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While women are about three times more likely to sit at the helm of a credit union than a bank, the credit unions they lead are also more likely to be small, according to recent research from CUNA. Now, there's an official group that female leaders of small-asset-sized credit unions can join to garner support and share best practices.
Female CEOs from 13 credit unions with $300 million or less in assets launched the Credit Union Women's Leadership Alliance (CUWLA) in February with support from CUNA and CUNA Mutual Group, according to a news release. CEOs of small credit unions face unique challenges, as they hold the same responsibilities as CEOs of larger credit unions and are often required to wear multiple hats; CUWLA gives women in this category an opportunity to voice their concerns, leverage economies of scale within their credit unions, as well as preserve and sustain smaller credit unions, according to the release.
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"Access to a trusted support system is a key factor in the sustainability of smaller credit unions, that, I believe, are the backbone of the credit union movement," Lily Newfarmer, president/CEO of Tarrant County's Credit Union, CUWLA founder and CUWLA board chair, said in a statement. "By creating a support system such as CUWLA, women who run smaller credit unions will not only have opportunities to grow on a personal and professional level, but also have the needed tools to help them grow their credit unions and better serve their members."
Women interested in joining the group can apply at cuwla.com. Applicants are required to list their involvement in other credit union organizations, explain why they're interested in joining CUWLA and share their personal or professional "super power." Annual membership fees are $295 for leaders of credit unions with $50 million to $300 million in assets, and $195 for leaders of credit unions with $50 million or less in assets.
According to data released by CUNA in 2019, 51.6% of all credit union CEOs are female. At credit unions with less than $250 million in assets, 57.7% of CEOs are female, and that percentage drops significantly the larger the credit union. At credit unions with $250 million to $750 million in assets, 18.9% of CEOs are women; at credit unions with $750 million to $1 billion in assets, 16.4% of CEOs are women and at credit unions with $1 billion to $3 billion in assets, 14.2% of CEOs are women, according to the data, which was gathered by CUNA, the NCUA and the Securities and Exchange Commission in 2017.
The 13 founders of CUWLA are:
- Lily Newfarmer, Tarrant County's Credit Union ($106.3 million, Fort Worth, Texas)
- Linda Bodie, Element Federal Credit Union ($48.2 million, Charleston, W.V.)
- Amy Brodersen, Family Focus Federal Credit Union ($37.2 million, Omaha, Neb.)
- Debi Keesee, Spokane Media Federal Credit Union ($13.5 million, Spokane, Wash.)
- Maria Martinez, Border Federal Credit Union ($196.9 million, Del Rio, Texas)
- Winona Nava, Guadalupe Credit Union ($217.7 million, Santa Fe, N.M.)
- Jan Page, Community South Credit Union ($161.9 million, Chipley, Fla.)
- Carma Parrish, NorthPark Community Credit Union ($45.3 million, Indianapolis)
- Tammy Passifume, Diamond Lakes Federal Credit Union ($73.8 million, Hot Springs, Ark.)
- Teri Robinson, Ironworkers USA Federal Credit Union ($60.4 million, Portland, Ore.)
- Lynette Smith, TruEnergy Federal Credit Union ($136.8 million, Springfield, Va.)
- Heather Walter, Advanz Credit Union ($149.2 million, Louisville, Ky.)
- Linda White, Upward Credit Union ($91.7 million, Burlingame, Calif.)
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
