The NAFCU Journal July-August 2020 - 58

MANAGEMENT INSIGHT

Riders on the Storm
By Devon Lyon

D

oing the right thing can get
an organization through
any situation. Credit unions
are uniquely positioned
to respond to any challenge, from a
pandemic to an economic downturn
to a hostile regulatory environment or
anything else 2020 throws at us. Credit
union leaders need only remember the
fabric that makes our organizations
strong: extreme member service, great
rates and being the preferred partner when other institutions fail their
customers. Our movement gained
footing and expanded during the Great
Depression, and today's leadership is
ready to ride the storm of 2020 without
sacrificing the core principles that
have made our industry the best in
the business.

At Direct Federal Credit Union, we
live by the value that a well-executed,
simple plan will succeed. When the
coronavirus pandemic hit, Direct's
leadership wasted no time in crafting a
four-point plan to ensure the safety of
our employees and to continue to serve
our members and community. The
plan's steps are:
1. Ensure the safety of our employees,
our members and our partners.
2. Implement policy changes and new
programs to provide additional flexibility for emerging financial needs.
3. Reach out to individuals and organizations to offer additional assistance.
4. Continue to deliver uninterrupted
access to products and services.
58

A silver lining during the pandemic has
been the way credit unions have excelled
in their service to members. There are
countless stories in the media highlighting credit unions that are stepping up
and providing much-needed services
in creative ways. It is worth recognizing
how quick credit unions were to adapt to
this new environment while still facing
numerous hurdles. It is the uncompromising pursuit to serve members - and
decisive leadership to make that happen
- that we must take and emulate in the
coming years.

''

Experiencing how
quickly the world can
change is knowledge
we need to take into
our 2021 strategic
planning sessions.

"

No credit union leader had the benefit
of strategically planning for COVID-19.
Most of us were drinking from multiple
fire hoses of information mixed with
misinformation. Long-forgotten pandemic plans were dusted off and put into
action. Suddenly the option of having
a significant portion of your workforce
being remote was something you needed
to implement in a matter of days or
weeks, not years down the road. Inaction
was not an option, and members needed
our support more than ever.

I urge credit union leaders to remember
what the first part of 2020 has taught us:
We can adapt to change quickly and do
it with minimal impact to the members
and communities we serve. Experiencing how quickly the world can change
is knowledge we need to take into our
2021 strategic planning sessions. We
now know we can demand more from
our digital services and partners,
interact with members in new and
exciting ways, and devise substitutes
for face-to-face meetings while still
accomplishing our goals.
There will always be new risks to manage
and, with them, new opportunities for
those who remember what we learned
during this pandemic. As leaders and
stewards of the credit union movement,
we need to learn from these experiences
and ensure that the next generation of
leaders gets the benefit of our unique
outlook. In order to remain relevant
and beneficial, credit unions need to
constantly adapt to the latest financial
services challenges while maintaining
exceptional member service as a foundational principle.
I look forward to 2021 and beyond; I
truly see the great potential for credit
unions to continue to serve our members and communities. After all, great
service in times of adversity or prosperity is in the movement's DNA, and it is
the adversity that empowers us to forge a
bold, lean and forward-looking direction
for the credit union movement.
Devon Lyon is the vice president of strategic
research and risk management for Direct
Federal Credit Union in Needham, Mass.
THE NAFCU JOURNAL JULY-AUGUST 2020



The NAFCU Journal July-August 2020

Table of Contents for the Digital Edition of The NAFCU Journal July-August 2020

The NAFCU Journal July-August 2020 - Cover1
The NAFCU Journal July-August 2020 - Cover2
The NAFCU Journal July-August 2020 - 1
The NAFCU Journal July-August 2020 - 2
The NAFCU Journal July-August 2020 - 3
The NAFCU Journal July-August 2020 - 4
The NAFCU Journal July-August 2020 - 5
The NAFCU Journal July-August 2020 - 6
The NAFCU Journal July-August 2020 - 7
The NAFCU Journal July-August 2020 - 8
The NAFCU Journal July-August 2020 - 9
The NAFCU Journal July-August 2020 - 10
The NAFCU Journal July-August 2020 - 11
The NAFCU Journal July-August 2020 - 12
The NAFCU Journal July-August 2020 - 13
The NAFCU Journal July-August 2020 - 14
The NAFCU Journal July-August 2020 - 15
The NAFCU Journal July-August 2020 - 16
The NAFCU Journal July-August 2020 - 17
The NAFCU Journal July-August 2020 - 18
The NAFCU Journal July-August 2020 - 19
The NAFCU Journal July-August 2020 - 20
The NAFCU Journal July-August 2020 - 21
The NAFCU Journal July-August 2020 - 22
The NAFCU Journal July-August 2020 - 23
The NAFCU Journal July-August 2020 - 24
The NAFCU Journal July-August 2020 - 25
The NAFCU Journal July-August 2020 - 26
The NAFCU Journal July-August 2020 - 27
The NAFCU Journal July-August 2020 - 28
The NAFCU Journal July-August 2020 - 29
The NAFCU Journal July-August 2020 - 30
The NAFCU Journal July-August 2020 - 31
The NAFCU Journal July-August 2020 - 32
The NAFCU Journal July-August 2020 - 33
The NAFCU Journal July-August 2020 - 34
The NAFCU Journal July-August 2020 - 35
The NAFCU Journal July-August 2020 - 36
The NAFCU Journal July-August 2020 - 37
The NAFCU Journal July-August 2020 - 38
The NAFCU Journal July-August 2020 - 39
The NAFCU Journal July-August 2020 - 40
The NAFCU Journal July-August 2020 - 41
The NAFCU Journal July-August 2020 - 42
The NAFCU Journal July-August 2020 - 43
The NAFCU Journal July-August 2020 - 44
The NAFCU Journal July-August 2020 - 45
The NAFCU Journal July-August 2020 - 46
The NAFCU Journal July-August 2020 - 47
The NAFCU Journal July-August 2020 - 48
The NAFCU Journal July-August 2020 - 49
The NAFCU Journal July-August 2020 - 50
The NAFCU Journal July-August 2020 - 51
The NAFCU Journal July-August 2020 - 52
The NAFCU Journal July-August 2020 - 53
The NAFCU Journal July-August 2020 - 54
The NAFCU Journal July-August 2020 - 55
The NAFCU Journal July-August 2020 - 56
The NAFCU Journal July-August 2020 - 57
The NAFCU Journal July-August 2020 - 58
The NAFCU Journal July-August 2020 - 59
The NAFCU Journal July-August 2020 - 60
The NAFCU Journal July-August 2020 - 61
The NAFCU Journal July-August 2020 - 62
The NAFCU Journal July-August 2020 - 63
The NAFCU Journal July-August 2020 - 64
The NAFCU Journal July-August 2020 - Cover3
The NAFCU Journal July-August 2020 - Cover4
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