Musings from the CU Suite

Written by Anthony Demangone

Seven years ago today, my view of Saint Patrick's Day changed forever. 

Early that morning, little Kate and Briggs entered my life. And seven years later, I can't image life without them.

My Mom said something I'll never forget when they were born. I was worried about being a good father.  And she smiled and said the following.

"You love them. They are your kids. You'll be a good dad."

For my Mom, it was simple. If your heart is in the right spot, your decisions and choices should flow from a good place. Love is the foundation upon which good parenting sits. 

So, life stops for no one. Before I celebrate with Kate and Briggs this evening, I'll speak to a packed room of compliance, risk and audit professionals at NAFCU's Regulatory Compliance School. 

Rule after rule has been plopped on their laps. The last eight years have seen an avalanche of rules, guidance and laws - all aimed at forcing financial institutions to "do the right thing." Coming out of the financial crisis, banks have wracked up more than $130 billion in fines, settlements and relief to consumers. Those banks have tons of attorneys. Compliance people. Risk managers. 

Credit unions don't have the army of attorneys seen in Wall Street firms and large regional banks. You'd think we'd be at a disadvantage. But I'd say otherwise. 

I think my Mom's logic applies, with a little translation.

"If you respect and care for your members, and treat them as family, you'll be a good financial institution." 

All the rules in the world won't mean a thing if a financial institution doesn't have its head in the right place.

Banks cater to their shareholders.

We cater to our member owners. 

Credit unions aren't perfect. We'll make mistakes.

But our head and heart is in the right spot. 

And no number of Wall Street attorneys or new regulations can make that happen.

It has to be in your blood.