By Ray Birch
WASHINGTON—Should America’s Credit Unions look for a savvy political operator who can navigate both sides of the aisle—and the Trump Administration—to succeed Jim Nussle, or a strategic thinker capable of evaluating credit union needs amid an increasingly uncertain and evolving financial services landscape?
CUToday.info spoke with several credit union experts to gather their insights on what qualities are essential in ACU’s next leader. As CUToday.info reported, Nussle announced his retirement in April, noting he is committed to remaining at ACU to help steer the industry through the ongoing tax battle, and until a new leader is selected.
Sources speaking to CUToday.info on background have suggested former NCUA Chairman and current Acting Comptroller of the Currency Rodney Hood would be a strong candidate to succeed Nussle. Other names that have surfaced in discussions include former NCUA Chairman Dennis Dollar, Cornerstone League CEO Caroline Willard, ACU Chief Advocacy Officer Carrie Hunt, GoWest CU Association President and CEO Troy Stang, League of Credit Unions & Affiliates President Samantha Beeler, and former NCUA Board Member Geoff Bacino.
John McKechnie
Washington CU advocate John McKechnie said he is hearing from the credit union community that it may be time for a different emphasis from the next leader at ACU.
“In looking for Jim Nussle’s successor, my read is that America’s Credit Unions might benefit from a CEO who—first and foremost—understands credit unions are in the middle of an evolution in terms of what they want from their trade association,” said McKechnie. “This is a function of the reality that technology is driving big changes in the consumer marketplace. Today, I don't think credit unions need from a trade association what they needed ten years ago. When I was in the association world I always had a sense from members that they wanted us to be very aggressive from a PR standpoint, and from an advocacy standpoint. But it’s not easy to be aggressive if it’s unclear what direction to take.”
McKechnie said ACU’s next leader must be skilled at assessing the shifting financial services landscape.
“The next CEO should be adept at listening and anticipating where the credit union industry wants to be now and in the near future,” he explained. “I don't know who that next leader is. But to me, the test of a strong leader today is one who can listen and chart a successful path for credit unions in what has become uncertain times.”
Strong Political Ties
Geoff Bacino
Geoff Bacino emphasized the need for a leader with strong political ties who can work many angles in D.C.
“As the largest credit union trade group, ACU should be looking for a candidate who can work with both sides of the aisle,” Bacino told CUToday.info. “However, with three-and-a-half years left on President Trump's term, a working relationship with the White House is also a must. I also believe that a good working knowledge of credit unions is necessary. This isn't a time for on-the-job training. This person must be able to hit the ground running.”
Bacino said that in the past some members of Congress fit the bill.
“(Former CUNA leader) Dan Mica was a moderate Democrat and Nussle is a moderate Republican,” Bacino said. “I'm having a tough time finding a current or relatively recent member of Congress who meets that criteria. As one looks at the political landscape today, most members of note slide to one end of the political spectrum or the other...but not in the middle. The job pays well and is fairly high profile. So, it will attract attention. The key is getting the right person.”
Credit union industry veteran Larry Blanchard contended the ACU search committee must remember that the trade association is both an advocacy organization and a business with a substantial focus on professional and volunteer education and training.
“The CEO should be versed in the nuances of a full-service trade association,” said Blanchard, currently a public affairs consultant for TruStage. “The CEO should have a background on Capitol Hill , not necessarily as an elected official but practical, tested experience working either on or with policy committees in the financial services realm.”
Blanchard said the next ACU boss must have regulatory acumen similar, but not as extensive as the individual’s Capitol Hill background.
“They must be trusted and respected by Republicans, Democrats and Independents,” Blanchard said. “They must have a tested and proven understanding of credit unions' not-for-profit structure and their commitment to the people helping people mission.”
When contacted by CU Today about the possibility of being considered for the ACU position, Dennis Dollar stated, “While I am quite honored to have my name thrown out there, I am quite certain the ACU board is looking for someone who can lead the organization for the next ten to twenty years. My hair color and birth certificate don’t fit that bill, and I love what I am doing at this stage of my career.”
Dennis Dollar
Dollar added that ACU will be a great opportunity for someone with the right skill set, background and contacts.
“But Dollar Associates has over 700 credit unions in our work portfolio,” he explained. “We’re working on 24 mergers and 31 field of membership and charter projects right now. I’ve got plenty on my plate and consider myself blessed to have the chance to impact the credit union industry positively through our consultancy. I’ll leave it to others to take ACU to its next level, and I wish the next CEO well. I don’t believe I would be a serious candidate, and I am certain they will have plenty of great choices other than me.”
Ongoing Tax Fight
Scott Wilson, president and CEO of $770-million SeaComm FCU in Massena, N.Y., told CUToday.info he believes the ability to focus on the growing tax fight is a needed skill.
“I certainly do not have one individual in mind. However, the candidate must have a deep understanding of the advocacy process in the ever-changing D.C. landscape,” Wilson said. “A former member of Congress who has had the ability to work successfully on both sides of the isle would be a definite benefit. I would also add, one who can continue to keep our industry laser focused on key issues, such as the tax-exemption would be imperative.”
Scott Wilson
ACU’s CEO Selection Committee said work to find Nussle’s replacement is ongoing.
"Being able to lead the search for America's Credit Unions is a tremendous honor, and a responsibility our selection committee is not taking lightly,” said Karen Harbin, vice-chair of America’s Credit Unions board and chair of the CEO Selection Committee. “As a member-first association, we greatly value the opinions of our members and have spent a lot of time listening to their feedback on what they'd like to see in the next CEO, as well as that of industry leaders and other stakeholders.”
Harbin, who is also CEO of $2.6-billion Commonwealth FCU in Frankfort, Ky., said the committee is taking those inputs to help management consulting firm Korn Ferry identify top candidates for the role.
“We're not rushing this process and are satisfied with the progress we've made. We're grateful for Jim's commitment to lead the association through this tax battle and until a new leader is selected. Ensuring America's Credit Unions is able to serve our members and meet their current and future needs is our top priority,” she explained.