National Association of Federally-Insured Credit Unions

a deregulatory agenda to reduce compliance costs – there is a litany of regulations that are either antiquated or redundant that the credit unions, and some other financial institutions, still have to do. It doesn’t make sense and there’s a huge cost associated with those compliance issues, so we’re trying to eliminate as much of the regulatory burden as possible so they can continue to grow and thrive. “No one wants to have just four or five big banks serving consumers, there needs to be choice because then the consumer wins. It’s important to have credit unions in the mix, so that’s our focus: to create a toolbox with as many tools as possible; whether it’s regulatory relief or legislation that passes, all the tools that a credit union CEO can utilize to be able to grow and thrive.” BVM: Has COVID-19 impacted the industry from a technology perspective? Berger: “Definitely. The credit unions already NAT IONAL ASSOC I AT ION OF FEDERALLY- INSURED CREDI T UNIONS had mobile banking. And they may have had strategic plans to implement a more robust technology program in the next two to three years. The pandemic accelerated those plans, so people are pivoting and investing faster and probably more than they anticipated. The consumer and their members want contactless credit cards, frictionless payment systems, and all that takes investment in new technology platforms. “I typically communicate with members in person, flying about 100,000 miles per year, but of course that has come to a screeching halt. So now it’s phone calls, emails, and video conferencing. When I became CEO, we invested heavily in technology so you can get your education and training and content and certifications in person at our education conferences. But you can also do it online. We have a very robust online training program and we also invested in a strong technology platform where we could all work remotely.