SAN DIEGO–After 17 years of leadership with Mission Federal Credit Union, President & Chief Executive Officer Debra Schwartz has announced plans to retire March 1, 2024.
Schwartz joined Mission Fed in 2007 as executive vice president. After serving as interim CEO in 2008, she was officially named president and CEO that year and has since grown Mission Fed from $1.8 billion to $6 billion in assets. The credit union’s membership has expanded from 127,000 to more than 300,000 members in the same timeframe, Mission Fed reported.
The full retirement announcement and listing of Schwartz’s accomplishments can be found here.
Below, Schwartz shares some of what she has learned during her career.
CUToday.info: How did you come to be involved in credit unions?
Schwartz: Initially, finding my way into the credit union world took some time, despite my background in the financial services industry. Once I discovered credit unions, I was hooked – preferring to work for members and the community rather than just a bottom line. The commitment to the San Diego community has played a significant role in Mission Fed's success.
CUToday.info: What have you learned about driving and managing growth during your career, and has that changed?
Schwartz: Growth has consistently been a crucial strategic goal. During my CEO interview, I promised to focus on member growth. I was confident that we had great products and services, and once someone joined our credit union, loan and deposit growth would follow – and that has held true as we’ve almost tripled in size during the last decade or so. Member growth has remained a strategic pillar, even as other priorities have changed.
CUToday.info: What have you learned about managing people during your career, and has that changed?
Schwartz: I would like to say I’m more patient, but that may not actually be true. I've come to appreciate the importance of diversity of thought and opinion within our senior management team, each member contributing uniquely. Their strengths offset my weaknesses, and I truly trust and value the team.
I've also adopted a "no jerks" rule – no matter how smart, talented or productive someone is, if they are not kind to their staff and peers, I do not want them on my team.
CUToday.info: What advice would you share with a new CEO in credit unions?
Schwartz: I think being open, honest and visible is really important. I am a strong believer in the maxim from author John Spence that the member experience cannot exceed the employee experience. I think a CEO has to set the stage and ensure that their company is offering an exceptional employee experience. If you have employees who love what they do and recognize how important their work is, you have a recipe for success.
CUToday.info: What is your view of the future of credit unions, if there is to be one?
Schwartz: It won't be easy. Consolidation may continue due to increasing regulatory burdens, and rising member expectations. Ultimately, I think that will make us stronger. Credit unions have an excellent value proposition that resonates with consumers – but we need to be sure to continue to stay relevant by offering modern products and services.