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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Episode Transcript
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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.
Speaker 4 (02:19):
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 1 (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.
Speaker 4 (03:56):
CEO, so it's kind of been my family.
Speaker 3 (03:58):
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 2 (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 4 (07:15):
Yeah, not only that.
Speaker 3 (07:16):
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 1 (08:14):
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 else are credit
unions doing to help?
Speaker 3 (08:27):
Yeah, you know, I mean, well, we all read the
news and we see how much groceries cost.
Speaker 4 (08:33):
You know, interest rates came down just a tick.
Speaker 3 (08:35):
But you know I mentioned the auto, think about the
average price of a car or sorry of.
Speaker 4 (08:40):
A home is two hundred and seventy five thousand dollars.
Speaker 3 (08:43):
So we all have heard 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 mortgage when you just get your first job.
And so credit unions have a lot of programs that
keep in mind the first time buyer. They have down
(09:04):
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
have much lower interest rates when it comes to loans
just in general, whether it be a mortgage or an
(09:24):
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
as I mentioned at the start, they're more supportive of
people of lower income. You know, we have pockets of
(09:46):
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 else to go but a payday lender.
Speaker 2 (10:03):
Wow.
Speaker 1 (10:04):
Moving on to c u SG, So that's you mentioned
a technology company. It also serves a wide range of businesses.
Speaker 2 (10:13):
Tell us a little bit.
Speaker 1 (10:14):
About how you keep what you do relevant, you know,
to all the organizations you support when technology is changing
so fast in today.
Speaker 4 (10:24):
Absolutely.
Speaker 3 (10:25):
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 (10:43):
You have a remote work you know environment.
Speaker 3 (10:45):
Now for a lot of places, there's a lot of competition.
You know, people aren't staying 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 your acknowledging 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
(11:07):
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
(11:28):
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
the day, you know, in a virtual way, because we
have to accommodate with technology this remote workforce that we're
dealing with. So that's that's one specific product. But you know,
(11:49):
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 professionals can go in
and get access to things really easily.
Speaker 4 (12:03):
In all areas of our business.
Speaker 3 (12:05):
If you're a technology company, you really have to double
down on advancements that are happening. 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
(12:27):
to find out about a business, you go to their website,
and so that's another critical 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.
Speaker 4 (12:42):
So we're really thrilled with what we can.
Speaker 3 (12:45):
Provide businesses for their websites and their hosting environment, which
security is super important, especially for credit unions in the
financial space. We have 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 in the advocacy role in supporting
(13:08):
them but also providing products that help them be better employers,
be better engagement with their potential members and their current members.
Speaker 4 (13:19):
So it's a lot of fun.
Speaker 2 (13:21):
The security.
Speaker 1 (13:23):
So many people are applying for loans or at least
the loan process starts online, so that's obviously crucial in
your industry.
Speaker 2 (13:29):
In particular right.
Speaker 3 (13:30):
Absolutely, a lot of credit unions now you can even
join online. It's interesting to see what's happening in the banking.
Speaker 4 (13:37):
Space in general.
Speaker 3 (13:39):
There's been a really big push for a lot of
banks to close branches. So they leave because they're based.
Speaker 4 (13:46):
On a for profit model.
Speaker 3 (13:47):
They leave pockets of the community where they're not seeing
a lot of traction or they're not making money at
a particular 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
(14:09):
small branch in a location where 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
(14:31):
younger people like if they're 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
(14:51):
branches in the communities 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,
(15:11):
or you know, you're helping your aging parents, it's just
easier sometimes to do things in person. So they're really
proud that they are really doubling down on branching and
making sure that folks can get.
Speaker 4 (15:24):
In and access their services in an easier way.
Speaker 1 (15:27):
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.
Speaker 4 (15:40):
Yeah.
Speaker 3 (15:40):
Absolutely, 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 in.
Speaker 1 (15:59):
If you're just shorting us. Our guest today is Patty Krkery.
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 financial literacy. Why
(16:21):
is supporting young professionals in particular so important and what
is being done to nurture that movement?
Speaker 3 (16:27):
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,
(16:52):
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. You're really part of a movement, which is
how we refer to our industry.
Speaker 4 (17:10):
Around in the country.
Speaker 3 (17:11):
It's a movement a credit union in 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
(17:31):
unions are 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 the
place where they spend a lot of time. So 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
(17:52):
help them learn about budgeting. Sometimes you know a lot
of adults you talk to, they never learned how to
do any of.
Speaker 4 (17:57):
That in school.
Speaker 3 (17:58):
So credit unions are really trying to get in there
and play that role of financial education even with grade schools.
Speaker 4 (18:06):
We have a book that goes out to the libraries.
Speaker 3 (18:09):
I think there were over fourteen thousand books that went
out to Michigan libraries this past year to help educate
really young people about saving and how many 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
(18:31):
them the value of joining our credit union.
Speaker 1 (18:34):
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 and a high school because
really financial literacy should be a class. Yeah, how to borrow,
how to maintain your credit score, how to get your
first car, all the things that there should be so
(18:56):
much more learning on that, so.
Speaker 4 (18:57):
Much and sadly scary, Colleen.
Speaker 3 (19:01):
The way people young people are learning about their money
is through TikTok and YouTube. It's very common to go
there and maybe it's a credit union on TikTok because
they are getting into that space or YouTube.
Speaker 4 (19:13):
But any just random person in those spaces.
Speaker 3 (19:17):
Can be pretty dangerous as far as your financial education.
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 (19:30):
Look, You're you're leading to two really important organizations. What
do you see as the most important responsibilities of a
leader today, Patty?
Speaker 3 (19:44):
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
talking about all the things that we do when I
(20:06):
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.
Speaker 4 (20:22):
And so I find that as a leader internally and externally, listening.
Speaker 3 (20:28):
And asking the right questions to pull that information out
is probably the thing that I need to be best at.
Speaker 2 (20:35):
I love that concept of a listening tour.
Speaker 4 (20:37):
Yeah, yeah, yeah, we're going to engage on that.
Speaker 3 (20:40):
I do it with our credit unions throughout the year
and I just talk about our touch points with them.
Speaker 4 (20:45):
But then I just ask.
Speaker 3 (20:46):
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, people giving out
their passwords. I mean it's a whole other interview and conversation,
(21:07):
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 on those links.
Speaker 4 (21:20):
It's a huge problem and it's only getting worse.
Speaker 3 (21:24):
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 the space,
then I'm doing a disservice to our members and to
(21:45):
our clients.
Speaker 4 (21:46):
But it's yeah, so listening is definitely a job number one.
Speaker 1 (21:50):
Yeah, and the whole part of fraud that belongs in
financial literacy as well, to protect yourself.
Speaker 3 (21:57):
Yeah, especially for our older pop you know, I mean
think about our parents getting these calls and you know.
Speaker 4 (22:04):
Being confused, and they're so convincing. You know. I even
fell for a scam.
Speaker 3 (22:08):
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 (22:19):
And so it's just really crazy.
Speaker 2 (22:22):
Yeah, it's scary, it is.
Speaker 1 (22:25):
So we all need to be more aware and more
on the texts that you get with the.
Speaker 2 (22:29):
Links and yeah, looking like your bank and always call
that's right.
Speaker 1 (22:34):
Looking ahead, what decides you most about the future both
for the credit union industry and for the businesses you
support through cus.
Speaker 3 (22:42):
GEN, 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
(23:06):
the banking industry is how collaborative we are. So really
just continuing to 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. So some of the mundane, you know,
(23:28):
minutia tasks can be done with AI, 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
(23:51):
well as the continued collaboration and in community that credit
unions really represent, not just in Michigan but around the country.
Speaker 4 (24:00):
There's a lot of amazing credit unions out there.
Speaker 2 (24:03):
Tell us what do you love most about what you do? Patty?
Speaker 4 (24:07):
The people? The people is what I love most.
Speaker 3 (24:09):
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 on the actual job and the actual work.
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,
(24:29):
and it's.
Speaker 4 (24:30):
Definitely the people.
Speaker 3 (24:33):
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 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 (24:56):
Our guest today has been Patty Corkory, President and CEO
of the Mission and Credit Union League, and President and
CEO of c U SG. Thank you again for joining
us today, Patty really appreciate it.
Speaker 4 (25:06):
Thanks Colling, 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.
Speaker 4 (02:19):
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 1 (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.
Speaker 4 (03:56):
CEO, so it's kind of been my family.
Speaker 3 (03:58):
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 2 (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 4 (07:15):
Yeah, not only that.
Speaker 3 (07:16):
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 1 (08:14):
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 else are credit
unions doing to help?
Speaker 3 (08:27):
Yeah, you know, I mean, well, we all read the
news and we see how much groceries cost.
Speaker 4 (08:33):
You know, interest rates came down just a tick.
Speaker 3 (08:35):
But you know I mentioned the auto, think about the
average price of a car or sorry of.
Speaker 4 (08:40):
A home is two hundred and seventy five thousand dollars.
Speaker 3 (08:43):
So we all have heard 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 mortgage when you just get your first job.
And so credit unions have a lot of programs that
keep in mind the first time buyer. They have down
(09:04):
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
have much lower interest rates when it comes to loans
just in general, whether it be a mortgage or an
(09:24):
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
as I mentioned at the start, they're more supportive of
people of lower income. You know, we have pockets of
(09:46):
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 else to go but a payday lender.
Speaker 2 (10:03):
Wow.
Speaker 1 (10:04):
Moving on to c u SG, So that's you mentioned
a technology company. It also serves a wide range of businesses.
Speaker 2 (10:13):
Tell us a little bit.
Speaker 1 (10:14):
About how you keep what you do relevant, you know,
to all the organizations you support when technology is changing
so fast in today.
Speaker 4 (10:24):
Absolutely.
Speaker 3 (10:25):
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 (10:43):
You have a remote work you know environment.
Speaker 3 (10:45):
Now for a lot of places, there's a lot of competition.
You know, people aren't staying 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 your acknowledging 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
(11:07):
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
(11:28):
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
the day, you know, in a virtual way, because we
have to accommodate with technology this remote workforce that we're
dealing with. So that's that's one specific product. But you know,
(11:49):
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 professionals can go in
and get access to things really easily.
Speaker 4 (12:03):
In all areas of our business.
Speaker 3 (12:05):
If you're a technology company, you really have to double
down on advancements that are happening. 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
(12:27):
to find out about a business, you go to their website,
and so that's another critical 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.
Speaker 4 (12:42):
So we're really thrilled with what we can.
Speaker 3 (12:45):
Provide businesses for their websites and their hosting environment, which
security is super important, especially for credit unions in the
financial space. We have 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 in the advocacy role in supporting
(13:08):
them but also providing products that help them be better employers,
be better engagement with their potential members and their current members.
Speaker 4 (13:19):
So it's a lot of fun.
Speaker 2 (13:21):
The security.
Speaker 1 (13:23):
So many people are applying for loans or at least
the loan process starts online, so that's obviously crucial in
your industry.
Speaker 2 (13:29):
In particular right.
Speaker 3 (13:30):
Absolutely, a lot of credit unions now you can even
join online. It's interesting to see what's happening in the banking.
Speaker 4 (13:37):
Space in general.
Speaker 3 (13:39):
There's been a really big push for a lot of
banks to close branches. So they leave because they're based.
Speaker 4 (13:46):
On a for profit model.
Speaker 3 (13:47):
They leave pockets of the community where they're not seeing
a lot of traction or they're not making money at
a particular 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
(14:09):
small branch in a location where 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
(14:31):
younger people like if they're 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
(14:51):
branches in the communities 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,
(15:11):
or you know, you're helping your aging parents, it's just
easier sometimes to do things in person. So they're really
proud that they are really doubling down on branching and
making sure that folks can get.
Speaker 4 (15:24):
In and access their services in an easier way.
Speaker 1 (15:27):
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.
Speaker 4 (15:40):
Yeah.
Speaker 3 (15:40):
Absolutely, 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 in.
Speaker 1 (15:59):
If you're just shorting us. Our guest today is Patty Krkery.
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 financial literacy. Why
(16:21):
is supporting young professionals in particular so important and what
is being done to nurture that movement?
Speaker 3 (16:27):
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,
(16:52):
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. You're really part of a movement, which is
how we refer to our industry.
Speaker 4 (17:10):
Around in the country.
Speaker 3 (17:11):
It's a movement a credit union in 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
(17:31):
unions are 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 the
place where they spend a lot of time. So 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
(17:52):
help them learn about budgeting. Sometimes you know a lot
of adults you talk to, they never learned how to
do any of.
Speaker 4 (17:57):
That in school.
Speaker 3 (17:58):
So credit unions are really trying to get in there
and play that role of financial education even with grade schools.
Speaker 4 (18:06):
We have a book that goes out to the libraries.
Speaker 3 (18:09):
I think there were over fourteen thousand books that went
out to Michigan libraries this past year to help educate
really young people about saving and how many 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
(18:31):
them the value of joining our credit union.
Speaker 1 (18:34):
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 and a high school because
really financial literacy should be a class. Yeah, how to borrow,
how to maintain your credit score, how to get your
first car, all the things that there should be so
(18:56):
much more learning on that, so.
Speaker 4 (18:57):
Much and sadly scary, Colleen.
Speaker 3 (19:01):
The way people young people are learning about their money
is through TikTok and YouTube. It's very common to go
there and maybe it's a credit union on TikTok because
they are getting into that space or YouTube.
Speaker 4 (19:13):
But any just random person in those spaces.
Speaker 3 (19:17):
Can be pretty dangerous as far as your financial education.
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 (19:30):
Look, You're you're leading to two really important organizations. What
do you see as the most important responsibilities of a
leader today, Patty?
Speaker 3 (19:44):
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
talking about all the things that we do when I
(20:06):
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.
Speaker 4 (20:22):
And so I find that as a leader internally and externally, listening.
Speaker 3 (20:28):
And asking the right questions to pull that information out
is probably the thing that I need to be best at.
Speaker 2 (20:35):
I love that concept of a listening tour.
Speaker 4 (20:37):
Yeah, yeah, yeah, we're going to engage on that.
Speaker 3 (20:40):
I do it with our credit unions throughout the year
and I just talk about our touch points with them.
Speaker 4 (20:45):
But then I just ask.
Speaker 3 (20:46):
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, people giving out
their passwords. I mean it's a whole other interview and conversation,
(21:07):
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 on those links.
Speaker 4 (21:20):
It's a huge problem and it's only getting worse.
Speaker 3 (21:24):
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 the space,
then I'm doing a disservice to our members and to
(21:45):
our clients.
Speaker 4 (21:46):
But it's yeah, so listening is definitely a job number one.
Speaker 1 (21:50):
Yeah, and the whole part of fraud that belongs in
financial literacy as well, to protect yourself.
Speaker 3 (21:57):
Yeah, especially for our older pop you know, I mean
think about our parents getting these calls and you know.
Speaker 4 (22:04):
Being confused, and they're so convincing. You know. I even
fell for a scam.
Speaker 3 (22:08):
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 (22:19):
And so it's just really crazy.
Speaker 2 (22:22):
Yeah, it's scary, it is.
Speaker 1 (22:25):
So we all need to be more aware and more
on the texts that you get with the.
Speaker 2 (22:29):
Links and yeah, looking like your bank and always call
that's right.
Speaker 1 (22:34):
Looking ahead, what decides you most about the future both
for the credit union industry and for the businesses you
support through cus.
Speaker 3 (22:42):
GEN, 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
(23:06):
the banking industry is how collaborative we are. So really
just continuing to 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. So some of the mundane, you know,
(23:28):
minutia tasks can be done with AI, 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
(23:51):
well as the continued collaboration and in community that credit
unions really represent, not just in Michigan but around the country.
Speaker 4 (24:00):
There's a lot of amazing credit unions out there.
Speaker 2 (24:03):
Tell us what do you love most about what you do? Patty?
Speaker 4 (24:07):
The people? The people is what I love most.
Speaker 3 (24:09):
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 on the actual job and the actual work.
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,
(24:29):
and it's.
Speaker 4 (24:30):
Definitely the people.
Speaker 3 (24:33):
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 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 (24:56):
Our guest today has been Patty Corkory, President and CEO
of the Mission and Credit Union League, and President and
CEO of c U SG. Thank you again for joining
us today, Patty really appreciate it.
Speaker 4 (25:06):
Thanks Colling, thanks so much for having me.
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