The Origination Podcast

Summary

Joel Swanson, EVP and Chief Lending Officer at VyStar Credit Union, joins host Curtis Wagner of Zest AI to share how a pricing pitch to a credit union CEO changed the way he saw the industry, and how he took over lending right as the post-pandemic credit cycle turned. Joel explains why so many 700+ credit scores turned out to be risky, what VyStar found when it checked whether its AI underwriting model was to blame, and how it has handled 22% more applications with 15% less staff without layoffs. He and Curtis also cover explainability and regulators, VyStar's head-and-heart approach to community, his contrarian view on rates, and why assets are the most overrated metric in credit unions.

Chapters

00:00 Welcome Joel Swanson of VyStar Credit Union
00:30 From Alaska to a CEO who asked the opposite question
02:19 The pivot that almost broke him, and the stupid question
05:01 4,000 miles to Jacksonville
07:08 Taking the lending chair as the fake economy ended
09:37 The 700 credit scores that should never have gotten a loan
11:50 Smarter, faster, cheaper and AI without layoffs
16:08 Explainability, regulators and model validation
19:01 Head and heart at VyStar
24:25 Deposits, fraud, rates and the metrics that matter

Takeaways

- Pandemic-era credit scores overstated many borrowers' ability to repay, and the losses showed up at the end of 2023.
- Some of the riskiest loans went to borrowers with 700+ credit scores, and a few large misses outweigh many small ones.
- When VyStar checked whether its AI model was behind rising charge offs, it found the model was its most effective data point.
- VyStar handled 22% more applications with 15% less staff through attrition, which reduced pushback on later AI projects.
- A credit union has to balance head and heart: smart business decisions made for the right reasons.

Connect with the Guest

Joel Swanson LinkedIn: https://www.linkedin.com/in/joel-swanson-9a99a41/
Company Website: https://www.vystarcu.org

Sponsor

The Origination Podcast is brought to you by Zest AI, which provides AI-driven underwriting, fraud detection, and lending intelligence for credit unions and banks. Learn more at zest.ai.

Summary

Jeremy M. Pinard, Chief Lending Officer at Canvas Credit Union, joins host Rodney Hood, former NCUA Chairman, to share how a would-be Secret Service agent found his way into lending and what it takes for a $5 billion credit union to originate like a $10 billion one. Jeremy explains why SoFi-style instant decisions are now the benchmark, how Canvas is working toward 70–90% auto-decisioning, and why success means twice the volume with the same team. He and Rodney also dig into "no margin, no mission," the $10 billion regulatory threshold, the metrics and economic signals he watches, and the leadership habits he uses to build a bench.

Chapters

00:00 Welcome and introducing Jeremy Pinard
01:20 From the Secret Service to a bank in Colorado
02:31 What shaped his leadership, and a setback that taught him most
05:23 Originating 24/7 and the push to 90% auto-decisioning
07:53 The cost of "we'll get back to you shortly"
10:08 Buzzwords, metrics and the economic signals that matter
12:53 A 2027 prediction and the regulatory wish list
15:37 No margin, no mission
18:38 Recruiting talent and the one-on-one question
22:12 Warren Buffett, staying current and AI at home

Takeaways

- Credit unions now compete with apps like SoFi that decide in seconds, so 24/7 instant origination is the new baseline.
- Canvas Credit Union is targeting 70–90% auto-decisioning so staff can focus on members who actually need a person.
- The real measure of lending automation is twice the volume with the same number of people.
- "No margin, no mission": pricing for risk and earning a healthy ROA fund both members and the talent that serves them.
- Leaders earn trust by owning mistakes, correcting them openly, and developing successors.

Connect with the Guest

Jeremy M. Pinard LinkedIn: https://www.linkedin.com/in/jeremy-m-pinard/
Company Website: https://www.canvas.org

Sponsor

The Origination Podcast is brought to you by Zest AI, which provides AI-driven underwriting, fraud detection, and lending intelligence for credit unions and banks. Learn more at zest.ai.