New Industry Group Connects Female Leaders of Small Credit Unions

CUWLA launches to provide mentorship, education and collaboration for women running CUs with $300 million or less in assets.

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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.

“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:

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