty there. So how are you approaching, you know,

374
00:22:37.000 --> 00:22:40.519
your lending strategy in light of these unknowns and how

375
00:22:40.559 --> 00:22:43.960
do you stay adaptable in the constantly shifting environment?

376
00:22:44.039 --> 00:22:46.920
Yeah? Tough right now, Right in the environment that we're

377
00:22:47.039 --> 00:22:49.480
all in from a never perspective, but also from an

378
00:22:49.559 --> 00:22:54.799
institution perspective. So certainly in the economic times we're in,

379
00:22:55.480 --> 00:23:01.759
we do see applications increase, but we're also seeing denials increase,

380
00:23:02.000 --> 00:23:06.599
right because of credit files. Right, So what we're trying

381
00:23:06.640 --> 00:23:09.559
to do is to ensure that we're able to work

382
00:23:09.559 --> 00:23:12.400
with our members the best of their ability. But part

383
00:23:12.440 --> 00:23:16.880
of that may be suggesting alternatives versus just denying them outright,

384
00:23:17.200 --> 00:23:21.240
to say, well, maybe did you look at purchasing an

385
00:23:21.279 --> 00:23:24.960
auto that doesn't cost as much, right? Or can we

386
00:23:25.000 --> 00:23:27.799
get a payment that better works for you? So offering

387
00:23:27.920 --> 00:23:32.839
alternatives versus just flatly denying alone. But certainly we are

388
00:23:32.920 --> 00:23:36.839
seeing denials. But I also think that because we have

389
00:23:36.920 --> 00:23:41.000
that human interaction with those members that want that, at times,

390
00:23:41.000 --> 00:23:44.960
we're then able to offer some constantly or coaching to them.

391
00:23:45.960 --> 00:23:50.279
Maybe it's consolidation of debt. Maybe it's looking at if

392
00:23:50.279 --> 00:23:52.960
they have a home, do they have a home equity loan?

393
00:23:53.160 --> 00:23:55.359
Is that a better option for them if they're looking

394
00:23:55.359 --> 00:23:59.359
at adding on some expense, right. So it's taking the

395
00:23:59.640 --> 00:24:03.319
program that we have and educating the member in a

396
00:24:03.359 --> 00:24:06.039
way to let them know that there are other options

397
00:24:06.039 --> 00:24:08.640
for them. And I think that's one unique thing not

398
00:24:08.680 --> 00:24:11.079
only about Great Lakes, but the credit union movement in

399
00:24:11.160 --> 00:24:15.720
general is very good about offering those options and that

400
00:24:15.960 --> 00:24:18.880
sometimes you know, digital can do that a little bit,

401
00:24:18.920 --> 00:24:23.039
but that's where that human interaction plays in. I think,

402
00:24:23.119 --> 00:24:25.839
you know, it's tough because we certainly have all seen

403
00:24:26.519 --> 00:24:30.000
that delinquencies have increased in a lot of product lines right,

404
00:24:30.119 --> 00:24:34.279
charge offs are increasing. Housing in some segments across the

405
00:24:34.319 --> 00:24:38.839
country is starting to see some pressure on pricing. I

406
00:24:38.880 --> 00:24:43.000
heard this week right some in California are experiencing back

407
00:24:43.000 --> 00:24:45.079
what we did in eight nine and ten, where they're

408
00:24:45.119 --> 00:24:49.440
giving deeds back, you know, in LUA foreclosures. So I

409
00:24:49.480 --> 00:24:54.599
think it's paying attention to all of the economic constraints

410
00:24:54.640 --> 00:24:57.880
that are impacting all of us, right and making sure

411
00:24:57.920 --> 00:24:59.960
that you balance the need of being able to serve

412
00:25:00.079 --> 00:25:02.640
of your member in the community, but doing it in

413
00:25:02.680 --> 00:25:07.079
a smart way that certainly does not add additional or

414
00:25:07.200 --> 00:25:11.799
unneeded risk to your balance sheet or your concentrations. And

415
00:25:11.839 --> 00:25:14.599
so I think it's looking under the hood at what

416
00:25:14.680 --> 00:25:18.160
you're offering, making sure you're pricing engines, are taking all

417
00:25:18.279 --> 00:25:22.920
these nuances into consideration and evaluating them on a more

418
00:25:22.960 --> 00:25:27.759
frequent basis to make sure that you're properly handling the

419
00:25:27.839 --> 00:25:32.359
risk side of that equation. I think also putting people

420
00:25:32.359 --> 00:25:35.680
in products and services that don't make sense for them

421
00:25:36.400 --> 00:25:39.519
is a challenge, and that is a challenge when you

422
00:25:39.559 --> 00:25:42.880
don't have that human interaction, are only utilizing kind of

423
00:25:42.960 --> 00:25:45.799
a digital model. So it's making sure that the box

424
00:25:45.839 --> 00:25:50.160
that you operate in if you're utilizing automated underwriting, right,

425
00:25:50.279 --> 00:25:54.559
is taking into consideration those risk factors and making sure

426
00:25:54.559 --> 00:25:58.240
that you continually update those and look at those because

427
00:25:58.279 --> 00:26:01.400
the risk factors that we use to years ago are

428
00:26:01.400 --> 00:26:03.400
not the same respectors that we need to use in

429
00:26:03.440 --> 00:26:07.359
that model today, right. And then I think it's just

430
00:26:07.599 --> 00:26:11.000
making sure that as we evolve products and services that

431
00:26:11.079 --> 00:26:14.319
you're managing those and looking at those metrics on an

432
00:26:14.319 --> 00:26:16.960
ongoing basis. Kind of goes back to my point on

433
00:26:17.000 --> 00:26:19.480
that three hundred dollars loan, right, don't want to put

434
00:26:19.480 --> 00:26:20.880
a lot of those on the books that are all

435
00:26:20.920 --> 00:26:23.799
going to be charged off, even though they're small. So

436
00:26:23.880 --> 00:26:26.480
it's monitoring that on a daily or weekly basis and

437
00:26:26.519 --> 00:26:30.920
making sure the lending teams are really myopically focused on

438
00:26:31.039 --> 00:26:35.799
managing those products and services. And then I also think,

439
00:26:35.960 --> 00:26:42.279
you know, making sure that you're cognizant into LTVs, Right,

440
00:26:42.400 --> 00:26:45.319
what does that look like? Does that really make sense

441
00:26:45.640 --> 00:26:48.720
right when you're when you're giving out those loans. So

442
00:26:49.720 --> 00:26:53.279
I think the awareness needs to be there, and it's

443
00:26:53.319 --> 00:26:56.960
looking at all those economic factors. And then you know,

444
00:26:57.000 --> 00:26:59.839
we're also seeing stress and pressure on some of those

445
00:27:00.039 --> 00:27:02.359
markets in the last few years that have really had

446
00:27:02.400 --> 00:27:06.920
housing values increased significantly starting to come back. So making

447
00:27:07.000 --> 00:27:09.200
sure that if you're looking at a refinance of a

448
00:27:09.240 --> 00:27:13.079
first or a helock, that you are taking those values

449
00:27:13.119 --> 00:27:18.119
into consideration as well, and then really communicating and being

450
00:27:18.160 --> 00:27:21.200
transparent with the membership when you're working with them on

451
00:27:21.799 --> 00:27:27.119
a lending opportunity. Right. So, I think it just becomes

452
00:27:27.240 --> 00:27:31.680
more of tuning into some of the key learnings we

453
00:27:31.799 --> 00:27:35.480
picked up in the last economic downturn and then really

454
00:27:36.279 --> 00:27:39.799
codifying those and saying, what did we learn, and let's

455
00:27:39.839 --> 00:27:43.119
not get back into those same habits, and then how

456
00:27:43.160 --> 00:27:46.079
do we get ahead of it versus so being more

457
00:27:46.200 --> 00:27:48.240
proactive drough than being react.

458
00:27:48.319 --> 00:27:51.119
I'd love to get your thoughts to expand off of that.

459
00:27:51.400 --> 00:27:53.039
You brought up a great point, and I would say

460
00:27:53.039 --> 00:27:56.400
this is the consensus across the financial services ecosystem, whether

461
00:27:56.440 --> 00:27:59.880
it's credit unions and or banks. Delinquencies are on the rise,

462
00:28:01.319 --> 00:28:07.400
Denials of loans are on the rise. Most financial institutions

463
00:28:07.440 --> 00:28:10.920
their form of income of course comes from lending. But

464
00:28:11.039 --> 00:28:15.119
as we have pressures to valuations of homes, valuations of vehicles,

465
00:28:15.119 --> 00:28:18.839
also constraining the approval the approval odds of these types

466
00:28:18.880 --> 00:28:21.039
of products that you offer to your members. How do

467
00:28:21.119 --> 00:28:23.960
you think about this in the short term from an

468
00:28:23.960 --> 00:28:26.880
income perspective? Right, Like, if things are down and lendings

469
00:28:26.880 --> 00:28:29.960
down and approvals are down, does this impact income statement?

470
00:28:30.039 --> 00:28:32.160
How long? How are you kind of measuring your thought

471
00:28:32.160 --> 00:28:33.960
process and moving forward with that? Right?

472
00:28:34.000 --> 00:28:37.799
So I think that goes back to concentrations, right and

473
00:28:37.920 --> 00:28:41.880
modeling out through your ALM what your balance sheet can

474
00:28:41.920 --> 00:28:45.680
really take, right. And so perhaps if you're lent out

475
00:28:45.920 --> 00:28:49.480
and a lot of that is in mortgages, right, is

476
00:28:49.519 --> 00:28:52.319
that a challenge? And then how do you offset that

477
00:28:52.359 --> 00:28:55.519
with other type of loans right that are going to

478
00:28:55.519 --> 00:29:00.880
help balance that concentration mix. But it is an income challenge, right,

479
00:29:01.240 --> 00:29:06.079
So it's what other forms of non traditional income does

480
00:29:06.079 --> 00:29:09.480
your credit union focus on? Right? And so how do

481
00:29:09.559 --> 00:29:15.200
you maximize in a downward economic trend those other revenue

482
00:29:15.240 --> 00:29:19.079
streams that can make up for whatever that gap is

483
00:29:19.119 --> 00:29:22.559
going to be? Or you know, like us, we're a

484
00:29:22.640 --> 00:29:24.960
shop that is very heavy and have been very heavy

485
00:29:24.960 --> 00:29:27.319
on the mortgage side. We have a lot of those

486
00:29:27.480 --> 00:29:30.359
fixed mortgages at low rates, right, because we got caught

487
00:29:30.400 --> 00:29:33.039
in that bubble of not selling them quick enough, right,

488
00:29:33.119 --> 00:29:35.920
So then we had to turn to other lending products

489
00:29:35.960 --> 00:29:39.960
and services that was going to bring in more income,

490
00:29:40.079 --> 00:29:43.079
So commercial lending, small business lending that brings in some

491
00:29:43.240 --> 00:29:46.359
fee income. But also today you're putting those on at

492
00:29:46.400 --> 00:29:48.839
a higher rate. Need to do it the smart way, right,

493
00:29:49.960 --> 00:29:52.759
But I think it's balancing out. What are some of

494
00:29:52.799 --> 00:29:55.319
those other products and services that you can bring in

495
00:29:55.440 --> 00:29:59.319
fee income in in the right way? And are you know,

496
00:29:59.400 --> 00:30:01.599
onboarding those loans at a higher rate than you have

497
00:30:01.680 --> 00:30:04.640
on your books today, and as things pay down, replace

498
00:30:04.720 --> 00:30:08.960
those loans with loans at a higher rate. But part

499
00:30:09.000 --> 00:30:12.400
of it is a timing as well, right, And so

500
00:30:12.839 --> 00:30:16.079
then what other sources of income are you looking at? Right?

501
00:30:16.400 --> 00:30:19.839
So can your investment portfolio bring in some additional income?

502
00:30:20.319 --> 00:30:20.480
Right?

503
00:30:20.559 --> 00:30:24.119
Do you have QSOs that can ratchet up income? Right?

504
00:30:24.319 --> 00:30:27.319
So I think it's looking at all those alternative sources

505
00:30:27.359 --> 00:30:30.599
if you have those available at your credit union. But

506
00:30:30.920 --> 00:30:35.000
I will say, you know what I've seen sometimes during

507
00:30:35.079 --> 00:30:38.440
economic downturns old enough to be here in a couple

508
00:30:38.480 --> 00:30:42.640
of them, is you don't overreact either, right, because you

509
00:30:42.720 --> 00:30:45.680
can go too much one way or the other right,

510
00:30:45.960 --> 00:30:48.680
So what's that course of action that's going to keep

511
00:30:48.720 --> 00:30:52.440
you in the middle, right, And then having that strategic

512
00:30:52.519 --> 00:30:56.000
discussion with your board, with your leadership team to make

513
00:30:56.039 --> 00:30:59.400
sure that you're taking all those things into consideration and

514
00:30:59.400 --> 00:31:05.759
that you're really managing through more analysis and modeling on

515
00:31:05.880 --> 00:31:09.079
decision making. Because you may think, well, all right, I

516
00:31:09.119 --> 00:31:12.200
need to add on some more loans at a higher rate.

517
00:31:12.880 --> 00:31:15.759
Well that's great, but are you doing it the right way?

518
00:31:16.000 --> 00:31:18.920
Is their risk with bringing on those loans? Right? Certainly

519
00:31:18.960 --> 00:31:23.519
we all love cecil and balancing out cecil implications as well,

520
00:31:24.039 --> 00:31:25.720
but I think you need to do it in a

521
00:31:25.799 --> 00:31:28.240
smart way, and I do think you need to look

522
00:31:28.279 --> 00:31:32.319
at it with more emphasis placed on analysis and modeling,

523
00:31:33.240 --> 00:31:35.759
and then make sure that whatever you decide to do,

524
00:31:36.000 --> 00:31:39.319
that your balance sheet can support that, right, and that

525
00:31:39.400 --> 00:31:42.839
you have the liquidity and the capital to be able

526
00:31:42.880 --> 00:31:46.720
to build that into that balance sheet right analysis as well.

527
00:31:46.759 --> 00:31:50.279
Exactly. Well, thank you for that, Steve. I think this

528
00:31:50.480 --> 00:31:54.000
is a good transition spot. I always like to close

529
00:31:54.039 --> 00:31:57.559
the podcast out with three questions rapid fire, so we'll

530
00:31:57.559 --> 00:32:00.519
get started here. What is the latest and great app

531
00:32:00.759 --> 00:32:03.160
or technology gadget that you cannot live without.

532
00:32:03.240 --> 00:32:07.079
Yeah, So I'm an old technology person, So I would

533
00:32:07.119 --> 00:32:09.319
say my iPhone because all my apps that I use

534
00:32:09.359 --> 00:32:11.799
are on the iPhone right as they all off for

535
00:32:11.839 --> 00:32:14.319
all of us, and so you know they're right there.

536
00:32:14.359 --> 00:32:17.640
They're handy. But I would say, you know, top of

537
00:32:17.680 --> 00:32:21.519
the list certainly would be our mobile app here at

538
00:32:21.519 --> 00:32:24.880
the credit Union, right, because I can check on everything

539
00:32:24.920 --> 00:32:27.240
all the time. I can see what my wife is doing, right,

540
00:32:27.319 --> 00:32:29.759
what's coming in the account, what's going out of the account.

541
00:32:30.920 --> 00:32:34.680
And then certainly because of Chicago, have to use Ways

542
00:32:34.720 --> 00:32:38.079
a lot because the traffic is horrendous and there's always

543
00:32:38.079 --> 00:32:40.200
something going on, so what's the best way to get there?

544
00:32:40.440 --> 00:32:42.799
So Ways is probably my go to app as well.

545
00:32:43.240 --> 00:32:46.200
And then fit Bit because I love to just see

546
00:32:46.319 --> 00:32:50.880
sleep score, steps per day activity. Right. So I think

547
00:32:50.880 --> 00:32:54.359
those would probably be the three top things on my

548
00:32:54.440 --> 00:32:55.799
iPhone that I utilize.

549
00:32:56.039 --> 00:32:58.359
Yeah, I'm interested to see the transition of that. Like

550
00:32:58.359 --> 00:33:00.279
you think about the iPhone, how long it's been out,

551
00:33:01.319 --> 00:33:04.400
whether it's Ways or Google Maps or even the I mean,

552
00:33:04.400 --> 00:33:07.720
the Bit's probably a decade in market now, Like those

553
00:33:07.759 --> 00:33:09.319
are the ones that we can't live without. What does

554
00:33:09.359 --> 00:33:11.640
that translate to in another decade or two decades now

555
00:33:11.680 --> 00:33:14.319
from a technology perspective, but I would agree with you

556
00:33:14.400 --> 00:33:17.559
that the technology that we cannot live without, I think

557
00:33:17.720 --> 00:33:20.119
the phone number one takes takes the cake.

558
00:33:20.519 --> 00:33:20.799
All right?

559
00:33:20.839 --> 00:33:23.440
Next question, if you could switch jobs with anyone for

560
00:33:23.440 --> 00:33:24.200
a day, who would it be?

561
00:33:24.200 --> 00:33:28.039
In y So probably a little bit unique to me.

562
00:33:28.119 --> 00:33:30.440
For those that know me, that probably wouldn't be a surprise.

563
00:33:30.880 --> 00:33:34.400
But I would say Clay Robbins, who is the CEO

564
00:33:34.440 --> 00:33:39.039
of Lelly Endowment based on Indianapolis. Right, So, being a

565
00:33:39.119 --> 00:33:43.640
Hoosier born and raised in the Hoosier State, had the

566
00:33:43.680 --> 00:33:48.599
opportunity to work with them at a community foundation, their

567
00:33:49.079 --> 00:33:53.720
very phone thropic. Their give back is tremendous, especially in

568
00:33:53.759 --> 00:33:57.559
the state of Indiana, in community foundations and the impact

569
00:33:57.640 --> 00:34:02.039
that that organization has made in the communities that they

570
00:34:02.160 --> 00:34:05.960
serve in Indiana and the impact and seeing the impact

571
00:34:06.039 --> 00:34:08.920
of those dollars being utilized. And so I go back

572
00:34:08.960 --> 00:34:13.639
and say, that's really interesting because right if you take

573
00:34:13.719 --> 00:34:17.679
that model and say, gosh, what could be done even

574
00:34:17.719 --> 00:34:20.880
in other states, right by those type of pel and

575
00:34:20.920 --> 00:34:24.320
profit organizations. Wouldn't we all be much better off? The

576
00:34:24.400 --> 00:34:29.519
members we serve, the communities, we serve and because of

577
00:34:29.800 --> 00:34:34.880
living our mission here at GLCU, that organization really resonates

578
00:34:34.920 --> 00:34:37.599
with me, especially with having some interaction with them in

579
00:34:37.599 --> 00:34:39.760
Indiana and at the credit Union I came from.

580
00:34:39.760 --> 00:34:43.960
That's good. We can take offline for another conversation our

581
00:34:44.079 --> 00:34:46.400
collegiate fandom. But I did not know that you were

582
00:34:46.960 --> 00:34:50.159
a former Hoosier and fan, so we'll pick that up

583
00:34:50.159 --> 00:34:53.760
another day. Last question, though, does not need to pertain

584
00:34:53.800 --> 00:34:56.800
to lending, but what is one bold prediction for the future?

585
00:34:56.920 --> 00:34:59.639
So I would say, so this is like pretty bold

586
00:35:00.079 --> 00:35:02.920
going out there, nothing to do with lending, right, But

587
00:35:03.119 --> 00:35:05.920
I really think the Chicago Cubs, I don't want to

588
00:35:06.000 --> 00:35:08.719
jinx it right, are going to win the World Series

589
00:35:08.760 --> 00:35:11.960
this year. Just wait and see it's gonna happen. It's

590
00:35:12.000 --> 00:35:12.519
gonna happen.

591
00:35:12.559 --> 00:35:16.719
As a Cleveland Guardians now now Guardians fan, I don't

592
00:35:16.760 --> 00:35:21.000
have the same mindset of rooting for anything Cubs related

593
00:35:21.039 --> 00:35:23.639
since of what happened in twenty sixteen. But we can

594
00:35:23.679 --> 00:35:25.559
also take that offline for another.

595
00:35:25.320 --> 00:35:28.000
And if I'm telling you that, I'm looking at my background, right,

596
00:35:28.039 --> 00:35:30.360
and then you see the Bears in the back, right,

597
00:35:31.280 --> 00:35:34.400
I did not say, right any prediction on them, but

598
00:35:34.519 --> 00:35:37.400
maybe if I move over and hide there, right, So,

599
00:35:37.559 --> 00:35:39.280
I just caught that on the background, Like, yah, that's

600
00:35:39.280 --> 00:35:40.960
probably not so great. I should have had something up

601
00:35:40.960 --> 00:35:41.880
there on the cups, right.

602
00:35:41.880 --> 00:35:47.039
Yeah, but Bears Brown's Noga guards cubs potentially. But Steve,

603
00:35:47.519 --> 00:35:50.320
this has been such an insightful conversation. Thank you so

604
00:35:50.440 --> 00:35:54.760
much for you know, sharing your experience, your perspectives. As always,

605
00:35:54.760 --> 00:35:56.840
to our listeners, thank you for tuning in. If you

606
00:35:56.960 --> 00:36:00.360
enjoyed today's episode, be sure to subscribe to share with

607
00:36:00.360 --> 00:36:03.199
a colleague, friend, and the industry. Until next time, keep innovating,

608
00:36:03.280 --> 00:36:06.400
stay curious, and thanks again for being part of our conversation.