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

On this episode, host Vince Passione is joined by Nick Evens, President and CEO of Curql Collective, to discuss the unique model bringing fintech and credit unions together through strategic investing. Curql takes a unique approach to facilitate collaboration between credit unions and fintech startups.

Key Takeaways:

(00:34) Curql invests in fintechs on behalf of credit unions. 

(04:49) Curql helps educate fund managers on credit unions. It keeps fintechs and credit unions connected.

(08:55) Credit unions can only invest in fintechs structured as CUSOs. Many fintechs become CUSOs to work with credit unions.

(14:04) Curql aims to help modernize regulations so credit unions can more easily work with fintechs.

(16:39) Curql Fund 1 is diversified across stages and company maturity to manage risk.

(22:15) A strategic investor can have a stronger voice on fintech boards than financial investors.

(29:01) Curql ensures fintech acquisitions like Payrails will benefit credit unions before approving a sale.

Resources Mentioned:

Nick Evens -

https://www.linkedin.com/in/nick-evens-76b75316/

Curql Collective | LinkedIn -

https://www.linkedin.com/company/curql/

Curql | Website -

https://www.curql.com/

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

On this episode, host Vince Passione is joined by Jim Merrill, President and CEO of Inspire Federal Credit Union. With over 30 years in the industry, Jim shares insights on partnerships, funding strategies and predictions for the future of credit unions. Jim provides an insightful look into the industry for credit unions, from transforming services to competing with fintechs.

Key Takeaways:

(05:26) Criteria for identifying fintech partnerships vs. competitors — seeking synergies that allow mutual growth.

(08:08) Transforming a ‘vanilla’ loan portfolio into diverse offerings

(10:17) Inspire’s funding philosophy uses multiple sources for liquidity — member deposits, FHLB and non-member deposits.

(18:54) Benefits in new CUSO lending regulations — spreading liquidity and diversification.

(20:55) Cooperation and collaboration will strengthen credit unions against fintech threats.

Resources Mentioned:

Jim Merrill -

https://www.linkedin.com/in/james-m-4352933/

Inspire Federal Credit Union | LinkedIn -

https://www.linkedin.com/company/inspire-federal-credit-union/about/

Inspire Federal Credit Union | Website -

https://inspirefcu.org/

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.

#CreditUnion #Lending #Fintech

On this episode, host Vince Passione interviews Benson Bolling, Chief Lending Officer of Alabama Credit Union, about the state of lending and current economic trends. 

Benson provides perspective on lending’s key topics including rising auto loan payments, dropping used car values and increasing consumer budget strain. He talks about commercial real estate concentration risk limits and the uncertainty in retail and office spaces. Benson warns of liquidity challenges as rates rise but sees relationship banking as an advantage. 

Key Takeaways:

[00:38] Alabama Credit Union: background and growth strategy. 

[05:00] How indirect auto loans are driving growth, with potential value declines ahead.

[08:22] Limiting commercial real estate exposure amid sector uncertainty.

[14:55] Anticipating Fed rate cuts next year.

[20:20] Relationship banking aids liquidity despite deposit competition.

[21:13] Underwriting prudently for expected delinquency increases.

Resources Mentioned:

Benson Bolling - https://www.linkedin.com/in/benson-bolling-10a08277/

Alabama Credit Union - https://www.linkedin.com/company/alabama-credit-union/

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.

#CreditUnion #Lending #Fintech

On this episode, Chip Mahan, Chairman and CEO of Live Oak Bank, joins host Vince Passione. He shares his extensive knowledge of the evolution of banking, the impact of technology in the finance sector and the shifts in investment trends. 

Key Takeaways:

(01:23) Chip discusses the inception and mission of Live Oak Bank, focusing on providing exceptional service to niche industries through technology.

(09:32) How Canapi leverages relationships to bring unmatched value to companies.

(15:55) Chip emphasizes the importance of striking a balance between digital convenience and exceptional customer service, recounting his experience with Live Oak Bank’s responsiveness.

(21:42) Chip delves into the shifts in fintech investments and valuation trends, highlighting the abundance of money-chasing fintech investments and the subsequent adjustments in valuation dynamics.

(26:35) Chip shares his perspective on the state of banks, touching on the issues of credit quality, liquidity and capital. He feels that banks are solid because the credit guys at the helm are cautious due to regulatory pressures.

Resources Mentioned:

Chip Mahan - https://www.linkedin.com/in/chipmahan/

Live Oak Bank - https://www.liveoakbank.com/

Canapi Ventures - https://www.canapi.com/

Payrailz - https://www.jackhenry.com/what-we-offer/payments/payrailz-digital-payments-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.

#Banking #Lending #Fintech

In this episode, we sit down with Ron Draper, CEO of Somerville Municipal Federal Credit Union, to discuss the evolving dynamics of the financial world. As a leader of a smaller credit union, Ron sheds light on the challenges and the strategies they use to stay competitive, innovative and relevant in today’s rapidly changing financial landscape.

Key Takeaways:

(04:10) Ron discusses the increasing competition from larger banks and the importance of matching their interest rates to retain customer loyalty. 

(08:19) The significance of strategic partnerships, like the one with LendKey, for smaller credit unions to thrive and offer state-of-the-art services. 

(17:47) Insights into the role of technology, specifically embedded finance, in revolutionizing customer experience and the future of banking transactions. 

(20:57) The importance of cybersecurity, the challenges faced by smaller institutions and strategies to mitigate risks while maintaining a competitive edge.

Resources Mentioned:

Ron Draper - https://www.linkedin.com/in/rolanddraper/

Somerville Municipal Federal Credit Union - https://www.linkedin.com/company/somerville-municipal-federal-credit-union/about/

LendKey - https://www.lendkey.com/

Posh Technologies - https://www.posh.tech/

NCUA's resource page on cybersecurity - https://ncua.gov/regulation-supervision/regulatory-compliance-resources/cybersecurity-resources

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.

#CreditUnion #Lending #Fintech

On this episode, host Vince Passione is joined by Matt Harris, Partner at Bain Capital Ventures. Matt provides an insightful look into the evolving world of fintech, sharing his knowledge of new technology waves and the dynamics of the finance industry. From the intricacies of fintech to the expanding influence of generative AI, the conversation touches on a myriad of topics reshaping the landscape of financial services today.

Key Takeaways:

(03:48) Matt shares his background and how he first entered the world of fintech.

(06:02) The importance of monetizing through embedding financial services, specifically with software companies.

(16:19) Insight into insurance and banking as a service, and their slower penetration into the market.

(16:56) The opportunity presented by offering financial services embedded in data-rich software.

(18:14) Generative AI's role as a new wave of technology and its potential in software businesses.

(18:36) Reflections on the fintech bubble during the Covid era and its aftermath.

(19:30) Historical comparisons of financial bubbles and the pace of recovery.

(20:08) The evolving perception of fintech from a niche to a core component of financial institutions.

(21:13) The overlap of technology across industries and its implications for future funding.

Matt Harris - https://www.linkedin.com/in/mattcharris

Bain Capital - https://www.linkedin.com/company/bain-capital-ventures/

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.

#BusinessLoan #CreditUnion #Lending #Fintech

On this episode, host Vince Passione is joined by Charles Krawitz, Senior Vice President, Chief Capital Markets Officer and Head of Commercial Lending at Alliant Credit Union, to discuss:

- Charles’ journey from the banking industry to credit unions and how it changed his perspective on lending.

- Alliant’s focus on commercial real estate loans, including multifamily, student housing and hospitality.

- The impact of the refinancing cliff and the potential for commercial-to-residential property conversions.

- Serving Alliant’s members and forming corporate relationships to expand reach.

- Not letting fear deter lenders from deploying their balance sheets.

- Opportunities in commercial and residential lending despite market uncertainty.

- The importance of understanding consumer finance to better grasp the prospects for commercial real estate.

Resources mentioned:

Charles Krawitz - https://www.linkedin.com/in/krawitz/

Cornerstone Advisors - https://www.crnrstone.com/

Alliant Credit Union - https://www.alliantcreditunion.org/

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.

#CreditUnion #Lending #Fintech

In this insightful episode, Rodney E. Hood, Eleventh Chairman and Current Board Member of the National Credit Union Administration, shares his perspectives on the evolving landscape of credit unions and the importance of leveraging fintech partnerships to stay relevant in today's fast-paced financial environment. He touches on the importance of mergers, effective regulation and establishing dynamic partnerships with fintechs.

Key Takeaways:

[03:19] Rodney discusses his regulatory philosophy, emphasizing the need for regulations to be effective and not excessive.

[16:20] The crucial role of fintech in ensuring the vibrancy, reliability and value of credit unions in the current economy.

[20:40] Rodney advises credit unions to identify member credit needs quickly through fintech partnerships.

[22:41] The distinctiveness of credit unions from banks and the importance of maintaining trusted relationships.

[23:37] Rodney credits some of the outstanding loan growth in credit unions to successful fintech partnerships.

Resources Mentioned:

Rodney E. Hood - https://www.linkedin.com/in/rodneyhood1/

National Credit Union Administration - https://www.linkedin.com/company/ncua/

Automated Cybersecurity Examination Toolkit - https://ncua.gov/regulation-supervision/regulatory-compliance-resources/cybersecurity-resources/acet-and-other-assessment-tools

MERIT - https://ncua.gov/regulation-supervision/examination-modernization-initiatives/enterprise-solution-modernization-program/modern-examination-risk-identification-tool

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.

#CreditUnion #Lending #Fintech

On this episode, host Vince Passione is joined by Pete Hilger, CEO at Allied Solutions, to discuss:

- Allied Solutions’ roots in the credit union marketplace.

- The importance of building trust over offering higher interest rates.

- The need to find ways to retain and grow deposits in a low-interest rate environment.

- The importance of partnerships in the credit union industry. 

- Credit unions investing in fintech companies. 

- Allied’s approach of making acquisitions to strengthen its long-term corporate strategy.

- The auto industry and consumer health, including the surge in repossessions, indicative of a challenging economic situation for consumers.

Resources mentioned:

Pete Hilger - https://www.linkedin.com/in/pete-hilger-ba25a28/

Allied Solutions - https://www.alliedsolutions.net/

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.



#BusinessLoan #CreditUnion #Lending #Fintech

On this episode, host Vince Passione is joined by Steve Williams, President and Partner at Cornerstone Advisors, to discuss:

- Finding the value in entrepreneurial financial institutions.

- The origin and definition of the term Gonzo Banker.

- The reason all eyes in the industry are on bank deposits.

- Improving the digital front door for customer acquisition and retention.

- The velocity at which you can move money in today’s market.

- Fighting the marketing battle with the big banks.

- Navigating the waters of a new age for regional banks and credit unions.

- Showing that efficiency while adding value as an intermediary.

Resources mentioned:

Steve Williams - https://www.linkedin.com/in/gonzospw/

Cornerstone Advisors - https://www.linkedin.com/company/cornerstoneadvisors/

Cornerstone Advisors | Website - https://www.crnrstone.com/

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.

#BusinessLoan #CreditUnion #Lending #Fintech