The CU2.0 Podcast

CU 2.0 Podcast Episode 90 Bill Kennedy Tells How Many Credit Unions Will Close in the Next Year

May 04, 2020 Robert McGarvey Season 2 Episode 90
The CU2.0 Podcast
CU 2.0 Podcast Episode 90 Bill Kennedy Tells How Many Credit Unions Will Close in the Next Year
Show Notes

Bill Kennedy has spent a credit union career moving from institution to institution. He has worked at 11 - "6 or 7 were turnarounds, 1 was a startup," said Kennedy.


Often he's been CFO, and he has also served as CEO. He's seen a lot in his years at and near the top.


Know this about this podcast: Kennedy speaks his mind and he doesn't soften his opinions.


And he has a very strong opinion about how many credit unions will close in the next year, mainly as a consequence of coronavirus.  It's a big number. You want to hear it.


Along the way he says a huge credit union problem is poor board quality - and he does not mince words about that.


He also is worried about the industry's comparative inability to attract smart young professionals as employees - the industry is aging out at a time when communicating with young consumers is paramount.


He asks as well how many young professionals you have mentored. He says he has mentored 80+ in the past 25 years.


That will be critical because he predicts around half of senior credit union executives will retire in the next few years. Who is on deck to fill their jobs? At many credit unions the answer is nobody - and that, by the way, is another reason many credit unions will close.  There will be a shortage of qualified senior executives.


Think this is a bleak podcast? It's not a cheerful one. But Kennedy's are provocative ideas you need to hear.


Hear the Kennedy podcast here.


Mentioned in this podcast is retired SECU CEO Jim Blaine - his podcast is here.


For a different perspective on boards, there's the John Pembroke, CUES, podcast.


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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto