Deyanira Del Rio has one tip for every credit union board member: Think and care about the greater world beyond yourself, the credit union's walls, friends, family and community.

“Credit unions should be committed to examining whether and how they are making a real difference for their members and in their communities,” the board chair of the National Federation of Community Credit Unions and the $46 million, New York City-based Lower East Side People's Federal Credit Union, said. “We need to do more than position ourselves as nicer, more affordable alternatives to banks.”

The idea of being obligated to think of solutions that work toward social justice and change for everyone, not just those in our little corner of the world, has been Del Rio's compass.

As co-director of the New Economy Project in New York City, her passion for issues in the areas of immigration, community development and tackling poverty typically outweighed any interest she had in the banking or finance world. Or so she thought. Joining the LESPFCU board in her early 20s helped Del Rio recognize the connection between access to capital – or the lack thereof – and the New Economy Project's mission to promote community economic justice and the creation of safe, healthy, thriving communities for all.

“Find something you truly enjoy learning about and are willing to spend your personal time doing, unpaid,” she said of board service.

Given the time staff members spend managing and developing boards, she said anyone who is even contemplating joining a board should be sure about their commitment.

“Your motivation for board service shouldn't be about boosting your resume, but rather being a part of something you support and care deeply about,” she said. “Anything less is a disservice to the organization.”

The overlap of the fundamental core values of the Federation board and New Immigrant Community Empowerment board has presented Del Rio with opportunities to influence issues that matter most. Her board service represents the intersection of her work, passion and values, she said.

She applauded the Federation staff's initiatives, from the recent announcement of pioneering a new type of amortizing secondary capital product, to furthering its investments to help community development credit unions grow and broaden their impact. The Federation is also in the process of developing a shared banking platform for CDCUs, which Del Rio said could be a game changer for small credit unions. Another source of her awe and pride has been the Federation's longtime leadership on immigrant initiatives, and its advocacy for the preservation of small and struggling minority credit unions, which she believes may be a challenging process yet defining for the credit union industry.

She urged credit unions to seek out underserved communities – new immigrants, many of whom are low-wage workers, are just a few of the many people who need access to what credit unions can provide. Plus, they represent a huge but often overlooked opportunity.

“Stop viewing these populations as inherently risky,” she said.

For example, the hesitancy many banks and credit unions have to serve undocumented immigrants is often based on assumptions stemming from the concerns related to the Bank Secrecy Act. So to mitigate risk, some financial institutions offer prepaid cards but perhaps not open checking accounts, mortgages or small business loans to this demographic.

“Anti-terrorism financial regulations are not directed at low wage workers,” Del Rio said. “Credit unions, as cooperatives, need to find ways to serve these community members equitably, not create tiered services based on immigration status.”

One of LESPFCU's largest loan portfolios involves limited-equity housing cooperatives that provide affordable home ownership to very low-income people in New York City. The credit union's field of membership includes individuals in those buildings around the city, as well as the cooperatives, themselves. While providing the loans can be challenging, it represents a huge business opportunity and helps preserve a critical form of housing in the city.

Del Rio believes that as credit unions look ahead, their strategic planning sessions should address the following questions: What is the change they are trying to create in the world and how will they get there? And, what are their short, medium and long-term goals and strategies?

“In the daily grind, it's so easy to focus on long lists of tasks and lose sight of the bigger mission and vision,” she said. “I think it's motivating and clarifying for staff and board to have a shared vision of what the institution is trying to achieve, and real benchmarks to track progress. There are obviously a host of nuts and bolts questions to tackle in strategic planning, but a theory of change can be a valuable tool to get started and to think fresh.”

Over the years, she has worked on both the local and national level to promote economic inclusion in immigrant communities, combat lending discrimination and advocate policies that expand fair banking access. Her credit union advocated for financial reform by testifying in support of the CFPB before the House Financial Services Committee. Del Rio acknowledged that in the short term, there may be issues and regulatory challenges for some credit unions.

Though its stance is not a popular one, the credit union took the long-term view that an effective CFPB will ultimately benefit responsible financial institutions and the communities they serve.

“We can't reflexively resist all regulations, nor align ourselves with the very banks that caused the financial crisis,” she said. “Our work is about creating real economic opportunity and promoting economic justice, and we embrace reforms and rules that crack down on predatory and destructive lending.”

She added that much of the existing CFPB resistance seemed ideological.

“After all that's happened in our financial system and economy, I find it troubling to hear credit unions sounding off on the CFPB and perhaps unwittingly making the same arguments as banks and even payday lenders on major consumer protection issues,” she said. “I don't think it reflects well on the credit union movement.”

Up next: The Educator

The Educator

Three was a magic number for Rose Rangel when she became board chairman of the National Association of Credit Union Chairmen.

During her first failed run for the position, Rangel learned the importance of lobbying, speaking up and getting more involved. During her second run, she came closer to her goal, missing the vote by just two points. The near miss spurred her to try again, and this time, there was a solid why behind her bid: Furthering board education efforts.

Rangel credited her persistence and tenacity to a long line of strong women who defied the roles that were dictated for them at the time, including her mother. The women in her family were business owners, owned rental property, served as midwives when doctors in the area were not readily available, and were very vocal about the needs of their families and community. She was raised with the ideals of hard work, family, staying true to values, love of country and giving back to the community, which would always keep her focused and humble.

As small business owners, her parents were longtime credit union members, and Rangel always planned to join one once she was employed. When her work with the City of San Antonio opened a door to actually serve on the board of Generations Federal Credit Union, she jumped at the opportunity. During her tenure as board chairman, Generations FCU has grown to $550 million in assets and 50,937 members. Her credit union volunteer experience has included serving on various committees from supervisory to governance, as well as serving several CUSOs.

“Never in my life did I think or even project that I would be serving as board chair of Generations Federal Credit Union, chairperson of the NACUC, be a member of the World Council of Credit Unions Global Women's Leadership Network, and board member of the International Pan American League and other community associations,” she said. “Never limit your potential because of the fear of failure or any self doubt.”

While she is cognizant of the educational and networking opportunities that come with serving on boards, for Rangel it's always been about helping provide younger generations with a wider range of opportunities in education and career development, as well as the freedom to choose their purpose in life.

“My parents taught me that education is the one thing you take with you wherever you go,” she said. “They also stressed the importance of having the confidence to act on what you think is important. If you believe in it, don't give up. You may start the walk alone but you'll find soon enough others will join in and follow you.”

This advice has served her well, particularly when she led the charge to create a scholarship program for smaller credit unions to attend the NACUC Leadership Development Seminar. It took two years to create a process, appoint a selection committee, keep the NACUC board active in supporting the effort and raise funds to make it a reality. Regardless of the obstacles, Rangel remained focused and established the Norma Benson Scholarship Program, which was named after a remarkable woman who provided great leadership to the NACUC.

“What this organization is about is educational opportunities and I can't tell you how rewarding it was when it was realized and presented to the first recipient, a chairman from Virginia State University Federal Credit Union,” she said.

She added that NACUC, also known as The Chairmen's Group, is the only organization in the credit union industry that offers an educational experience from credit union board members rather than experts in the field. The ability to learn from other board members' real-life experiences has been extremely valuable to its members.

“Credit unions continue to become more complex as well as the skills required to lead them,” Rangel said. “In today's environment, the luxury of addressing challenges one at a time no longer exists. The reality is there isn't enough time to react fast enough because the financial environment changes so quickly and CEOs and boards need to anticipate them before they actually happen.”

She said boards must be open to continuously learning and adapting to shifting membership needs. At the NACUC, progress has been made in leveraging technology to better serve members, developing a new membership marketing plan, revamping its website, and adding new programs such as the NACUC sponsorship program and chairmen's circle.

“The ability to listen is as important as the ability to speak,” she said. “Are we paying attention to what's going on in the world outside the credit union movement?”

When it comes to talk of board diversity, she said it's time to look beyond the visible differences of race, gender and age and arrive at a definition of diversity that encompasses much more. She added that people of varying backgrounds, cultures and belief systems bring with them a range of work styles, thought processes and new perspectives. The issue of diversity is something that should be addressed in every aspect of the industry and considered in every phase of management, including recruiting, onboarding, professional development, leadership training, feedback and measurement, she said. She suggested creating new ways for people to connect, such as by providing a venue for networking and mentoring and letting their feedback become part of the growth process.

“Really, we all need to assess if our association or organization's purpose and vision continues to be relevant to our membership and the industry,” Rangel said. “That ties into being able to retain our existing members, and provide current issues/educational formats that will attract new members, and of course keep up with our budgetary needs. We'd do well to recognize that innovation and relevance continue to grow and no vacuum will hold it together.”

Next up: The Financial Literacy Champion

The Financial Literacy Champion

Juli Lewis has always been drawn to helping people in need and admitted working in the banking field wasn't even on her career radar.

She began college with a full academic scholarship and was certain about having a career in the medical field. That first year was an eye opener for Lewis. She goofed around her freshman year and not only lost her scholarship, but passed out while observing her first surgery. While she realized the medical field was not the right fit for her, she still needed to cover her tuition, so Lewis applied for a job at the credit union she'd been a member of since birth. One of the employee benefits there was full books and tuition coverage.

The plan was simple: She'd go back to college, earn her degree in social work and quit her job. But when graduation day came, the credit union asked her to stay on and develop its youth outreach efforts.

“I got my degree to work with kids and families, and they told me there were people I could help there,” Lewis said, who is the National Youth Involvement Board chairman and member relations consultant at the League of Southeastern Credit Unions. “By that time I'd already grown to love the industry. The lesson I share with everyone is to always keep an open mind and be ready when opportunity knocks.”

As a recent CUDE graduate with 20 years of experience in the credit union industry, Lewis said her passion for making a difference has been reignited. She wants to leave the world a much better place, or at least make a noticeable impact and ignite change.

Lewis calls the NYIB a best kept industry secret, and she and the board are eager to position it as a credit union partner. She said the organization includes an amazing network of credit union educators and is one of the biggest resources for credit unions looking to engage the next generation of members and staffers. In her first year as board chair, Lewis and the executive committee have focused on strengthening partnerships and building awareness while crafting a strategic business plan that lays the groundwork for new long-term partnerships.

She added that for the NYIB to be relevant and innovative, the board had to question and reevaluate everything. This effort has resulted in working more closely with the National Credit Union Foundation to explore collaboration opportunities with likeminded groups. In addition, plans are under way to also reach out to leagues, foundations, and the Cooperative Trust and other young professional groups. The NYIB has even added a non-voting seat on the executive committee for a young professional to help further board diversity.

“If you are truly interested in board diversity, then you have to be willing to stretch your reach beyond your usual zones, look for innovators and build a structure so that you have a staggered turnover,” she said.

She added that the rules of personal and professional development also apply to organizational growth, and cautioned against getting stuck in a rut or comfort zone.

“Just because you have been in one place for a number of years, growth takes movement,” Lewis said. “Has your credit union been looking in the same places or advertising open board seats through the same channels? If so, then you are more likely to continue to attract the same demographics.”

Before recruiting for open board seats, she suggested credit unions consider changing their branding a bit. She said too often, there's a perception of stuffiness associated with board service, which leads potential candidates to eliminate themselves from the running right off the bat because they don't believe they fit the image of a board member.

“Generally, most people don't think of innovators, doers and take action types as board members,” she said. “Changing the branding of the board as more inclusive or highlighting that its directors are purpose-driven may help break through any perceived barriers. For me, serving on the NYIB board fulfilled this need I had of wanting to make a bigger difference through financial education.”

For those interested in serving on a board, her advice is simple: Be bold, do your research and be ready to be turned down, but don't let that stop you from applying again. Also, be sure you are joining for the right reasons, she cautioned. For Lewis, if she feels a connection and a need is expressed, she knows she's meant to explore that opportunity.

“If you aren't thinking about the organization you're serving outside of the monthly meetings – whether in the shower, when you go for a run or before you sleep at night – then it's the wrong fit,” she said half-jokingly. “If it's not a cause you believe in, you're not doing yourself or the organization any favors.”

Up next: The Advocate

The Advocate

While gender balance in the credit union industry is still very much an evolutionary process, Susan Streifel said she is encouraged by the progress that has been made.

Now in her final term as CUNA Board Chair, the president/CEO of the $95 million Woodstone Credit Union in Federal Way, Wash. believes that as more women are promoted to the corner office and appointed to boards, they in turn will help sponsor and mentor others.

“Those of us who are serving or have served must reach back to our sisters and offer our support, guidance and leadership,” she said. “Always be prepared to step into a leadership role when the opportunity presents itself.”

She was first introduced to credit unions while working in retail in 1975, when her boss encouraged her to open a credit union account. She later worked at a credit reporting agency until a co-worker told her about an opportunity at a credit union. As she learned about the credit union philosophy and discovered the business is designed to improve members' lives, she was moved.

One incident that really hooked Streifel was early in her career, when a woman came in wearing dark sunglasses to hide the black eye her ex-husband had given her. Her abusive ex had also blocked her from accessing money. The credit union not only called a lawyer for her, but also taught her how to balance an account and budget so she could go back to school. Eventually, that woman became an executive assistant.

Streifel took immense pride in being part of an organization that allowed an employee to find out what people needed and actually help them. In addition, while working as a supervisor of share checking at the $13.6 billion BECU in Tukwila, Wash., the CEO saw something in Streifel and asked her to attend a board meeting on his behalf.

“You can only imagine the initial reaction when the board was expecting the CEO and here this supervisor walks in instead,” she joked. “I was terrified but I had on my poker face and made sure I was well prepared. The experience served as a great training ground for board dynamics.”

Inspired by what was happening with the National Youth Involvement Board and within the international credit union movement, she began thinking about ways to help even more people. As a CEO, she said her staffers are her members as well, and her role is to serve them and help them find their passion. For Streifel, nothing is more fulfilling than helping others identify and live up to a potential they may not have even recognized for themselves.

“My dad taught me that if you want to make a difference you need to be in a position of influence, and that board service is a great way to influence the direction of an organization,” she said. “It's truly an amazing learning opportunity especially when you have a passion for the organization.”

She said serving on the 24-member CUNA board has been one of her most rewarding experiences. Despite what many may assume, she said every single board member serves with great integrity and holds him or herself to the highest standard of accountability, which has led to robust yet respectful board debates. She added that zero rubber stamping takes place, and that everyone has a voice and is actively engaged in taking steps to ensure the relevancy of the organization.

That has meant making tough decisions that may not be popular. She said no one wants to hear about trends such as a contracting credit union system, league mergers and estimates that there will be less than 5,000 credit unions by 2025, but that the challenges must be discussed. She added that in strategic planning sessions, the board is responsible for being mindful of what's happening in the world in order to determine where the organization needs to go to serve future needs. For the national trade association, that means raising awareness to ensure that collectively, credit unions have a higher ranking in the marketplace.

“One of the risks worth taking is to know how to say no and to stand behind what you believe in even if it's not popular,” she said. “You can't be afraid to have a voice or disagree.”