As Buddha said, "Nothing is forever except change." Sometimes change can be anticipated from miles away. For instance, if your credit union's CEO announces his or her retirement months in advance, you'll have ample time to seek a quality replacement. Other times, it hits you over the head out of nowhere. Take the recent hit and run incident in Elko, Nev., which claimed the life of 58-year-old Doug Schwartz, president/CEO of the $147 million Elko FCU. That credit union faces the unexpected task of replacing its CEO – a reminder to credit unions of all sizes to implement a strong succession plan – in addition to dealing with the pain of such a tragic loss.

One change the credit union community can see in the distance is the growing threat of competition from nonbank financial services providers. By now, the community is well aware it has to innovate to avoid getting squashed by emerging competitors. And offering the same services as the competitor next door isn't going to cut it – you must strive to differentiate yourself.

At CUNA's America's Credit Union Conference in Seattle last month, during the session "Trending: Credit Unions in 2025," Filene Research Institute Research Director Ben Rogers revealed $11 billion in banking profits could shift to nonbank lenders in nine years, according to Goldman Sachs. He also predicted credit unions will continue to consolidate, declining at a rate of 150 to 250 a year, and small credit unions will continue to struggle for membership and asset growth. From 2007 to 2012 alone, credit unions with fewer than $100 million in assets lost six million members and $5 billion in assets, he said.