Credit Union Conversations

Are you interested in the latest trends in the participation marketplace? Want to learn how credit unions are changing the lending landscape? In this episode of Credit Union Conversations, host Mark Ritter chats with Tom Halliday, Vice President of Lending Sales at MBFS, to discuss the state of consumer lending in mid-2025. From the surprising member-focused approach of credit unions to the importance of clear communication in simplifying the loan process, this episode explores what drives success in lending today. Tune in for insights on overcoming business lending challenges and succeeding in a competitive market!

IN THIS EPISODE:

• (00:00) Intro: Meet Tom Halliday
• (02:24) Tom Halliday’s origin story, detailing his transition from consumer lending to joining MBFS as Vice President of Lending Sales
• (03:18) Discussion of the member-focused approach of credit unions, contrasting it with the profit-driven mindset of commercial banks
• (07:23) Discussion shifts to the state of the lending market in 2025
• (13:15) Communication is key to a smooth loan process; clear expectations and complete borrower information will avoid delay
• (19:15) Key factors for successful credit union lending programs are outlined
• (21:11) The participation marketplace is described as highly competitive, with more credit unions looking to buy 

KEY TAKEAWAYS:

• Credit unions prioritize member relationships, focusing on understanding borrowers' stories and goals, unlike commercial banks, which often treat borrowers as numbers.
• Effective communication is crucial for seamless loan processes, ensuring clear expectations and prompt responses between borrowers, relationship managers, and credit unions.
• The participation marketplace is highly competitive in 2025, with more credit unions seeking to buy loan participations than available opportunities, requiring quick responses to secure deals.

RESOURCE LINKS

Mark Ritter - Website

Mark Ritter - LinkedIn

Tom Halliday - MBFS 

Tom Halladay 302-545-3424

Ready to dive into the wild world of credit union predictions? Want to know what’s next for the financial landscape in 2025? Join host Mark Ritter and COO of MBFS Jeff Lyons in this lively episode of Credit Union Conversations as they toss out bold forecasts for the rest of the year! From the chaotic twists of the NCUA board saga to the buzz around potential interest rate cuts by the Federal Reserve, Jeff and Mark unpack what’s shaking up the industry. Expect spirited banter on how tariffs might play out as a cheeky negotiation tool and why the loan marketplace is hotter than a summer barbecue. Tune in for a quick, fun ride through the economic crystal ball!

IN THIS EPISODE:

• (00:00) Introduction
• (01:14) Discussion on NCUA board chaos, highlighting legal ambiguity in removing board members, predicting Supreme Court resolution
• (04:25) Prediction on interest rates, expecting a half-point Federal Reserve cut by year-end 
• (06:41) Tariffs discussed as a negotiation tool and the budget deal in Congress 
• (11:15) Discussion of the loan marketplace outlook for credit unions and home values
• (13:00) Focus on SBA loans and home-based businesses, predicting a boom in startups due to economic conditions

KEY TAKEAWAYS: 

• Legal uncertainty surrounds the removal of NCUA board members, which is likely to be upheld after Supreme Court appeals.
• Anticipated a half-point Federal Reserve interest rate cut by year-end, with stable inflation and low unemployment.
• Tariffs are being used as a negotiation tool, with minimal impact on trade, and modest 10% tariffs are expected, particularly on manufacturing from China.

RESOURCE LINKS

Mark Ritter - Website

Mark Ritter - LinkedIn

Jeff Lyons - LinkedIn

KEYWORDS: Credit Union, MBFS, NCUA Board, Interest Rates, Federal Reserve, Inflation, Unemployment, Tariffs, Negotiation Tool, Trade, Loan Marketplace, SBA Loans, Home-based Businesses, Budget Deal, Economic Conditions, Supreme Court, Business Startups, Consumer, Tax Cuts, Credit Union Predictions, Financial Landscape 2025

Welcome to Credit Union Conversations. Host and CEO of MBFS, Mark Ritter, dives into the world of business lending with Chief Administrative Officer Ellen Thorn. 

In this episode, they reflect on MBFS’s impressive growth from $750 million to nearly $3 billion in assets and explore Ellen’s professional journey to her pivotal role at MBFS. You’ll gain insights into building strong third-party relationships through effective communication, respect, and trust, as well as strategies for successful portfolio management. 

Additionally, Ellen shares her perspective on navigating regulatory challenges, including risk management and cybersecurity, offering a glimpse into the future of the credit union industry.

IN THIS EPISODE:

• (00:00) Intro: Meet Ellen Thorn
• (01:35) Ellen’s career journey and her current role at MBFS
• (03:22) MBFS has grown from $750 million to nearly $3 billion in assets
• (06:49) The importance of communication, respect, and shared goals for successful partnerships
• (09:19) Communication breakdown and loss of trust are common issues in third-party relationships
• (15:51) Ellen highlights the importance of relying on MBFS and constant communication for smooth portfolio management
• (23:27) Ellen outlines regulatory focus on risk management, compliance, and cybersecurity and gives her thoughts on the future

KEY TAKEAWAYS: 

• MBFS has grown significantly from $750 million to nearly $3 billion in assets under management, with staff increasing from 16 to over 50, reflecting substantial organizational and geographic expansion.
• Successful third-party relationships rely on communication, mutual respect, and shared goals, with proactive engagement and trust being critical to smooth operations.
• Effective portfolio management requires constant communication and customization. Credit unions that actively engage with MBFS experience smoother operations compared to those that don’t.

RESOURCE LINKS

Mark Ritter - Website

Mark Ritter - LinkedIn

Ellen Thorn - LinkedIn

BIOGRAPHY:

Ellen Thorn is a finance and accounting professional with over 10 years of achievement within the commercial real estate finance and funds management industries. Extensive experience working in middle and back office operations, including risk management, legal, treasury, budgeting, trade support, investor services, IT, finance, and accounting. Excellent communicator with emphasis on building strong client relationships. Recognized as a resourceful colleague who engineers change and is committed to achieving corporate objectives.

KEYWORDS: Credit Union, MBFS, Business Lending, Chief Administrative Officer, Communication, Commercial Real Estate, Asset Under Management, Growth, PPP Era, Communication, Trust, Third-Party Relationships, Portfolio Management, Due Diligence, Regulatory Environment, Risk Management, Cybersecurity, Loan Servicing, Client Reporting

Ready for a lighthearted break from business as usual? In this episode of Credit Union Conversations, host Mark Ritter sits down with MBFS COO Jeff Lyons for a fun and casual chat about summer vacations, Lisbon and the Netherlands, favorite conference destinations, the pros and cons of swag giveaways, and how their childhood summers compare to today’s parenting. Whether you’re into golf, beach days, or just need a few laughs, this episode has something for everyone.

IN THIS EPISODE:

• (00:00) Intro: Meet MBFS COO Jeff Lyons
• (00:57) Mark recaps his Lisbon and the Netherlands vacation 
• (02:38) Conference season wrap-up in Orlando and reflection on their favorite destinations 
• (05:12) Discussion of the swag giveaways, determining they are ineffective marketing tools 
• (07:03) Discussion of summer plans, wildlife sightings, and childhood summer memories
• (11:14) Modern parenting, grandparenting, and past parenting norms

KEY TAKEAWAYS: 

• Mark and Jeff reflect on their favorite (and least favorite) conference destinations, highlighting cities like New Orleans and Charleston for their food and culture, while expressing fatigue with places like Las Vegas and Destin in peak summer.
• Mark shares his distaste for promotional conference swag, calling it ineffective marketing, while Jeff admits he still enjoys collecting tchotchkes, though even he hasn’t seen anything new or innovative lately.
• The conversation shifts to summer plans, from golfing and beach weekends to hiking and fishing. The two also reminisce about their vastly different childhood experiences, especially the freedom kids once had to roam unsupervised—something nearly unimaginable today.

RESOURCE LINKS

Mark Ritter - Website

Mark Ritter - LinkedIn

Jeff Lyons - LinkedIn

BIOGRAPHY:

MBFS provides credit unions with all aspects of business lending services.

Chris and Mark go deep on what it is like to make the jump to your own attorney practice and small business. What's it like to work full-time and build a real estate portfolio? Credit unions around the country can connect with Chris at riceparklaw.com. 

IN THIS EPISODE:

• (00:00) Intro: Meet Chris Rice
• (01:49) Chris Rice's professional background journey
• (07:25) Chris shares his experience working with credit unions and what it was like starting Rice Park Law firm
• (13:02) The differences between commercial and consumer collections
• (16:51) Do not delay on a default notice
• (22:06) Chris advises on selecting an attorney and he gives his outlook on the future

KEY TAKEAWAYS: 

• Attorney Chris Rice has launched Rice Park Law, focusing on credit union representation. His extensive background in real estate and restaurant ownership gives him unique insights into business operations and challenges.
• Commercial and consumer collections differ: Commercial loan collections are often more straightforward due to tools like the "confession of judgment" and the use of secured assets. Consumer collections, however, are more complex due to regulations and typically involve unsecured debt.
• Early legal intervention in loan defaults is key. Don’t delay sending default notices and involve legal counsel early in commercial loan defaults. This helps avoid "lender liability claims" and allows for effective workout solutions like forbearance agreements, saving time and money.

RESOURCE LINKS

Mark Ritter - Website

Mark Ritter - LinkedIn

Rice Park Law - Website

Chris Rice - LinkedIn

BIOGRAPHY:

Chris Rice is the founder of Rice Park Law. For the past twenty years, Chris has helped numerous credit unions with contractual, regulatory, loan closing, and workout issues. Chris is an entrepreneur who lives and practices out of Carlisle, PA.

KEYWORDS: Credit Unions,  Chris Rice, Rice Park Law, Commercial Collections, Consumer Collections, Small Business, Real Estate Portfolio,  Business Lending, Commercial Lending, Real Estate, Renovation Projects, Restaurant Ownership, Carlisle Community, Lending Institutions

MBFS CEO Mark Ritter and a guest from his team catch up on the latest happenings at MBFS, the credit union industry, and other odds and ends.

IN THIS EPISODE:

• (00:00) Introduction: Meet Craig Page
• (02:54) New ways of making a positive customer experience
• (05:44) Outdated ways of advertising, the Sunday newspaper and Black Friday shopping
• (08:42) The new ways of networking and connection: LinkedIn and Social Media like TikTok
• (12:49) MBFS is hiring - reach out to Mark by video call

KEY TAKEAWAYS: 

• Digital transformation has shifted business lending from traditional methods, such as cold calling and print ads, to platforms like LinkedIn, enabling more authentic and efficient connections.
• Customer experience is now king. Instead of focusing on volume-driven sales tactics, successful business lenders prioritize building relationships and delivering a seamless customer experience, which drives long-term loyalty and referrals.
• As in-person meetings decline, adapting marketing strategies to virtual environments through video calls, social media, and personalized digital content is essential for staying relevant and competitive.

RESOURCE LINKS

Mark Ritter - Website

Mark Ritter - LinkedIn

Are you ready to rethink how young people approach money and build lasting financial confidence? Welcome to Credit Union Conversations, hosted by Mark Ritter, CEO of MBFS, a business lending CUSO serving clients across the United States and Puerto Rico. In this episode, Mark is joined by Todd Romer, who partners with credit unions to leverage his "Do Money Differently" financial education approach as a powerful tool to attract younger members. With paycheck-to-paycheck living at a record high of nearly 75% and rising, Todd’s strategy challenges traditional financial advice, focusing on practical, transformative steps for young adults. Today, they’ll dive into Todd’s journey with Young Money University, the unique advantages credit unions offer, and actionable insights on investing and avoiding college debt traps.

IN THIS EPISODE:

• (00:00) Intro
• (01:39) Todd Romer discusses Young Money University
• (05:20) Credit unions offer named savings accounts to save purposefully 
• (09:36) You don’t have to be an expert, start with a platform like Acorns
• (11:13) Upbringing shapes our money habits, set up a college budget and discuss career goals and costs
• (21.57) How to start investing in the stock market and its historical 10.2% annual return 

KEY TAKEAWAYS: 

• Early exposure to investing shapes lifelong financial habits. To foster enduring financial confidence, begin teaching teens about money and investing. Providing young people with targeted financial education, emphasizing a distinctive approach to money management, is essential.
• Credit unions should emphasize their unique benefits, like named savings accounts, to attract younger members.
• Guide high schoolers to consider affordable education paths and discuss financial realities early to avoid debt. College debt is a growing concern, with many students unaware of cost-effective options.

RESOURCE LINKS

Mark Ritter - Website

Mark Ritter - LinkedIn

Young Money University - Website

BIOGRAPHY:

Todd Romer is passionate about financial education. He has helped thousands of people take on a new lease of life by providing them the exact steps to dream, save, spend, invest and give money DIFFERENTLY to reach goals/dreams.  Todd also partners with credit unions to use DO MONEY DIFFERENTLY financial education as their most valuable marketing tool to drive younger membership growth.

MBFS CEO Mark Ritter and a guest from his team catch up on the latest happenings at MBFS, the credit union industry, and other odds and ends.

IN THIS EPISODE:

• (00:00) Craig Page shares his professional background and responsibilities
• (01:57) Mark introduces a new, shorter episode format featuring MBFS team members
• (04:30) Mark and Craig discuss their moves from suburbia to rural areas
• (06:49) MBFS sees unexpected growth in 2025 in the CUSO
• (08:41) Craig explains the value of small credit unions in partnering with a CUSO like MBFS
• (10:32) Craig shares his reaction to the boom in lending

KEY TAKEAWAYS: 

• The Credit Union Conversations podcast has introduced a shorter, more conversational format featuring "quick hitters." These episodes, airing twice monthly, will focus on current industry topics, updates from MBFS, personal anecdotes, and team insights, in contrast to their traditional long-form interviews.
• Despite expectations for a flat year, MBFS has experienced rapid growth, with seven new credit unions joining early in the year and 18 more in the pipeline. Loan volume has also increased, reflecting strong demand for its services.
• Smaller credit unions are increasingly entering the member business lending space but face resource and staffing challenges. MBFS offers a “plug-and-play” solution, handling everything from origination and servicing to loan workouts, making it easier for credit unions to scale without heavy internal investment.

RESOURCE LINKS: 

Mark Ritter - Website

Mark Ritter - LinkedIn

Craig Page - LinkedIn

MBFS, CUSO, Mark Ritter, Credit Unions, Growth, Lending, Origination, Servicing, Pipeline, Small Credit Unions, Team, Industry, Business, Partnerships, Future of Lending, Boom in Lending, Unexpected Growth, Partnering With MBFS, Services, Loan Volume, Business Lending

THE MBFS COO and resident SBA expert joins Mark today to try to make sense of the 2025 regulatory chaos. What's going on with the SBA? What changes are afoot? Are they good or bad for credit unions?

IN THIS EPISODE:

• (00:00) Intro
• (01:48) Jeff Lyons’ professional background and what has happened with SBA with the onset of the new administration
• (05:30) Discussion of lending fees and zero subsidy 
• (08:00) Discussion of PPP Loans and non-bank, non-regulated lenders, delinquencies, and selling off SBA loans for a profit
• (15:49) Discussion of the stability of the SBA in uncertain times and what MBFS can do for a credit union to facilitate the SBA process
• (20:44) Jeff shares why SBA is beneficial for your credit union

KEY TAKEAWAYS: 

• The SBA is shifting back to pre-COVID operations, reinstating previously waived borrower lending fees. This change aims to stabilize the SBA's finances, which had gone into negative cash flow due to fee eliminations during the pandemic.
• The new SBA Administrator, Kelly Loeffler, has brought staff back to in-person work and announced plans to streamline SBA operations. However, concrete changes in process efficiency are still pending, and a significant workforce reduction (about 43%) is underway to adjust for post-PPP staffing levels.
• Due to higher delinquency rates and lax underwriting standards in the SBA loan portfolio, non-bank fintech lenders are under increased scrutiny. As a result, future non-bank SBA lending licenses are unlikely, reinforcing the SBA’s preference for traditional, regulated lenders like credit unions.
• Lender Service Providers (LSPs) like MBFS offer valuable assistance navigating the SBA loan process, but lenders must remain actively involved. LSPs can provide expertise and guidance to credit unions, helping them understand the requirements and streamline the application. However, the responsibility for the member relationship, underwriting, and overall loan management ultimately rests with the lending institution.

RESOURCE LINKS: 

Mark Ritter - Website

Mark Ritter - LinkedIn

Jeff Lyons - LinkedIn

BIOGRAPHY: 

MBFS provides credit unions with all aspects of business lending services. 

Nu Direction Lending is an online financial technology company based in Feasterville-Trevose Pa. The company provides funding from $25,000 to $500,000 directly to small businesses through an automated lending platform.

Danielle Gallagher is the CEO of Eagle One FCU in Claymont, DE. She has been involved with credit unions since college and worked her way up to be named CEO in 2020. Danielle and Mark take a deep dive into her journey, what's new at the credit union, and look at a crystal ball for the future of small credit unions.

IN THIS EPISODE:

• (00:00) Introduction
• (02:02) Danielle Gallagher’s professional background, leading her to Eagle One FCU
• (05:40) A snapshot of services Eagle One Credit Union provides
• (10:47) Danielle Gallagher’s experience of taking on the role of a long-tenured CEO
• (14:25) Discussion of being a CDFI (Certified Development Financial Institution)
• (20:05) Working with QSOs and what’s working well at Eagle One
• (23:29) Danielle Gallagher advises credit unions regarding succession planning

KEY TAKEAWAYS: 

• Danielle Gallagher's career at Eagle One Federal Credit Union began during college breaks, influenced by her mother's role there. She progressed from a member service representative to gaining experience in marketing and finance and eventually becoming CEO. Her grandfather also worked for the credit union under its former name, highlighting a family connection to the institution.
• Eagle One is a small but "mighty" credit union with about $85 million in assets and four branches. It serves around 9,000 members and particularly values its relationships with USPS and Philadelphia Gas Works employees. Despite its size, Eagle One offers a wide range of services and prioritizes member service. The staff wears multiple hats due to its smaller team size.
• Danielle emphasized the importance of succession planning, noting that Eagle One's smooth transition was due to months of preparation. She contrasts this with the trend of credit unions merging due to a lack of future leadership. Eagle One is a certified development financial institution that helps serve underbanked communities.

RESOURCE LINKS:

Mark Ritter - Website

Mark Ritter - LinkedIn

Danielle Gallagher - LinkedIn