November 13, 2025 • 25 mins
As President/CEO of the Michigan Credit Union League (MCUL) and CUSG, Patty Corkery champions advocacy, education and innovation for Michigan credit unions. She oversees solutions in marketing, technology, HR and financial empowerment for hundreds of credit union partners across the country and is an active board member and advocate for collaboration, service and lifelong learning.
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Speaker 1 (00:00):
Let's meet Patti Corkory, President and CEO of the Michigan
Credit Union League and of CUSG. As President and CEO
of the Michigan Credit Union League also known as MCUL
and CUSGA, Petty core Crey champions advocacy, education and innovation
for Michigan credit unions. She oversees solutions in marketing, technology,
(00:22):
HR and financial empowerment for hundreds of credit union partners
across the country, and as an active board member and
advocate for collaboration, service and lifelong learning. The websites are
MCUL dot org ANDCUSG dot com. Let's start with the
organizations that you league, tell us the role they play
(00:43):
in the community.
Speaker 2 (00:43):
Why don't we start with MCUL.
Speaker 3 (00:46):
Sure, So, the Michigan Credit Union League is a trade
association for credit unions in Michigan. So we provide a
lot of different services, but the most important thing we
do on behalf of our one hundred and seventy four
credit unions in Michigan is advocacy. So I have the
privilege of working with our state and federal lawmakers around
the state to make sure that they understand what credit
(01:07):
unions do, what they're doing for their communities. And the
members that they serve. Over six million Michiganders are members
of credit unions, so it's a really big population that
we serve, and that's the primary role we put on
education events. We have a lot of communication resources. Pretty
much anything you think that a credit union might need
(01:30):
support wise to better serve their members and communities is
really what we focus on at the league.
Speaker 1 (01:37):
So you mentioned members, why don't we talk a little
bit about the difference between traditional banks and credit unions
because obviously banks don't have members, so help us understand
the differences.
Speaker 3 (01:48):
Right, So, credit unions are member owned cooperatives, so they're
not for profit financial cooperatives. So when you join a
credit union, you actually become a member owner. There are
no customers in the credit union space.
Speaker 4 (02:02):
It's all their members.
Speaker 3 (02:03):
So they get to a vote for the board, they
get to attend their annual meetings their member owners.
Speaker 1 (02:09):
Okay, great, And then you had said, obviously you're also
president and CEO CUSG, and.
Speaker 2 (02:17):
Tell us about that organization too. Yeah.
Speaker 3 (02:20):
So CUSG is really Credit Union Solutions Group is the acronym,
and it's a nationwide company.
Speaker 4 (02:26):
We actually work with.
Speaker 3 (02:27):
Folks outside of the US as well, but the Michigan
Credit Union League owns sixty four percent of that entity,
and then the other owners are made up of other
credit unions and other associations around the country. And really
that organization started out to provide technology services for credit
unions mainly, so think about web design and hosting HR tools.
(02:50):
It's really a technology company providing software for the most part,
and it's evolved over time. We work with non credit
unions as well, but really a really great revenue generator
for our Michigan credit unions here in our state. And
so with that ownership, we have a lot of employees
that live in both spaces, so that's why it kind
(03:12):
of makes sense for me to run both of those entities.
But that is a for profit model, that is really
a technology company.
Speaker 1 (03:20):
Oh and that must be a great resource for all
the credit unions.
Speaker 4 (03:23):
I think so, yeah, I think so doo.
Speaker 3 (03:25):
Yeah, they are able to because we've known the industry
for so long and we're tapped into every issue basically
that impacts credit unions. We're able to model our software
solutions with that in mind. So I do think that
that's a helpful kind of value add to them compared
to just your other random web design and hosting company
for sure.
Speaker 2 (03:46):
What first inspired you to get involved in the credit
union movement.
Speaker 3 (03:49):
Well, my dad worked in credit unions, so he retired
from the industry, and my brother is actually a credit
union CEO, so it's kind of been my family. Yeah,
and I went to law school at the Great Wayne
State University and started practicing law, representing.
Speaker 4 (04:05):
Exclusively credit unions.
Speaker 3 (04:07):
So I just kind of fell into that space because
I've heard from my family what a great industry it is,
and that is certainly true. I've spent my whole career
in the credit union space, so clearly I'm a fan.
Speaker 4 (04:20):
And then after about twenty.
Speaker 3 (04:21):
Years of practicing law here in Michigan, an opportunity came
up at the Association and ultimately I started to run
that and CUSG.
Speaker 4 (04:30):
So it's really been quite a path.
Speaker 3 (04:33):
But it's you know, in my entire career working in
the space. It's such a rewarding place to be given
what credit unions do for the community and the impact
that they have.
Speaker 2 (04:43):
Well, why don't we talk about that?
Speaker 1 (04:44):
What are some of the ways the organizations impact the
community in particular?
Speaker 3 (04:50):
Yeah, for sure, So credit unions are community focused, so
we have well over one thousand branches in Michigan, and
with the member in mind and their community in mind,
they create their products and services with who they serve,
you know, So if you're the in a Detroit situation,
(05:11):
for example, and your field of membership are people that
you know, wherever you're at in Michigan, if you're in
a pocket of a community that has lower income, then
you're creating products to serve that community. So whether it
be a first time auto lending program with with folks
that don't have you know, maybe the biggest down payment
(05:32):
when you think about an auto which is really where
a credit union shine all through the state is in
the auto lending.
Speaker 4 (05:39):
You know, the.
Speaker 3 (05:39):
Average price of a car now Michigan is in the
country is forty eight thousand dollars, So to get a
new car, or to even get a used car.
Speaker 4 (05:47):
It's a huge financial lift.
Speaker 3 (05:49):
So credit unions really started to thrive when banks after
the depression were declining lower income people. So lower income
people after the depression had nowhere to go because banks
are always looking for the shiny credit score, and so
credit units really came up at a time where people
had nothing else, nowhere else to go for their money.
Speaker 4 (06:11):
So you have a school, you.
Speaker 3 (06:12):
Have a hospital, you had a factory. Those people banded
together through all their money literally in a drawer and
started to create a cooperative so they could support one
another when they needed loans. And that had to happen
because they had nowhere else to go. And so that's
how credit unions started and they really continue.
Speaker 4 (06:30):
To beat that drum even today.
Speaker 3 (06:32):
They are there to help folks when other lending sources
are saying no. So they really craft their whole model
to support for folks like that.
Speaker 4 (06:41):
In the community, and you know, have always been there.
Speaker 3 (06:45):
So it's really as you can see just about what
I described, it's a really rewarding place to thrive and
to have your career when that is their mission to
support people in their communities. So it's really, you know,
over sixty percent of our population, our members. I don't
know why it's not one hundred percent, Colleen, but that's
what we're going for.
Speaker 4 (07:06):
Because they're a great place to bank.
Speaker 1 (07:08):
Yeah, it sounds like they develop products specific for the
community that are going to help the community in the
situations that community is in.
Speaker 3 (07:15):
Yeah, not only that, but they show up like if
you go to an art fair or a parade or.
Speaker 4 (07:21):
Something actually happening in the community.
Speaker 3 (07:23):
You're going to see, you know, credit union booths there
to support local efforts that are going on.
Speaker 4 (07:28):
They have a lot of credit.
Speaker 3 (07:30):
Unions now have their own foundations, so they're giving scholarships
out to members of their community.
Speaker 4 (07:37):
They're doing you.
Speaker 3 (07:38):
Know, all sorts of different programs like that to be creative.
Speaker 4 (07:41):
You know, we have so many payday lenders in our state.
Speaker 3 (07:45):
You know, sometimes we see them and you know all
over you can imagine what it costs to get a
payday you know, have your payday lending transaction happen. So
credit unions come up with alternatives to that, Right, what
can we do where people need to meet get access
to money without giving them something that is a crazy
interest rate. So they see what's happening in other financial
(08:08):
spaces and they try and double down and provide those
resources at a much lower cost for the community.
Speaker 2 (08:14):
Wow. Incredible.
Speaker 1 (08:16):
So, speaking of payday lending and the challenges that sent
to a consumer, since you mentioned it, what other challenges
are Michigan families facing today and what.
Speaker 2 (08:27):
Else are credit Union's doing to help?
Speaker 4 (08:29):
Yeah, you know, I.
Speaker 3 (08:30):
Mean, well we all read the news and we see
how much groceries cost.
Speaker 4 (08:34):
You know, interest rates came down just a tick.
Speaker 3 (08:37):
But you know I mentioned the auto, think about the
average price of a car or sorry of a home
is two hundred and seventy five thousand dollars.
Speaker 4 (08:45):
So we all have heard.
Speaker 3 (08:46):
Of younger people just starting out, just graduating college, trying
to buy that first home. It's basically impossible, and not
only with inventory, but also with securing a.
Speaker 4 (08:56):
Mortgage when you just get your first job.
Speaker 3 (08:59):
And so credit unions have a lot of programs that
keep in mind the first time buyer. They have down
payment assistance programs and things like that, working with various
partners out there in that space, so really providing that
less costly access to funds, access to lending. They typically
(09:19):
have much lower interest rates when it comes to loans
just in general, whether it be a mortgage or an
auto loan or a personal loan, if you just need
a loan to get by. So that's really how they
show up in terms of just the cost of funds,
really making it a lot more accessible for people. And
(09:39):
as I mentioned at the start, they're more supportive of
people of lower income. We have pockets of credit unions
where they have a low income designation for example, so
they get certain dollars to support lending programs for people
that have low income, and so they're developing their products
to really help support those people that really have nowhere
(10:01):
else to go but a payday lender.
Speaker 4 (10:04):
Wow.
Speaker 1 (10:05):
Moving on to c u SG, So that's you mentioned
a technology company. It also serves a wide range of businesses.
Tell us a little bit about how you keep what
you do relevant, you know, to all the organizations you
support when technology is changing so.
Speaker 2 (10:24):
Fast in today.
Speaker 4 (10:26):
Absolutely.
Speaker 3 (10:27):
I think one of the areas where CUSG has shined
is in our support of human resources folks around the country,
whether they work at a credit union or some other entity.
You know, it's been a tough road, especially since the
pandemic for people that work in the HR space.
Speaker 4 (10:44):
You have a remote work you know environment.
Speaker 3 (10:47):
Now for a lot of places, there's a lot of competition.
You know, people aren't seeing in their jobs as long
as they used to, so you need to make sure
that you're compensating them in the right way. You need
to make sure that you're nowaging performance and recognizing team members,
which isn't as easy to do when you're not in
an office. So a lot of our technology in the
(11:08):
HR space is geared with that in mind. So we
have a product called compies for example, and that it
pulls into data from around the country to make sure
that you're compensating your employees in the right amount. What
is the average you know, an average branch manager or
an average entry level manager in another industry making what
(11:29):
is the average compensation? So we have a tool that
helps employers figure that out. We just launched a recognition
app where you know, you can recognize team members throughout.
Speaker 4 (11:40):
The day, you know, in a virtual way.
Speaker 3 (11:43):
Because we have to accommodate with technology this remote workforce
that we're dealing with.
Speaker 4 (11:47):
So that's that's one specific product.
Speaker 3 (11:50):
But you know, we are incorporating artificial intelligence of course
into a lot of our products, you know, especially in
the HR space. We're developing a chatbot so HR professional
can go in and get access to things really easily.
In all areas of our business. If you're a technology company,
you really have to double down on advancements that are happening.
(12:11):
So that's something that we're spending a lot of time
in and really listening to our clients and seeing what
they need and what is lacking in their current tools,
so we can better support them. And it's interesting think
about how important websites still are. I mean people when
you're googling and want to find out about a business,
you go to their website, and so that's another critical
(12:33):
space where people want to make sure that it's easy
to find stuff, that it looks dynamic, that it has
the advanced tools that are needed to stay competitive. So
we're really thrilled with what we can provide businesses for
their websites and their hosting environment, which security is super important,
especially for credit unions in the financial space, we have
(12:56):
to keep an eye out for making sure we have
secure platforms, so we spend a lot of time and
resources there. So it's really fun. I feel like, you know,
I have both sides. I work with credit unions and
the advocacy role in supporting them, but also providing products
that help them be better employers, be better engagement with
(13:18):
their potential members and their current members.
Speaker 4 (13:20):
So it's a lot of fun.
Speaker 1 (13:22):
That's great. I love you know so much of what
you said. And it's interesting because the security, so many
people are applying for loans, or at least the loan
process starts online, So that's obviously crucial in your industry
in particular.
Speaker 3 (13:37):
Right absolutely, a lot of credit unions now you can
even join online. It's interesting to see what's happening in
the banking space in general. There's been a really big
push for a lot of banks to close branches. So
they leave because they're based on a for profit model.
Speaker 4 (13:54):
They leave pockets of the.
Speaker 3 (13:55):
Community where they're not seeing a lot of traction or
they're not making money at a picular branch. Credit unions
have the opposite thing happening. They're opening more branches, especially
in those communities that are becoming banking deserts we call them.
So because they're not a for profit model, you know,
they can put a small branch in a location where
(14:18):
maybe the only financial institution and I'm doing air quotes
is a payday lender. So they're going into those communities
to connect with people there and make sure that they
have a place to go. So, even though we're talking
about all this technology and the ease of doing things online,
how do people like to walk into an actual branch.
They like to know, even younger people like if they're
(14:39):
getting a car loan for the first time or they're
getting a mortgage for the first time. Credit unions provide
a lot of financial education resources and sometimes it's kind
of nice to sit across the desk from somebody to
do that and to get that, you know, help them
with their budget, help them with their retirement planning, and
things like that. So having those branches in the communities
(15:00):
is important because I've often asked credit undis, you know,
with all things happening online, why are you opening more branches,
And they talk about how important it is that sometimes
even though the vast majority of transactions are online, people
like that human touch sometimes, especially if your dat has
been compromised by a third party, or you know, you're
helping your aging parents. It's just easier sometimes to do
(15:23):
things in person. So they're really proud that they are
really doubling down on branching and making sure that folks
can get in and access their services in an easier way.
Speaker 1 (15:34):
Yeah, that's so interesting that that opposite is happening. And yeah,
it seems to fit because what you'd previously talked about
was how very very community focused and oriented the credit
union organization is. So it seems I mean, it makes sense,
but you do see the opposite happening in general. So
their presence is important to the organization, their physical presence
(15:56):
in the community.
Speaker 4 (15:57):
Yeah. Absolutely.
Speaker 3 (15:58):
I don't know, if you know, my parents would definitely
prefer to do things in person, and a lot of
our population are still elderly people that like to do
things face to face and they're not up to up
to speed with, you know, everything in the tech space.
Some are better than others, but it's good to have
a location where you can actually walk.
Speaker 1 (16:15):
In if you're just joining us. Our guest today is
Patty Corkery. She's president and CEO of the Michigan Credit
Union League and president and CEO of CUSG. So you
had mentioned, Patty about financial literacy and that that's important
component to the credit union experience. Why is supporting young
professionals you know, you think about young people and their
(16:37):
financial literacy. Why is supporting young professionals in particular so
important and what is being done to nurture that movement?
Speaker 3 (16:45):
Yeah, we are so thrilled to have a very active
young professional movement in our state. And that's really the
community that I'm referring to. There people that work at
credit unions that are forty and under, so we have
a group of folks they call themselves Fuel. They're kind
of uplifting this next generation of credit union leaders and
credit union employees. So it's important to nurture them because,
(17:10):
as I mentioned, the rate at which young people switch
jobs is pretty intense, and so it's our role as
a trade association to help those young people realize that
when you work for a credit union, it's not just
a job.
Speaker 4 (17:24):
You're really part of a movement, which.
Speaker 3 (17:26):
Is how we refer to our industry around in the country.
It's a movement a credit union space, so we really
spend a lot of time there helping them understand how
important it is to advocate on behalf of our industry
and share information and collaborate and all of those great things.
So that's kind of the young professional space, and then
just young people in general. You know, credit unions are
(17:49):
looking for ways to you know, there's a lot of
competition out there where you know, to get those younger
members to join, a credit union is a place where
they spend a lot of time. You're going to see
several credit unions around the state have student branches inside
of high school or inside a school. They put on
financial Reality fairs for younger people to help them learn
(18:10):
about budgeting. Sometimes you know a lot of adults you
talk to, they never learned how to do any of
that in school. So credit unions are really trying to
get in there and play that role of financial education,
even with grade schools. We have a book that goes
out to the libraries. I think there were over fourteen
thousand books that went out to Michigan libraries this past
(18:31):
year to help educate really young people about saving and
how money works and all of those things. So it's
the young professional movement for our young people that work
in the industry now or trying to get new people
to work with us, but also the financial education for
young people to show them the value of joining our
credit union.
Speaker 1 (18:51):
So important, so important to avoid the pitfalls that can
happen with your money. And I always love it when
you see a credit union high school, because really financial
literacy should be a class. Yeah, how to borrow, how
to maintain your credit score, how to you know, get
your first car, all the things that they there should
(19:13):
be so much more learning on that.
Speaker 3 (19:15):
So much and sadly and kind of scary, Colleen, the
way people young people are learning about their money is
through TikTok and YouTube.
Speaker 4 (19:23):
It's very common to go there, and maybe it's.
Speaker 3 (19:27):
A credit union on TikTok because they are getting into
that space or YouTube, but any just random person in
those spaces can be pretty dangerous as.
Speaker 4 (19:37):
Far as your financial education.
Speaker 3 (19:39):
So they're really trying to push that they are a
place to go to for that, and maybe TikTok isn't
the first place you should go.
Speaker 1 (19:47):
Look, you're you're leading to two really important organizations. What
do you see as the most important responsibilities of a
leader today?
Speaker 3 (19:59):
Pas, I think one of the most important responsibilities is listening,
you know, not just with my team and the people
that work on our team to hear what they need
and my organizations to be happy and fulfilled in their careers,
but also to our clients, to our credit unions. A
lot of times I'm kind of the one talking and
(20:21):
talking about all the things that we do when I
meet with my credit unions. But I love to do
listening tours because as an association and especially as on
our for profit side, you know, we want to provide
tools that people need and support that people need. And
the only way I'm going to know what they need
is by listening, and so I find that as a
(20:41):
leader internally and externally, listening and asking the right questions
to pull that information out is probably the thing that
I need to be best at.
Speaker 2 (20:53):
I love that concept of a listening tour.
Speaker 4 (20:55):
Yeah, yeah, yeah, we're going to engage on that.
Speaker 3 (20:58):
I do it with our credit unions through out the
year and I just talk about our touch points with them.
But then I just ask each person in each area,
what are your pain points, what is happening in your space,
what's working, what's not? And you learn so much, especially
we didn't even tap into Colleen all of the fraud
that happens in the financial space, you know, people getting scammed,
(21:19):
people giving out their passwords. I mean, it's a whole
other interview and conversation, but really trying to understand from
our credit unions what the hackers or these third parties
are doing, so we can help educate consumers on not
sharing passwords, right, don't click.
Speaker 4 (21:36):
On those links.
Speaker 3 (21:38):
It's a huge problem and it's only getting worse. You know,
people are copying people's voices now and it's really scary.
So that's an area where you know every day there's
something new happening where another scam that people need to
be aware of. So if I'm not asking those questions
and really understanding what is happening in space, then I'm
(22:01):
doing a disservice to our members and to our clients.
But it's Yeah, so listening is definitely a job number one.
Speaker 1 (22:08):
Yeah, and the whole part of fraud that belongs in
financial literacy as well, to protect yourself.
Speaker 3 (22:15):
Yeah, especially for our older population. You know, I mean
think about our parents getting these calls and you know,
being confused, and they're so convincing.
Speaker 4 (22:24):
You know. I even fell for a scam.
Speaker 3 (22:26):
I somebody duplicated my daughter's Venmo and it looked like
she was sending me a Vemo request and it had
her picture and everything, and so I said, luckily it
was only one hundred and fifty bucks, but it wasn't hurt.
Speaker 4 (22:37):
And so it's just really crazy.
Speaker 2 (22:40):
Yeah, it's scary, it is. So we all need to
be more aware and more the texts that you get
with the links and.
Speaker 1 (22:48):
Yeah, looking like they're your bank, and always call.
Speaker 2 (22:51):
That's right.
Speaker 1 (22:52):
Looking ahead, What EXCI likes you most about the future,
both for the credit union industry and for the businesses
you support through CUS Stream.
Speaker 3 (23:01):
Well, I think what excites me is the credit unions
continue to get bigger, right, they continue to really double
down on what they're good at, as well as expand
into different communities and to partner and collaborate with other
credit unions. One thing that we hear about our credit
union industry that's different from other financial services or the
(23:23):
banking industry is how collaborative we are.
Speaker 4 (23:26):
So really just continuing to.
Speaker 3 (23:28):
Double down on that as we tackle together some of
the problems and pitfalls that we've talked about is what
I'm excited about. I'm also excited about the new technology,
the way things that you know, a lot of these
tools are going to make people's jobs a lot easier.
Speaker 4 (23:44):
So some of the mundane, you know, minutia tasks can
be done with AI.
Speaker 3 (23:49):
But remembering that people are important too, and so we're giving,
you know, giving away some of the basic, you know,
crunching tasks, but then freeing people up to really engage,
you know, one on one with our members or come
up with ways that we can be even more innovative
down the road. So I think the advancing technology has
me excited as well as the continued collaboration and in
(24:13):
community that credit unions really represent, not just in Michigan
but around the country because there's a lot of amazing
credit unions out there.
Speaker 2 (24:21):
Well, I love it. I mean, it's it's in your genes,
your dad, your brother.
Speaker 1 (24:26):
Yeah, you can't even help yourself, but love them credit.
Speaker 2 (24:30):
Right, that's right. But tell us what do you love
most about what you do, Patty?
Speaker 4 (24:35):
The people? The people is what I love most.
Speaker 3 (24:37):
And when you know, I meet people that are retiring,
you know, from our industry, you know, by the time
they're ready to retire, they're like, yeah, I'm good to
pass the torch.
Speaker 4 (24:46):
On the actual job and the actual work.
Speaker 3 (24:48):
But it's the people that I'll miss and I feel like,
you know, I've got another good runway of about ten
years left and in my space here in the industry,
and it's definitely the people. So just continuing to you know,
cherish really, I know that might sound cheesy, but I
do cherish my time with them and to connect and
(25:09):
really help support them for the rest of my career
is exciting to me. But it's definitely the people because
their credit union people are just different and they care
about what they do.
Speaker 1 (25:24):
Our guest today has been Patty Corkory, President and CEO
of the Michigan Credit Union League, and president.
Speaker 2 (25:30):
And CEO of CUSG. Thank you again for joining us today.
Patty really appreciate it.
Speaker 4 (25:34):
Thanks Collen, thanks so much for having me
Let's meet Patti Corkory, President and CEO of the Michigan
Credit Union League and of CUSG. As President and CEO
of the Michigan Credit Union League also known as MCUL
and CUSGA, Petty core Crey champions advocacy, education and innovation
for Michigan credit unions. She oversees solutions in marketing, technology,
(00:22):
HR and financial empowerment for hundreds of credit union partners
across the country, and as an active board member and
advocate for collaboration, service and lifelong learning. The websites are
MCUL dot org ANDCUSG dot com. Let's start with the
organizations that you league, tell us the role they play
(00:43):
in the community.
Speaker 2 (00:43):
Why don't we start with MCUL.
Speaker 3 (00:46):
Sure, So, the Michigan Credit Union League is a trade
association for credit unions in Michigan. So we provide a
lot of different services, but the most important thing we
do on behalf of our one hundred and seventy four
credit unions in Michigan is advocacy. So I have the
privilege of working with our state and federal lawmakers around
the state to make sure that they understand what credit
(01:07):
unions do, what they're doing for their communities. And the
members that they serve. Over six million Michiganders are members
of credit unions, so it's a really big population that
we serve, and that's the primary role we put on
education events. We have a lot of communication resources. Pretty
much anything you think that a credit union might need
(01:30):
support wise to better serve their members and communities is
really what we focus on at the league.
Speaker 1 (01:37):
So you mentioned members, why don't we talk a little
bit about the difference between traditional banks and credit unions
because obviously banks don't have members, so help us understand
the differences.
Speaker 3 (01:48):
Right, So, credit unions are member owned cooperatives, so they're
not for profit financial cooperatives. So when you join a
credit union, you actually become a member owner. There are
no customers in the credit union space.
Speaker 4 (02:02):
It's all their members.
Speaker 3 (02:03):
So they get to a vote for the board, they
get to attend their annual meetings their member owners.
Speaker 1 (02:09):
Okay, great, And then you had said, obviously you're also
president and CEO CUSG, and.
Speaker 2 (02:17):
Tell us about that organization too. Yeah.
Speaker 3 (02:20):
So CUSG is really Credit Union Solutions Group is the acronym,
and it's a nationwide company.
Speaker 4 (02:26):
We actually work with.
Speaker 3 (02:27):
Folks outside of the US as well, but the Michigan
Credit Union League owns sixty four percent of that entity,
and then the other owners are made up of other
credit unions and other associations around the country. And really
that organization started out to provide technology services for credit
unions mainly, so think about web design and hosting HR tools.
(02:50):
It's really a technology company providing software for the most part,
and it's evolved over time. We work with non credit
unions as well, but really a really great revenue generator
for our Michigan credit unions here in our state. And
so with that ownership, we have a lot of employees
that live in both spaces, so that's why it kind
(03:12):
of makes sense for me to run both of those entities.
But that is a for profit model, that is really
a technology company.
Speaker 1 (03:20):
Oh and that must be a great resource for all
the credit unions.
Speaker 4 (03:23):
I think so, yeah, I think so doo.
Speaker 3 (03:25):
Yeah, they are able to because we've known the industry
for so long and we're tapped into every issue basically
that impacts credit unions. We're able to model our software
solutions with that in mind. So I do think that
that's a helpful kind of value add to them compared
to just your other random web design and hosting company
for sure.
Speaker 2 (03:46):
What first inspired you to get involved in the credit
union movement.
Speaker 3 (03:49):
Well, my dad worked in credit unions, so he retired
from the industry, and my brother is actually a credit
union CEO, so it's kind of been my family. Yeah,
and I went to law school at the Great Wayne
State University and started practicing law, representing.
Speaker 4 (04:05):
Exclusively credit unions.
Speaker 3 (04:07):
So I just kind of fell into that space because
I've heard from my family what a great industry it is,
and that is certainly true. I've spent my whole career
in the credit union space, so clearly I'm a fan.
Speaker 4 (04:20):
And then after about twenty.
Speaker 3 (04:21):
Years of practicing law here in Michigan, an opportunity came
up at the Association and ultimately I started to run
that and CUSG.
Speaker 4 (04:30):
So it's really been quite a path.
Speaker 3 (04:33):
But it's you know, in my entire career working in
the space. It's such a rewarding place to be given
what credit unions do for the community and the impact
that they have.
Speaker 2 (04:43):
Well, why don't we talk about that?
Speaker 1 (04:44):
What are some of the ways the organizations impact the
community in particular?
Speaker 3 (04:50):
Yeah, for sure, So credit unions are community focused, so
we have well over one thousand branches in Michigan, and
with the member in mind and their community in mind,
they create their products and services with who they serve,
you know, So if you're the in a Detroit situation,
(05:11):
for example, and your field of membership are people that
you know, wherever you're at in Michigan, if you're in
a pocket of a community that has lower income, then
you're creating products to serve that community. So whether it
be a first time auto lending program with with folks
that don't have you know, maybe the biggest down payment
(05:32):
when you think about an auto which is really where
a credit union shine all through the state is in
the auto lending.
Speaker 4 (05:39):
You know, the.
Speaker 3 (05:39):
Average price of a car now Michigan is in the
country is forty eight thousand dollars, So to get a
new car, or to even get a used car.
Speaker 4 (05:47):
It's a huge financial lift.
Speaker 3 (05:49):
So credit unions really started to thrive when banks after
the depression were declining lower income people. So lower income
people after the depression had nowhere to go because banks
are always looking for the shiny credit score, and so
credit units really came up at a time where people
had nothing else, nowhere else to go for their money.
Speaker 4 (06:11):
So you have a school, you.
Speaker 3 (06:12):
Have a hospital, you had a factory. Those people banded
together through all their money literally in a drawer and
started to create a cooperative so they could support one
another when they needed loans. And that had to happen
because they had nowhere else to go. And so that's
how credit unions started and they really continue.
Speaker 4 (06:30):
To beat that drum even today.
Speaker 3 (06:32):
They are there to help folks when other lending sources
are saying no. So they really craft their whole model
to support for folks like that.
Speaker 4 (06:41):
In the community, and you know, have always been there.
Speaker 3 (06:45):
So it's really as you can see just about what
I described, it's a really rewarding place to thrive and
to have your career when that is their mission to
support people in their communities. So it's really, you know,
over sixty percent of our population, our members. I don't
know why it's not one hundred percent, Colleen, but that's
what we're going for.
Speaker 4 (07:06):
Because they're a great place to bank.
Speaker 1 (07:08):
Yeah, it sounds like they develop products specific for the
community that are going to help the community in the
situations that community is in.
Speaker 3 (07:15):
Yeah, not only that, but they show up like if
you go to an art fair or a parade or.
Speaker 4 (07:21):
Something actually happening in the community.
Speaker 3 (07:23):
You're going to see, you know, credit union booths there
to support local efforts that are going on.
Speaker 4 (07:28):
They have a lot of credit.
Speaker 3 (07:30):
Unions now have their own foundations, so they're giving scholarships
out to members of their community.
Speaker 4 (07:37):
They're doing you.
Speaker 3 (07:38):
Know, all sorts of different programs like that to be creative.
Speaker 4 (07:41):
You know, we have so many payday lenders in our state.
Speaker 3 (07:45):
You know, sometimes we see them and you know all
over you can imagine what it costs to get a
payday you know, have your payday lending transaction happen. So
credit unions come up with alternatives to that, Right, what
can we do where people need to meet get access
to money without giving them something that is a crazy
interest rate. So they see what's happening in other financial
(08:08):
spaces and they try and double down and provide those
resources at a much lower cost for the community.
Speaker 2 (08:14):
Wow. Incredible.
Speaker 1 (08:16):
So, speaking of payday lending and the challenges that sent
to a consumer, since you mentioned it, what other challenges
are Michigan families facing today and what.
Speaker 2 (08:27):
Else are credit Union's doing to help?
Speaker 4 (08:29):
Yeah, you know, I.
Speaker 3 (08:30):
Mean, well we all read the news and we see
how much groceries cost.
Speaker 4 (08:34):
You know, interest rates came down just a tick.
Speaker 3 (08:37):
But you know I mentioned the auto, think about the
average price of a car or sorry of a home
is two hundred and seventy five thousand dollars.
Speaker 4 (08:45):
So we all have heard.
Speaker 3 (08:46):
Of younger people just starting out, just graduating college, trying
to buy that first home. It's basically impossible, and not
only with inventory, but also with securing a.
Speaker 4 (08:56):
Mortgage when you just get your first job.
Speaker 3 (08:59):
And so credit unions have a lot of programs that
keep in mind the first time buyer. They have down
payment assistance programs and things like that, working with various
partners out there in that space, so really providing that
less costly access to funds, access to lending. They typically
(09:19):
have much lower interest rates when it comes to loans
just in general, whether it be a mortgage or an
auto loan or a personal loan, if you just need
a loan to get by. So that's really how they
show up in terms of just the cost of funds,
really making it a lot more accessible for people. And
(09:39):
as I mentioned at the start, they're more supportive of
people of lower income. We have pockets of credit unions
where they have a low income designation for example, so
they get certain dollars to support lending programs for people
that have low income, and so they're developing their products
to really help support those people that really have nowhere
(10:01):
else to go but a payday lender.
Speaker 4 (10:04):
Wow.
Speaker 1 (10:05):
Moving on to c u SG, So that's you mentioned
a technology company. It also serves a wide range of businesses.
Tell us a little bit about how you keep what
you do relevant, you know, to all the organizations you
support when technology is changing so.
Speaker 2 (10:24):
Fast in today.
Speaker 4 (10:26):
Absolutely.
Speaker 3 (10:27):
I think one of the areas where CUSG has shined
is in our support of human resources folks around the country,
whether they work at a credit union or some other entity.
You know, it's been a tough road, especially since the
pandemic for people that work in the HR space.
Speaker 4 (10:44):
You have a remote work you know environment.
Speaker 3 (10:47):
Now for a lot of places, there's a lot of competition.
You know, people aren't seeing in their jobs as long
as they used to, so you need to make sure
that you're compensating them in the right way. You need
to make sure that you're nowaging performance and recognizing team members,
which isn't as easy to do when you're not in
an office. So a lot of our technology in the
(11:08):
HR space is geared with that in mind. So we
have a product called compies for example, and that it
pulls into data from around the country to make sure
that you're compensating your employees in the right amount. What
is the average you know, an average branch manager or
an average entry level manager in another industry making what
(11:29):
is the average compensation? So we have a tool that
helps employers figure that out. We just launched a recognition
app where you know, you can recognize team members throughout.
Speaker 4 (11:40):
The day, you know, in a virtual way.
Speaker 3 (11:43):
Because we have to accommodate with technology this remote workforce
that we're dealing with.
Speaker 4 (11:47):
So that's that's one specific product.
Speaker 3 (11:50):
But you know, we are incorporating artificial intelligence of course
into a lot of our products, you know, especially in
the HR space. We're developing a chatbot so HR professional
can go in and get access to things really easily.
In all areas of our business. If you're a technology company,
you really have to double down on advancements that are happening.
(12:11):
So that's something that we're spending a lot of time
in and really listening to our clients and seeing what
they need and what is lacking in their current tools,
so we can better support them. And it's interesting think
about how important websites still are. I mean people when
you're googling and want to find out about a business,
you go to their website, and so that's another critical
(12:33):
space where people want to make sure that it's easy
to find stuff, that it looks dynamic, that it has
the advanced tools that are needed to stay competitive. So
we're really thrilled with what we can provide businesses for
their websites and their hosting environment, which security is super important,
especially for credit unions in the financial space, we have
(12:56):
to keep an eye out for making sure we have
secure platforms, so we spend a lot of time and
resources there. So it's really fun. I feel like, you know,
I have both sides. I work with credit unions and
the advocacy role in supporting them, but also providing products
that help them be better employers, be better engagement with
(13:18):
their potential members and their current members.
Speaker 4 (13:20):
So it's a lot of fun.
Speaker 1 (13:22):
That's great. I love you know so much of what
you said. And it's interesting because the security, so many
people are applying for loans, or at least the loan
process starts online, So that's obviously crucial in your industry
in particular.
Speaker 3 (13:37):
Right absolutely, a lot of credit unions now you can
even join online. It's interesting to see what's happening in
the banking space in general. There's been a really big
push for a lot of banks to close branches. So
they leave because they're based on a for profit model.
Speaker 4 (13:54):
They leave pockets of the.
Speaker 3 (13:55):
Community where they're not seeing a lot of traction or
they're not making money at a picular branch. Credit unions
have the opposite thing happening. They're opening more branches, especially
in those communities that are becoming banking deserts we call them.
So because they're not a for profit model, you know,
they can put a small branch in a location where
(14:18):
maybe the only financial institution and I'm doing air quotes
is a payday lender. So they're going into those communities
to connect with people there and make sure that they
have a place to go. So, even though we're talking
about all this technology and the ease of doing things online,
how do people like to walk into an actual branch.
They like to know, even younger people like if they're
(14:39):
getting a car loan for the first time or they're
getting a mortgage for the first time. Credit unions provide
a lot of financial education resources and sometimes it's kind
of nice to sit across the desk from somebody to
do that and to get that, you know, help them
with their budget, help them with their retirement planning, and
things like that. So having those branches in the communities
(15:00):
is important because I've often asked credit undis, you know,
with all things happening online, why are you opening more branches,
And they talk about how important it is that sometimes
even though the vast majority of transactions are online, people
like that human touch sometimes, especially if your dat has
been compromised by a third party, or you know, you're
helping your aging parents. It's just easier sometimes to do
(15:23):
things in person. So they're really proud that they are
really doubling down on branching and making sure that folks
can get in and access their services in an easier way.
Speaker 1 (15:34):
Yeah, that's so interesting that that opposite is happening. And yeah,
it seems to fit because what you'd previously talked about
was how very very community focused and oriented the credit
union organization is. So it seems I mean, it makes sense,
but you do see the opposite happening in general. So
their presence is important to the organization, their physical presence
(15:56):
in the community.
Speaker 4 (15:57):
Yeah. Absolutely.
Speaker 3 (15:58):
I don't know, if you know, my parents would definitely
prefer to do things in person, and a lot of
our population are still elderly people that like to do
things face to face and they're not up to up
to speed with, you know, everything in the tech space.
Some are better than others, but it's good to have
a location where you can actually walk.
Speaker 1 (16:15):
In if you're just joining us. Our guest today is
Patty Corkery. She's president and CEO of the Michigan Credit
Union League and president and CEO of CUSG. So you
had mentioned, Patty about financial literacy and that that's important
component to the credit union experience. Why is supporting young
professionals you know, you think about young people and their
(16:37):
financial literacy. Why is supporting young professionals in particular so
important and what is being done to nurture that movement?
Speaker 3 (16:45):
Yeah, we are so thrilled to have a very active
young professional movement in our state. And that's really the
community that I'm referring to. There people that work at
credit unions that are forty and under, so we have
a group of folks they call themselves Fuel. They're kind
of uplifting this next generation of credit union leaders and
credit union employees. So it's important to nurture them because,
(17:10):
as I mentioned, the rate at which young people switch
jobs is pretty intense, and so it's our role as
a trade association to help those young people realize that
when you work for a credit union, it's not just
a job.
Speaker 4 (17:24):
You're really part of a movement, which.
Speaker 3 (17:26):
Is how we refer to our industry around in the country.
It's a movement a credit union space, so we really
spend a lot of time there helping them understand how
important it is to advocate on behalf of our industry
and share information and collaborate and all of those great things.
So that's kind of the young professional space, and then
just young people in general. You know, credit unions are
(17:49):
looking for ways to you know, there's a lot of
competition out there where you know, to get those younger
members to join, a credit union is a place where
they spend a lot of time. You're going to see
several credit unions around the state have student branches inside
of high school or inside a school. They put on
financial Reality fairs for younger people to help them learn
(18:10):
about budgeting. Sometimes you know a lot of adults you
talk to, they never learned how to do any of
that in school. So credit unions are really trying to
get in there and play that role of financial education,
even with grade schools. We have a book that goes
out to the libraries. I think there were over fourteen
thousand books that went out to Michigan libraries this past
(18:31):
year to help educate really young people about saving and
how money works and all of those things. So it's
the young professional movement for our young people that work
in the industry now or trying to get new people
to work with us, but also the financial education for
young people to show them the value of joining our
credit union.
Speaker 1 (18:51):
So important, so important to avoid the pitfalls that can
happen with your money. And I always love it when
you see a credit union high school, because really financial
literacy should be a class. Yeah, how to borrow, how
to maintain your credit score, how to you know, get
your first car, all the things that they there should
(19:13):
be so much more learning on that.
Speaker 3 (19:15):
So much and sadly and kind of scary, Colleen, the
way people young people are learning about their money is
through TikTok and YouTube.
Speaker 4 (19:23):
It's very common to go there, and maybe it's.
Speaker 3 (19:27):
A credit union on TikTok because they are getting into
that space or YouTube, but any just random person in
those spaces can be pretty dangerous as.
Speaker 4 (19:37):
Far as your financial education.
Speaker 3 (19:39):
So they're really trying to push that they are a
place to go to for that, and maybe TikTok isn't
the first place you should go.
Speaker 1 (19:47):
Look, you're you're leading to two really important organizations. What
do you see as the most important responsibilities of a
leader today?
Speaker 3 (19:59):
Pas, I think one of the most important responsibilities is listening,
you know, not just with my team and the people
that work on our team to hear what they need
and my organizations to be happy and fulfilled in their careers,
but also to our clients, to our credit unions. A
lot of times I'm kind of the one talking and
(20:21):
talking about all the things that we do when I
meet with my credit unions. But I love to do
listening tours because as an association and especially as on
our for profit side, you know, we want to provide
tools that people need and support that people need. And
the only way I'm going to know what they need
is by listening, and so I find that as a
(20:41):
leader internally and externally, listening and asking the right questions
to pull that information out is probably the thing that
I need to be best at.
Speaker 2 (20:53):
I love that concept of a listening tour.
Speaker 4 (20:55):
Yeah, yeah, yeah, we're going to engage on that.
Speaker 3 (20:58):
I do it with our credit unions through out the
year and I just talk about our touch points with them.
But then I just ask each person in each area,
what are your pain points, what is happening in your space,
what's working, what's not? And you learn so much, especially
we didn't even tap into Colleen all of the fraud
that happens in the financial space, you know, people getting scammed,
(21:19):
people giving out their passwords. I mean, it's a whole
other interview and conversation, but really trying to understand from
our credit unions what the hackers or these third parties
are doing, so we can help educate consumers on not
sharing passwords, right, don't click.
Speaker 4 (21:36):
On those links.
Speaker 3 (21:38):
It's a huge problem and it's only getting worse. You know,
people are copying people's voices now and it's really scary.
So that's an area where you know every day there's
something new happening where another scam that people need to
be aware of. So if I'm not asking those questions
and really understanding what is happening in space, then I'm
(22:01):
doing a disservice to our members and to our clients.
But it's Yeah, so listening is definitely a job number one.
Speaker 1 (22:08):
Yeah, and the whole part of fraud that belongs in
financial literacy as well, to protect yourself.
Speaker 3 (22:15):
Yeah, especially for our older population. You know, I mean
think about our parents getting these calls and you know,
being confused, and they're so convincing.
Speaker 4 (22:24):
You know. I even fell for a scam.
Speaker 3 (22:26):
I somebody duplicated my daughter's Venmo and it looked like
she was sending me a Vemo request and it had
her picture and everything, and so I said, luckily it
was only one hundred and fifty bucks, but it wasn't hurt.
Speaker 4 (22:37):
And so it's just really crazy.
Speaker 2 (22:40):
Yeah, it's scary, it is. So we all need to
be more aware and more the texts that you get
with the links and.
Speaker 1 (22:48):
Yeah, looking like they're your bank, and always call.
Speaker 2 (22:51):
That's right.
Speaker 1 (22:52):
Looking ahead, What EXCI likes you most about the future,
both for the credit union industry and for the businesses
you support through CUS Stream.
Speaker 3 (23:01):
Well, I think what excites me is the credit unions
continue to get bigger, right, they continue to really double
down on what they're good at, as well as expand
into different communities and to partner and collaborate with other
credit unions. One thing that we hear about our credit
union industry that's different from other financial services or the
(23:23):
banking industry is how collaborative we are.
Speaker 4 (23:26):
So really just continuing to.
Speaker 3 (23:28):
Double down on that as we tackle together some of
the problems and pitfalls that we've talked about is what
I'm excited about. I'm also excited about the new technology,
the way things that you know, a lot of these
tools are going to make people's jobs a lot easier.
Speaker 4 (23:44):
So some of the mundane, you know, minutia tasks can
be done with AI.
Speaker 3 (23:49):
But remembering that people are important too, and so we're giving,
you know, giving away some of the basic, you know,
crunching tasks, but then freeing people up to really engage,
you know, one on one with our members or come
up with ways that we can be even more innovative
down the road. So I think the advancing technology has
me excited as well as the continued collaboration and in
(24:13):
community that credit unions really represent, not just in Michigan
but around the country because there's a lot of amazing
credit unions out there.
Speaker 2 (24:21):
Well, I love it. I mean, it's it's in your genes,
your dad, your brother.
Speaker 1 (24:26):
Yeah, you can't even help yourself, but love them credit.
Speaker 2 (24:30):
Right, that's right. But tell us what do you love
most about what you do, Patty?
Speaker 4 (24:35):
The people? The people is what I love most.
Speaker 3 (24:37):
And when you know, I meet people that are retiring,
you know, from our industry, you know, by the time
they're ready to retire, they're like, yeah, I'm good to
pass the torch.
Speaker 4 (24:46):
On the actual job and the actual work.
Speaker 3 (24:48):
But it's the people that I'll miss and I feel like,
you know, I've got another good runway of about ten
years left and in my space here in the industry,
and it's definitely the people. So just continuing to you know,
cherish really, I know that might sound cheesy, but I
do cherish my time with them and to connect and
(25:09):
really help support them for the rest of my career
is exciting to me. But it's definitely the people because
their credit union people are just different and they care
about what they do.
Speaker 1 (25:24):
Our guest today has been Patty Corkory, President and CEO
of the Michigan Credit Union League, and president.
Speaker 2 (25:30):
And CEO of CUSG. Thank you again for joining us today.
Patty really appreciate it.
Speaker 4 (25:34):
Thanks Collen, thanks so much for having me
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