Missouri Credit Union Association President Rosie Holub recently announced that she will be stepping down from her post and retiring at the end of 2010. But before starting the final year of her long career serving the cooperative movement, she spoke with Credit Union Journal about her unique journey in the business and how it has changed over the years.
Credit Union Journal: How did you first get into the credit union industry?
Holub: As is true about most folks entering the credit union community, somehow without any preconceived direction the opportunity presents itself! My husband and I had moved to Wyoming with his job. I had been teaching college in Colorado and looked for a teaching job in Casper. However, no positions were available. There was an advertisement for an education director for a "league." I wasn't sure if that was a bowling league or the League of Woman Voters for that matter-I pondered why either of those needed an education director. I went in to talk to Frank Spillane, who was the Wyoming League President at the time. I took the job because Frank did not have a job description-which meant to me I could definitely create this job. In a small league the education director position soon expanded to being compliance and legislative director, too.
After my first year, Frank had a heart attack and they were seeking a new president. I was appointed acting league president during that search. I was not interested in the permanent position but the credit unions convinced me to apply, and the rest is history.
CUJ: Talk a bit about your experience working for credit unions. What is the biggest difference between working at the leagues and working for a CU?
Holub: My first exposure to credit unions was when I was teaching college in Wisconsin and Colorado. In Colorado we had an off-campus program for industries. I was teaching for Coors Brewery, Gates Tire Co. and Samsonite Corporation. They had credit unions as an employee benefit. I thought all credit unions were employer-based, which most CUs were at that time. When I worked for the Wyoming league most of our credit unions were oil, mining and government-related, employer-based credit unions and others were faith based, with many at Catholic parishes.
At the league level you get a very broad overview of the management and operational differences between credit unions- as well as the different challenges based upon their FOMs. When the oil and mining industry was in stress, Wyoming credit unions desperately needed to expand their base for economic stability-Ed Callahan was NCUA Chairman and his support and activism for credit unions in this regard was critical to maintaining a stable credit union industry. At the league level, you need to advocate for the entire credit union community with their diverse FOM's and interests. It is a very difficult balance to achieve. At the league level I learned in depth how the entire credit union support system-CUNA, leagues, corporate credit unions, and our system partners) is inter-related and interdependent- that is of major importance today and I think is not emphasized and discussed enough within natural person credit unions.
My experience within credit unions was extremely valuable; I had great CEOs who mentored and empowered me. I had the chance to experience everything I wanted to do: teller, business development, marketing, human resources, public relations, design and implement a call center, etc. It would be of great benefit if all credit union employees could have that kind of exposure to all operational aspects of a credit union. Working in a credit union is narrower than working in the league in scope. In a credit union your primary concern is the benefit to your specific membership, but it is also very rewarding because you are close to the individual member experience and can impact that experience one-on-one. In a credit union you do not have the "tug" of trying to bring alignment and unity to diverse interests as you do in a league representing all credit unions in a state. In a credit union you are aligned with common purpose and focus.
CUJ: How has the industry changed since you first entered it?
Holub: When I entered the credit union movement the business model and the environment was very different than it is today. Most credit unions were employer based, not community based as they are now; the service menu was fairly simple: basic savings, perhaps CDs, simple loan products, basic insurance services- we did not have complex investment options, sophisticated mortgage products, and subsidiaries that launch a variety of business ventures both jointly and severally. The regulatory environment was much better; we wouldn't have said that then, but compared to now it was simple. We were in an era of deregulation, which seemed to be an oxymoron at the time, but compared with the vast regulatory compliance burdens and legislative initiatives today we had so much less regulatory infringement on operations. The credit union business model worked then; we struggle now with an inadequate charter. We have outgrown the model's capacity to serve us well, which is why we need alternative capital, business-lending authority to sustain ourselves and be able to reach our growth potential.
CUJ: What would you tell a young professional in this business or looking to join the credit union world?
Holub: I would tell them not to narrow their professional path, be open to all the various position opportunities within credit unions, leagues and system support entities. Don't limit your scope to one particular area of interest or expertise; you may find out your real talents may be developed in areas you never would have suspected! I certainly did. Credit unions need to cultivate a deeper pool of talent. If a young professional wants to help people they will flourish within the credit union community. In credit unions you don't have the corporate self-interest, for-profit high-stress environment. In credit unions everyday you are doing good things; you help someone, you make life better or easier for someone. At the league level it is the same as the credit union level, leagues help credit unions and credit unions help members everyday. It is a great career for those who feel a personal and social responsibility to do something meaningful for others-it is personally rewarding.
CUJ: What are you going to do now that you're retiring?
Holub: For the next 12 months, there are way too many legislative and regulatory challenges to think about "life after league!" There is a lot yet to accomplish. When I do retire, I have more than enough interests to keep me busy. I may go back to teaching college and writing, or maybe just sail and play lots of golf and racquetball.
CUJ: Do you have any predictions for the future of the cooperative movement?
Holub: We may feel that the cooperative movement is fracturing and disintegrating under the current economic stress. But we were created during the most stressful times of the Great Depression, and experienced significant growth and success at that time- thousands of credit unions were formed, CUNA and CUNA Mutual were created. Opportunity for growth was abundant. Looking at our current credit union financial indicators, I see some very positive trends in savings growth, loan growth, assets and membership growth. I think we are resilient and will come through the next year being smarter, stronger and better positioned to meet the challenges in the future. We will be spurred to be more creative, innovative and entrepreneurial than in the past and we will modify our business model to best serve us in the future.
