WILLISTON, Vt. — New England FCU CEO David Bard has announced he would be stepping down from the position he has held for nearly a quarter century. As he prepares to ride off into the sunset in January, Bard talked with CU Journal about his journey from regulator to cooperative leader.
CU Journal: How did get into the credit unions?
Bard: I really didn't know much about credit unions initially. When I was the commissioner of banking, insurance and securities for the state of Vermont, we regulated state chartered credit unions. I developed a lot of respect for their purpose and focus.
CUJ: What did you do prior to becoming NEFCU's CEO?
Bard: I was first in a large commercial bank in the area in business development, human resources and strategic planning. I worked as the banking commissioner and then I moved over to the credit union as CEO in 1986.
CUJ: NEFCU has seen tremendous growth since you took the helm in 1986. What did the credit union do, and what did you do specifically, to facilitate that incredible expansion?
Bard: You really can't get around the importance of hiring and retaining outstanding people. It is the absolute first step. The second part is to really stay focused on creating excellence in areas that become your value propositions. You have to make those choices on what you are and what you are not. You have to always look for ways to create new value in this changing marketplace. Expectations are constantly changing and the pace is constantly changing. The whole credit union has to be a learning organization where everybody is focused on creating value because that's what it takes to be competitive and to differentiate.
CUJ: How has the industry changed since you first broke into it?
Bard: Collectively we have had much more visibility and I think we're beginning to set a standard for value and pro-consumerism that others can't ignore. The one thing I've seen in my 23 years here is that even though we're relatively small compared to the banks, our level of influence has been significantly higher than it has been in the past. We're really beginning to impact consumer expectations. With all the things that have happened in the last few years, we're kind of in the sweet spot. The things we've always focused on are becoming more important for the broader market.
CUJ: What would you tell a young professional in this business or looking to join the credit union world?
Bard: The first thing I would say is that the structure of credit unions expects both business and market success but also social contribution. I think you can make a difference that leads to a lot of personal and professional satisfaction. I think it creates an environment for personal balance; excellence in terms of business but also excellence in social accountability. That singularity of dealing with stakeholders instead of stockholders is a real advantage.
CUJ: Do you have any predictions for the future of the CU industry?
Bard: I think the chances for credit unions to be a bigger part of the financial services landscape has never been better because that structure is going to be much more conducive to these changing expectations. People value what credit unions have been focused on for decades. We're going to have an opportunity to become a much bigger part of the industry and it's because of that pro-consumerism. I think this crisis has been a watershed event that has influenced people of all ages about what can go wrong. Credit unions are a lesson on what can go right. I think we're going to become the preferred choice; banks see from their market research that consumers are wary and feeling vulnerable and they're tailoring their advertising towards those feeling. Credit unions have been generally focused on "the right thing to do" from the beginning. We have a head start on this and need to keep that momentum going.
