22 Minutes in Lending: Conversations about Credit Unions, Fintech, and Future of Finance

With relentless technological advances, generational shifts in employment trends, and upended perceptions of “community”, traditional deposit strategies may no longer work for credit unions. In this episode, we speak with Ron Shevlin of Cornerstone Advisors to explore how fintech has paved the way for credit union innovation. 

Key takeaways:

00.55: A decade-long annual study skewed overly positive when conducted in December 2024, but uncertainty about the regulatory environment would likely see credit union leaders respond much more cautiously now, just a few months later.

02.55: The biggest myth credit unions tell themselves is that people are their greatest assets–but credit unions live or die through their digital experiences.

03.59: How direct deposit relationships may not be the sticky experience credit unions have traditionally thought–and how fintech have turned that theory on its head through smart market segmentation.

07.02: Gen Z and Millennials are more savvy about investing than their older counterparts were at the same age, and fintech are capitalizing on that emerging market.

09.36: Community banking isn’t dead, but the “community” now means something else; it’s no longer geographically based. Credit unions need to become smarter about how they cater to those niche markets.

13.20: Credit unions have a head start on fintech to secure these markets, because they’re already a known entity with market traction.

14.10: How credit unions could learn from SoFi’s success and elevate their product strategy.

18.30: Digital experience is a credit union’s product.

19.44: Should credit unions be investing directly in fintech, and should their members be concerned if the investments don’t deliver profit?

22.12: Embedded finance isn’t just about fintech; large institutions like Walmart and Gerber have been using embedded finance to capture and retain market share for years.

Resources Mentioned:

• www.robinhood.com Robin Hood
• www.chime.com Chime
• panaceafinancial.com Panacea
• www.hustlfinancial.com Vantage West’s Hustl
• www.sofi.com SoFi
• www.curql.com Curql
• www.trustage.com/ventures TruStage Ventures

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#CreditUnions #Fintech #Lending #GrowthStrategies

Join student lending expert Mark Kantrowitz as he unpacks the drastic Department of Education layoffs, how these changes will impact federal and private student loans—and how credit unions are primed to bridge the gap, and support millions of members through the chaos and confusion.

Key takeaways:

01.07: An overview of the Trump administration’s proposed cuts to the Department of Education, and the implications on student loan, debt, and forgiveness programs.

04.39: Credit unions need to be informed and prepared to help student borrowers navigate any ensuing chaos–particularly if the ombudsman in charge of complaints is curtailed.

05.46: The Budget Blueprint that passed the House involves cuts that exceed those already announced by the Trump administration, so more cuts should be anticipated.

06.31: How states are not in a position to pick-up the slack and/or take over student lending, so private lenders like credit unions are vital.

07.48: Privatizing or selling the trillion-dollar-plus Federal loan balance sheet is not an option, despite what the Trump administration claims.

10.05: The implications of these cuts on credit union lending strategies, and how loan consolidation could be a way credit unions can support stressed and financially stretched students.

16.21: Credit unions need to prepare for a lot of chaos and confusion–and ensure they’re informed and able to answer questions and provide solutions.

Resources Mentioned:

• www.lendkey.com/lend/private-student-loans LendKey’s student lending

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#CreditUnions #StudentLending #FinancialAid

Any credit union adding one million new members per year could be forgiven for resting on its laurels–not so for Navy Federal Credit Union. At the nation’s largest credit union, there’s always an opportunity to improve: to increase trust, deepen brand loyalty, and strengthen support for their members. In this episode, we talk with Chief Lending Officer, Aaron Aggerwal, about how relationship-building, financial education, and strategic fintech partnerships have shaped their growth.

Timestamps:

01:12 – Navy Federal’s explosive growth: 1M new members per year.

5:10 – The power of word-of-mouth marketing in financial services.

06:22 – Why trust is everything in lending.

07:05 – The three pillars of trust in financial services: Choice, value, and simplicity.

10:12 – How Navy Federal educates members on major financial decisions.

12:20 – The credit score simulator—helping members make smarter financial choices.

15:02 – Fintech partnerships and how they fit into Navy Federal’s strategy.

 17:41 – How multi-generational lending builds lifelong relationships.

19:05 – The challenges in lending today: Auto loans, mortgage downturns, and balancing risk.

21:49 – What’s ahead in 2025 lending trends: Technology, branch expansion, and community focus.

24:49 – Final takeaway: Trust is the foundation of Navy Federal’s success.

Resources Mentioned:

1. MakingCents Hub: Navy Federal’s financial education platform offering resources to help members navigate key financial decisions.​
2. Mission: Credit Confidence® Dashboard: A tool that allows members to monitor their credit score, view their credit report, and simulate changes to understand potential impacts.​
3. Personal Finance Counseling: Navy Federal offers free personalized financial counseling to assist members with goal setting, budgeting, and overall financial management.
4. Student Lending Services: In partnership with LendKey, Navy Federal provides online student lending options, including loan consolidation and private student loans.​
5. USO Partnership: Navy Federal has committed $9 million to the USO to implement existing programming and establish new initiatives aimed at supporting the military community.​

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#NavyFederal #CreditUnions #FinancialTrust #LendingInnovation #FinancialEducation

Fintech. Disruption. Digital transformation. Panic! Credit unions are constantly behind, struggling to keep up, always at risk of redundancy… Or are they? In this episode, Kristina Kovacevic, AVP of retail services at Minnesota’s First Alliance Credit Union, discusses “Storybook lending”–the art of prioritizing individual members above everything else–and how it is driving her credit union’s long-term growth and sustainability.

Key takeaways:

00.48: An overview of First Alliance Credit Union–one of an astounding 38 financial institutions serving Rochester, Minnesota.

02.54: While the credit union has strong membership and recently expanded into multiple new counties, the organization’s priority focus is “First Start / Fresh Start” members.

04.23: What fresh start members–people who have made credit mistakes in their past–can expect from First Alliance, and how the credit union serves them using “Storybook lending”.

05.56: How Kristina’s personal experience of moving to the U.S. as a child helps her connect with her membership on a deeper, more personal level.

07.09: First Alliance’s unique, qualitative approach to success metrics.

08.10: The importance of word-of-mouth referrals to organic membership growth.

09.07: How storybook lending supports and enables lending to borrowers who might otherwise be declined through traditional FICO parameters.

10.46: While many credit unions are seeing a rise in delinquencies, First Alliance’s hands-on approach to member engagement and storybook lending has kept delinquencies at a minimum.

14.00: How fintech partnerships are important–but not the sole focus–for First Alliance’s growth. The credit union works with fintech on everything from member outreach and engagement to underwriting, and getting people out of predatory lending cycles.

18.50: “We show up, we listen to your story, we provide opportunities.” The credit union’s simple mission is its most powerful cross-selling tool.

20.20: The need to remind credit union employees that their peers and members aren’t born with financial understanding and even the most common terms and products should always be explained.

21.12: Times are tough and people are extending themselves too far financially. There’s an opportunity for credit unions to help.

Resources Mentioned:

1. www.firstalliancecu.com First Alliance
2. greenlight.com Greenlight
3. www.meridianlink.com MeridianLink
4. eltropy.com Eltropy
5. www.zest.ai Zest AI
6. www.greenpath.com Greenpath

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#CreditUnions #Lending #22MinutesInLending

Disruption may be the new norm, but have credit unions caught on? In the latest episode of 22 Minutes in Lending, Brian Kaas, president & managing director of TruStage Ventures, discusses the fintech saturation problem, the evolving role of embedded finance, and how credit unions need to break out of the echo chamber to avoid being left behind and realize the benefits of partnerships.

Key takeaways:

02.13: An overview of TruStage Ventures, its funding structure, and its average investments.

03.15: Three key criteria critical to TruStage Ventures making investment decisions: strategic fit and support for credit unions, financial viability, and culture fit.

06.26: How the investment strategy has evolved since 2016 to ensure the organization and its portfolio of fintech companies are supporting and sustaining the credit union system.

07.50: Fintech has reached a saturation point in the credit union system, and M&A may be the new growth area.

10.07: Profitability is a primary concern for credit union executives, and AI-driven back-office automation can often be the solution.

12.28: The growth opportunity posed by embedded finance, particularly for credit unions in the auto-lending space.

14.59: How TruStage Ventures is making intentional investments to help credit unions capitalize on the embedded finance movement and provide entry-points into relationships with major players like Amazon and Walmart.

17.07: When credit unions only talk to other credit unions, it can create an echo chamber. That can mean there’s a misunderstanding or misapprehension of the opportunities posed by fintech.

19.02: The importance of Board awareness and support for innovation.

20.36: Trust is vital for an emerging fintech to establish credibility with credit unions and gain traction.

22.22: What credit unions should be considering before partnering with a fintech of any size or maturity.

Resources Mentioned:

1. www.trustage.com/ventures TruStage Ventures
2. trybeem.com Beem
3. www.americascreditunions.org/events-training/conference/governmental-affairs-conference-2025 GAC
4. www.lendkey.com/podcast/inward-and-upward-driving-member-growth-and-financial-health-with-auto-refi Caribou episode of 22 Minutes in Lending
5. www.lendkey.com/podcast/adapting-to-shifting-consumer-behavior-in-auto-lending Origence episode of 22 Minutes in Lending
6. www.carsaver.com CarSaver
7. www.money2020.com Money 20/20

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#CreditUnions #Lending #Fintech

After years of turbulence, the auto lending market is finally leveling out–and credit unions are primed to capitalize. In the latest 22 Minutes in Lending we talk to Eric Stradley, president of auto refinancing fintech Caribou, about the growth opportunity for credit unions, and the potential positives for millions of consumers.

Key takeaways:

00.56: The organization’s initial vision to enhance credit unions’ reach and impact through an innovative marketplace.

02.49: An overview of the auto refinance market and the potential financial benefits for millions of consumers.

03.55: The nuances of auto refinancing vs. traditional mortgage refinancing–namely how credit typically improves during the duration of an auto loan.

05.30: The vast majority of auto loans being refinanced were not originated by a credit union, but instead are an opportunity to win market share from bigger banks.

06.57: How the turbulence of loan-to-value ratios has skewed underwriting and lending over the last few years, and what the future holds for credit unions.

09.09: A major portion of credit unions took a step back from auto lending in the early 2020s but are using refinancing as a lower risk re-entry strategy.

11.09: An overview of the Caribou process–how it works for consumers and credit unions, and why that’s a benefit for both parties.

14.02: The shifting picture of typical FICO scores for auto refinancing, and how credit unions can reach and engage members that they wouldn’t typically take a risk on.

16.53: Auto refinancing provides non-prime members for prime risk, and helps credit unions support members on their upward credit trajectory.

17.48: Caribou is essentially national, and is looking for credit union partners to meet consumer demand.

19.50: This isn’t about replacing existing credit union services; it’s about augmenting them at a larger scale, reaching potentially millions of more consumers.

Resources Mentioned:

1. www.caribou.com Caribou
2. www.qedinvestors.com QED Investors
3. us.dealertrack.com Dealertrack Insurance product

Thanks for listening to the 22 Minutes in Lending podcast. If you enjoyed this episode, please leave a 5-star review to help get the word out about the show and be sure to subscribe so you never miss another insightful conversation.

#CreditUnions #AutoLending #GrowthMarketing

From embedded finance and fintech partnerships, to upsell/cross-sell marketing and education lending, in this episode of 22 Minutes in Lending, Casey Mauldin, Chief Revenue and Lending Officer at Jovia Financial Credit Union, discusses the deposit strategies that could help credit unions grow in 2025.

Key takeaways:

00.40: An overview of Long Island-based credit union, Jovia Financial Credit Union, its field of membership, and the competitive landscape.

02.23: The implications of having a dual role that oversees both revenue and lending.

04.06: How the cost of funds has influenced the credit union’s deposit growth strategy, and how they navigate significant competition.

05.43: Detail on how Jovia has successfully partnered with fintech to drive deposit and membership growth.

08.42: The opportunities for smaller credit unions to maximize their marketing efficacy to reach new members and grow deposits.

10.40: How education lending can help credit unions reach and engage younger members, grow deposits, and increase loans.

15.40: Why business lending has been so critical to Jovia Financial’s growth–so much so that the organization recently launched a business lending CUSO to support other credit unions.

19.16: Ongoing uncertainties around office space lending, particularly in highly dense urban areas.

Resources Mentioned:

1. www.jovia.org Jovia Financial Credit Union
2. www.lendkey.com/podcast/community-lenders-the-best-kept-secret-in-town 22 Minutes in Lending episode with Barry Kirby 
3. www.unioncredit.app Union Credit
4. www.lendkey.com/lend LendKey’s education lending platform

Thanks for listening to the 22 Minutes in Lending podcast. If you enjoyed this episode, please leave a 5-star review to help get the word out about the show and be sure to subscribe so you never miss another insightful conversation.

#CreditUnions #Lending #Deposits #GrowthMarketing

In the latest episode of 22 Minutes in Lending, we’re joined by Elizabeth Adcock and Darcie Morgan of MAC Federal Credit Union who have helped oversee transformational growth at the credit union, driven by a diligent approach to AI and digital investments. Discover how this credit union has bridged the gap between traditional and technical services while still keeping their communities loyal and engaged.

Key takeaways:

01.35: An overview of MAC FCU and how they strategically expanded their physical footprint to more effectively serve their members.

03.00: The rationale behind MAC FCU’s expansion into real estate lending, both commercial and residential.

05.36: How MAC FCU’s digital transformation addresses both the needs and wants of its membership.

07.34: The infrastructure roadmap and additional investments necessary to upskill and launch MAC FCU’s digital services.

08.30: What taking “a foundational approach to AI” means, and how credit unions can safely adopt open source solutions.

12.26: Navigating member perceptions, usage, and risks of newly launched AI solutions.

14.30: Working in primarily auto-lending to support people with “bumped and bruised” credit.

16.19: How credit unions can navigate increasingly high delinquency rates, and support personal and commercial members through financial difficulties.

17.42: Increasing process efficiencies and focusing on products-per-member growth are critical growth areas for 2025.

Resources Mentioned:

1. www.macfcu.org MAC FCU

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#CreditUnions #Lending #AutoLending #DigitalTransformation

In this episode, Capitol Hill insider John McKechnie takes an unflinching look at the Consumer Financial Protection Bureau's (CFPB) Rule 1033, unpacking what it means for credit unions, consumers, and fintech. In this top-level discussion, McKechnie and host Vince Passione discuss the liability risks posed by third-party data sharing, the rule’s black, white, and grey areas, and the roadmap for navigating further regulatory complexities in the year ahead.

Key takeaways:

00.47: Key implications for credit unions of the Consumer Financial Protection Bureau’s (CFPB) Rule 1033.

02.20: The origins of the rule’s intention date back to the turn of the last century with the dotcom boom, but were really brought to bear when the Dodd Frank Act passed in 2010.

04.15: The intent of the rule has long been contentious, with parties pointing out that consumers already have access to a wealth of data and can control it how they choose, therefore why would it now need regulating?

04.50: What party is obligated to protect consumer data remains vague, and the CFPB’s own director still seems elusive on details.

08.10: The day after the rule was announced in final form, the Kentucky Bankers Association filed a suit challenging the regulation.

09.10: The rule’s inclusion of major fintech providers like PayPal and ApplePay shouldn’t have come as a surprise–although it was widely reported as one.

10.45: How the objections to Rule 1033 are strong enough that we may see credit unions and banks working together to challenge the legislation.

15.08: The law doesn’t provide for oversight of third parties that have access to consumer data, which is a “huge legal sticking point.”

17.48: With the incoming political administration, there’s a high likelihood that the House and Senate will repeal the regulation and require a new iteration be presented.

19.00: Credit unions have cause to be nervous with so much potential change to the tax legislation in 2025.

Resources Mentioned:

• https://www.consumerfinance.gov/ Consumer Financial Protection Bureau
• https://www.consumerfinance.gov/about-us/newsroom/cfpb-finalizes-personal-financial-data-rights-rule-to-boost-competition-protect-privacy-and-give-families-more-choice-in-financial-services/ Rule 1033
• https://www.cftc.gov/LawRegulation/DoddFrankAct/index.htm Dodd Frank Act
• https://www.congress.gov/bill/118th-congress/senate-bill/1838/text Credit Card Competition Act

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#CreditUnions #Lending #Data

In this episode of 22 Minutes and Lending, host Vince Passione welcomes Juan Fernández Ceballos, president and CEO of Luminate, the credit union league for Louisiana. From helping smaller credit unions build economies of scale to challenging core providers to do better; addressing succession issues to navigating the incoming political administration, Juan Fernández offers a bold new vision for how credit union leagues can adapt and evolve their services to ensure every credit union can thrive. This conversation is a must-listen.

Key takeaways:

0:00 Intro

1:15 An overview of Luminate, the credit union league for Louisiana, and its three core pillars: Collaborate, Innovate, Thrive.

4:50 How complacency and an aversion to risk at the Board and executive level could be contributing to the credit union system’s contraction.

8:27 Why credit unions need to be more intentional and proactive in ensuring their Board of Directors reflect the type of members they are (or want to be) serving.

10:12 Fintech is omnipresent and necessary, but it cannot replace the personal connections and relationships that credit unions offer.

15:02 The important role that credit union Leagues play in helping smaller and medium-sized credit unions leverage economies of scale.

17:55 The core conundrum: How core providers are locking credit unions into long-term deals that can inhibit growth and innovation.

19:06 What the incoming political administration could mean for credit unions.

22:31 The state of the credit union league system–what they need to focus on to support the long-term growth and success of the credit union system.

Resources Mentioned:

• https://luminate.coop/ Luminate website
• https://www.lendkey.com/podcast/think-inside-the-box-the-growth-opportunities-staring-credit-unions-in-the-face/ Dr. Brandi Stankovic episode of 22 Minutes in Lending

Thanks for listening to the 22 Minutes in Lending podcast. If you enjoyed this episode, please leave a 5-star review to help get the word out about the show and be sure to subscribe so you never miss another insightful conversation.

#CreditUnions #Lending #Fintech #Advocacy