Relationships First: The Differentiating Factor for Credit Unions

On this episode, host Vince Passione is joined by Jim Merrill, President and CEO of Inspire Federal Credit Union. With over 30 years in the industry, Jim shares insights on partnerships, funding strategies and predictions for the future of credit unions. Jim provides an insightful look into the industry for credit unions, from transforming services to competing with fintechs.Key Takeaways:(05:26) Criteria for identifying fintech partnerships vs. competitors — seeking synergies that allow mutual growth.(08:08) Transforming a ‘vanilla’ loan portfolio into diverse offerings(10:17) Inspire’s funding philosophy uses multiple sources for liquidity — member deposits, FHLB and non-member deposits.(18:54) Benefits in new CUSO lending regulations — spreading liquidity and diversification.(20:55) Cooperation and collaboration will strengthen credit unions against fintech threats.Resources Mentioned:Jim Merrill -https://www.linkedin.com/in/james-m-4352933/Inspire Federal Credit Union | LinkedIn -https://www.linkedin.com/company/inspire-federal-credit-union/about/Inspire Federal Credit Union | Website -https://inspirefcu.org/Thanks for listening to the 22 Minutes in Lending podcast. If you enjoyed this episode, please leave a 5-star review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation.#CreditUnion #Lending #Fintech

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