PLEASANTON, Calif. – There are numerous job titles within credit unions, but few people executives’ business cards read like Nate Burns’: Credit Union Affairs Executive Director, as it’s formally known, or “Ambassador at Large,” as its more informally known.
Burns, who has held positions with JP Morgan Chase, California Bank & Trust, as well as a regional director and AVP-business development for Patelco, was recently named by the $4-billion Patelco Credit Union to fill that new job title. Below, Burns shares with CUToday.info some insights into what the job is all about.
CUToday.info: Few credit unions have anyone with an “Ambassador at Large” title. Is this new (and if so, what factors led to its creation), or is it a position previously held by someone else (and if so, what have you learned from that person, how has the position evolved?)
Burns: My formal position title is Executive Director of Credit Union Affairs. The function of the position is to be Patelco’s “Ambassador at Large,” representing the credit union externally to government (state and federal) agencies and the credit union industry. My position was created to build awareness for Patelco as a prominent financial institution and to bring value to our membership through grassroots advocacy and reigniting Patelco’s voice in the credit union movement and presence in the legislative process.
The Executive Director of CU Affairs role is new, but representing and advocating for Patelco and the CU movement is something our credit union has done throughout its 79-year history. I’ve tapped into the knowledge and experience of my colleagues, who have worked in this role, to understand what Patelco has previously done and seek insight into where we can (and need to) go.
For example, I have had the opportunity to understand Patelco’s involvement in the creation and promotion of the shared branching philosophy, giving credit unions a competitive advantage over banks. I also see where Patelco could benefit from becoming a member of associations like the Credit Union Legislative Action Council, a position previously held by a predecessor of mine and a coveted position for people at my level, since these memberships are typically reserved for CEOs.
Gaining this knowledge and continuing to learn from my colleagues and team members has helped me find direction in the few weeks that I have been in my new role.
CUToday.info: What is the job description for the Ambassador at Large?
Burns: The Executive Director of CU Affairs position is designed to help our credit union provide membership value by actively participating in external affairs and promoting the credit union movement. My primary role is to develop authentic, meaningful relationships that support our credit union community. To do so, I will connect with credit union associations, professional societies, government agencies and grassroots advocacy movements such as Hike the Hill and Capitol Day. In addition to establishing relationships I will actively work to gain visibility and awareness for Patelco as an industry leader. I look forward to becoming deeply involved with our outreach programs within our communities as well as connecting with industry and government leaders who play a key role in the future of credit unions and the members we serve.
Internally, I also hold the responsibility of shaping and communicating Patelco’s vision and member value with our team members. I will educate our Patelco team about what is trending in the credit union industry and how we are influencing our local government in the favor of the CU movement along with recent legislation. I will also promote and identify opportunities for team members to get involved with sharing Patelco’s story, mission and service as well as broader CU movement initiatives.
CUToday.info: The position, according to Patelco, involves reaching out to “government and industry leaders.” How are these two constituencies different and what is the message to each? Will you be doing any lobbying with legislators?
Burns: In order to effectively represent our membership and Patelco we need to engage those who govern our financial regulations and the larger credit union associations that develop our financial programs and identity. The real difference between the two is that government leaders influence and impact credit unions through legislation and regulation, while CU industry leaders’ influence enables our credit union to have a positive social impact in the communities we serve.
On a local (state and city) government level, we see opportunities to partner with state officials, local mayors, school boards and city councils on initiatives that drive the CU movement forward. I will also seek opportunities to work with local leaders to educate constituents on the purpose and role of a credit union as well as the impact of present and pending legislation. Nationally, we are committed to lobbying to preserve credit unions’ tax status and ensure our members’ best interests are at the forefront of every decision.
Supporting the credit union industry through organization and association membership will also provide an avenue to effectively influence the industry on social issues. My participation in local credit union chapter meetings and California Credit Union League events will help position Patelco as an industry leader that focuses on social responsibility, volunteerism and servant leadership.
CUToday.info: If another credit union were thinking of creating a similar position, what skill sets should they be looking for? What do you think you bring to it?
Burns: The skills I’ve found most important to my position are industry experience, a love for interacting with people, and a genuine belief in the credit union philosophy of “people helping people.”
I have the unique vantage point of having worked in the financial services industry for many years both at large and regional banks. It’s this experience in the banking industry that gives me perspective on what credit unions can offer members vs. banks. I have served on numerous boards and volunteered on many credit union related projects, enabling me to build a large network of colleagues committed to working toward the same goal of promoting the CU movement. I also attended Western CUNA Management School where I learned more about the CU industry and solidified my passion for the CU mission and philosophy.
CUToday.info: You have held positions with banks, so you know both verticals. How clear are people on what credit unions are, what misunderstandings do you encounter, and how do you communicate the credit union difference?
Burns: The question I get most frequently is “what is a credit union?” Unfortunately, most non-members who ask this are under the impression that you have to be a part of a union or work for a specific company to join a credit union. I love to tell them this is not necessarily the case. In my explanation of a credit union and what it offers its members I cover both the structural and philosophical differences between a CU and a bank.
I often highlight the structural differences between shareholders and stockholders and what a not-for-profit such as a credit union means vs. a for-profit bank. I explain how credit unions are able to reinvest profits toward lower rates and better programs in the interest of serving our members. Our recent decision to cut 39 fees during a time when banks have increased how and where they charge their customers is just one example of this member-centric approach.
For philosophical differences between a CU and a bank with non-members, I always stress the importance of the CU philosophy – doing what is right for the member, people not profit. I explain that we have a voluntary board of directors that helps keep us aligned to our mission of enriching our member’s financial well-being. Patelco builds loyalty through putting the member’s needs first in everything we do. For example, we moved away from sales goals in favor of “member participation.” For us “participation” means offering specific products and services to our members at the time that makes the most sense for them – not selling them something they don’t need. I am proud to be a part of a financial institution that prides itself on being an advocate for the member- not just the bottom line.