TALLAHASSEE, Fla.-If the Durbin Amendment taught CUs anything, it's that strategic planning can't be a white paper that sits on the shelf every year.
That's the stance of Jim Park, president of CU24, who explained credit unions need to step up their attention to strategic planning. "It has to be a weekly process anymore, looking at the plan to see if it needs to be adjusted."
Park advised that credit union compliance officers religiously look through trade publications and regulations daily to see what is changing. "We do that at CU24, and we modify our strat plan almost every week."
Park is concerned that credit unions are not paying enough attention to the strategic planning document because they are busy putting out regulatory fires. "I think their rationale for not getting to it is they have so much on their plate, especially Durbin. They don't have the time, energy, or resources to do the kind of planning they need to do."
By the same token, Park said, CUs have to make the time because new rules like Durbin are quickly altering the financial-institution landscape.