CUJ Q&A: Sheilah Montgomery on leadership, diversity and what's to come

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Sheilah Montgomery, a retired credit union CEO and a founding member of the African-American Credit Union Coalition, was recognized earlier this month as the winner of AACUC's 2018 Pete Crear Lifetime Achievement Award, the group's top honor. After receiving the award, Montgomery agreed to take part in a wide-ranging Q&A, touching on her path through the credit union movement, how to increase diversity in credit union management, the future of the National Credit Union Administration board and more.

Credit Union Journal: What’s your reaction to winning this year’s Pete Crear Award?

Sheilah Montgomery: I was extremely humbled and honored to be awarded this prestigious award. I follow in the footsteps of the previous honorees whom I admire and respect. Sincere appreciation to Bert Hash for the nomination and AACUC Board for the selection. Pete Crear is a legend in the credit union movement and I only hope that I can make as much of a difference as he has.

In brief, can you give us a sense of the career path that brought you to credit unions?

My journey was probably no different than most. I took a job as a file clerk in the credit union to get a paycheck. As I progressed up the ranks, my desire to be of service to those in need was the catalyst for my paradigm shift from credit union employee to credit union professional. It was extremely important to perform with excellence in each position because many people depended on my financial expertise. After a little more than 10 years working in various upward mobile positions, I became an assistant Manager of an employee-based credit union in Atlanta. Within two (2.5) years, I became the president/CEO of 1st Choice Credit Union. I’ve also had the privilege to serve as president/CEO of Credit Union of Atlanta. Two dynamic credit unions serving low- to moderate-income communities. Through it all, I’ve witnessed transformational change in the financial lives of members and their families. I’ve met a lot of extraordinary credit union professionals and now I’m a credit union board member of two great credit union organizations. Awesome journey!

As a founding member of the African-American Credit Union Coalition, what’s the achievement in your career that you’re most proud of?

AACUC has helped me to be a better credit union advocate, mentor and leader in the credit union movement. The people that I have met, the experience that I have gained and the opportunities to give back are all part of the pride that I share as a founding member of AACUC. I must admit that being part of the AACUC initiative to have credit unions throughout the country raise $1.3 million dollars to contribute to the Martin Luther King, Jr. monument in Washington DC was an achievement that is very special. I’d like to think that AACUC was created for moments like these.

What needs to happen in order to increase diversity in the upper levels of credit union management?

The old saying of “each one, teach one” truly applies to bringing about more diversity in the upper levels of the credit union management. As credit union leaders, we must strive to provide a safe, positive and nurturing environment to foster and embrace all dimensions of diversity. I truly believe that business growth and sustainability can be linked to a diverse and inclusive workplace and membership base. I am so thrilled that AACUC is committed to being part of the solution to bring diverse talent to the credit union executive level.

What do you see as being the No. 1 challenge facing credit unions today?

Credit unions are faced with the speed in which technology is changing the expectations of the membership. Products and services are being offered by so many different players in the market. The competition used to be banks and other credit unions. Fintechs, retail stores and even cell phone companies are inching their way into the financial arena as major players. Credit union members, like all consumers, are looking for quicker more efficient ways to transact business without talking to a person or going into a branch. CEOs must now balance keeping the credit union personal touch with interactive technology.

With Rodney Hood likely to return to the NCUA board as Rick Metsger departs, what are your hopes for the next iteration of the NCUA board? Are there specific areas you want to see the agency focus on first?

NCUA has worked hard to help credit unions to succeed. But I would like to see efforts expand to preserve [minority depository institutions] and small credit unions. These credit unions take on a lot of risk to prevent predatory lending practices against people who can least afford paying extra for loans and other financial transactions. I work quite a bit with MDIs and small credit unions. My goal is to initiate a focus group to discuss ways we can work with NCUA to help preserve these credit unions.

Now that you’ve retired, what do you view your legacy as being within the credit union movement?

The definition of legacy is about life and living. It’s about learning from the past, living in the present, and building for the future. I simply want to be known for trying to help individuals, families, communities, businesses and credit unions.

Paraphrasing an old spiritual song I learned at church: If I can help somebody along the way, then my living will not be in vain.