ALEXANDRIA, Va.-A credit union veteran may have the CURE for CUs struggling to expand their knowledge base.
Credit Union Retired Executives, or CURE, is a new online service that allows CUs to ask questions of retired credit union executives.
In the next week, www.curetiredexecs.com will launch with more than 20 former credit union leaders standing by to answer questions on a wide range of topics, explained CURE's Executive Director, Holly Herman.
"We have many well-known individuals from the industry, and credit unions will be able to ask specific leaders questions or ask questions on a topic and the appropriate person will respond," said Herman, a former CU CEO and NCUA chief of staff under Chairman JoAnn Johnson. "We expect to expand our advisers to more than 50 by year's end."
Herman said CURE "advisers," all former executives from within the CU movement, range from those who worked at institutions from $200 million in assets to more than $1 billion. Plans are to add retired leaders from smaller CUs, as well.
The service is free, and once individuals sign up and create a profile they receive an active in-box on the site. Users browse the site and select individuals they're seeking answers from, or choose a subject of interest, such as business lending, and the appropriate advisers' names appear.
"They could pose a question regarding the operation of a credit union on a host of different subject areas, and they'll get an answer within three days," said Herman, who explained the response comes back to a secure in-box. "Users receive an e-mail notification that they have received a reply on the site."
CURE advisers are not paid, but Hermann said that should not prevent them from responding in a timely manner. "We know that retirees take vacations, but it will be clear on the website when they are unavailable. And we'll make sure that others are ready to respond in their absence."
Questions will be monitored for appropriateness. Responses will also be checked to ensure individuals are receiving timely answers, but users' interactions are confidential, assured Herman, who believes CURE will especially appeal to individuals who feel uncomfortable "asking questions in a group. Unlike a list serve, you will not be able to see other people's questions, and your answers come to your private inbox."
Herman developed the idea with co-owner Juri Valdov, former CEO of Northwest FCU in Herndon, Va., over lunch.
"We were talking about all of our colleagues who have retired or are retiring and thought about the wealth of knowledge leaving the industry," Herman said. "This is a way for them to stay involved and for others to tap into what they know."
Herman said the site will be supported by advertising revenue.
