JAMESBURG, N.J. – On Wednesday, July 18, 2012, NJCUL President/CEO Paul Gentile along with special guest attorney Guy A. Messick from CUSOLaw.com facilitated a very engaging CEO Roundtable on the topic of “How Can N.J. CUs Collaborate for Efficiency?” Gentile welcomed the group and stated that the session’s topic was a direct result of conversations with several CEOs. He explained that it was meant to be a participative meeting and that the League will be collecting information to share with all N.J. credit union CEOs.
NJCUL President/CEO Paul Gentile gives an overview of the current state of the NJ CU system.
Gentile then reviewed several slides comparing the current economic environment in N.J. to that of the nation as a whole. Key areas of focus were the Efficiency Ratio and Non-Interest Income/Avg. Assets. While the numbers shared were somewhat bleak, Gentile pointed out that the results of a recent conversation with CUNA’s Mike Schenk show that things are slowly improving.
After some discussion on the economy, the meeting continued with a discussion of the areas where N.J. credit unions collaborate today. Items mentioned were the Shared Compliance Program, Shared Branching, the Banking You Can Trust campaign, NJ READ, custudentloans.com, and Invest in America.
Attorney Guy Messick shares his experience working with CUSOs.
The meeting was then turned over to Guy Messick who shared his experience with CUSOs and how the process of forming a CUSO or collaborative effort have the same components. Messick discussed what other credit unions were doing along with the challenges associated with each. He stressed that in order to enter into a collaborative agreement, all parties must 1) believe it is necessary for survival, 2) see the opportunity, and 3) contain a benefit of cost savings or increase in quality (both of which may take time to be realized).
The discussion was opened up to the group and at the conclusion of the meeting over 15 items were identified as possible areas for future collaboration. This session was highly interactive and effective. More information will be provided on the exact topics and next steps discussed.