FEDERAL WAY, Wash.-The Northwest Credit Union Association has installed Kim Vu in a newly created position-VP of community investment and social impact.
The move designed to "raise the conversation about credit unions, but in an emotional and cultural way."
Vu, who also was appointed as executive director of the Northwest Credit Union Foundation, until recently was VP-social impact, innovation and community relationships at $1.7 billion Technology CU in San Jose, Calif. She told Credit Union Journal in her role at Tech CU, she was out working in the community and building strategic partnerships.
"We know the work we are doing in the community impacts larger issues, so we want to be a contributor," she said. "I worked with a significant number of non-profits, as well as trade associations that impacted our membership."
Many of the CU's relationships were with the technology community, Vu explained. She said Tech CU wanted to leverage the credit union's voice along with the other voices on important issues.
One issue that was important to the Silicon Valley was there was no U.S. Patent Office on the West Coast, despite a significant high-tech presence in California, Oregon and Washington. Many companies in Tech CU's service area had applied for patents over the years, but Vu said communications took a long time because they were dealing with Washington.
'Humble' Credit Unions
"We were willing to write a letter of support because of the impact it had on our members," she recalled. "It turned out to be a great win, because there now is a U.S Patent Office approved for the West Coast."
Another issue Vu worked on involved the Housing Trust for Santa Clara County. She said there was a demonstrable need for affordable housing for teachers, and Tech CU was the only credit union that helped create a fund for the Housing Trust.
"When credit unions participate in these types of conversations it can really start to help the community," she said. "The next step is to get those stories out to the public. There are so many credit unions that are doing great work, but they are so humble. We want to offer tools to get those stories out. There is data we should be collecting, so it is really important to emphasize and evaluate the work we are doing."
'Top-Tier Talent'
Both functional areas Vu was hired for are under the supervision of Denise Gabel, today the NWCUA's chief operating officer but well known to many in the CU movement from her time as chief finance and strategy officer with the Filene Research Institute in Madison, Wis., as well as being a frequent speaker at conferences.
"Kim Vu is a top-tier talent," Gabel declared. "We are glad we are able to recruit her here. Coming from Filene, I am all about creating things that are unique."
Credit unions already do a "good job" of positively impacting their communities, Gabel stated, adding, "It is part of their DNA." Sometimes they do it so naturally, she continued, it is at their own expense.
"So we want to help credit unions collect those stories and promote them," said Gabel. "With changing demographics, more Gen Xers and Gen Ys care about social impact. If we promote what credit unions are doing, that will attract more Xs and Ys."
Phase 2 of this plan, Gabel said, is to advance social impact beyond just the credit union. She said Vu will help NWCUA reach out to other entities through strategic partnerships, and therefore have even greater impact on communities.
"Let's say we identify credit unions that care about K-12 education," said Gabel. "In Phase 2, we find entities well out of the credit union system that care about K-12 education and have a greater impact."
Emotional Conversations
What this process does, Gabel said, is raise the conversation about credit unions, but in an "emotional and cultural way." She said it is not about products and services, it goes "one level above" to discuss a democratically controlled cooperative financial institution.
"It goes to the fabric of the industry," she said. "When we get our conversation up there, other people who share those same values will become aware of credit unions. Then, there is building trust, then there is a discussion of products-but we don't lead with products."
Presently, Vu is on Phase 1, getting to know the credit unions in the Northwest, Gabel assessed. When Vu gets to Phase 2, "she has skills as a social impact broker. She will be able to bring together companies or entities that share values and interests. We are very excited about this new, enhanced direction. Kim Vu is the right person to lead this, and we are creating the future for credit unions."
As for Vu, she said she is helping CUs identify where gaps are to make sure they are collecting data-how many volunteer hours went into the event, how many dollars went into it, and more.
"I am doing a lot of listening right now. I have been a sponge," she said. "I am enjoying it because it is such a great opportunity. This area does so much to drive the credit union movement."
Bridging the Great Divide
As spotlighted in Credit Union Journal, (The Great CU Divide: Overall Industry is Growing, But Many Are Not, Jan. 14, 2013) small credit unions are having a particularly difficult time matching the growth of their larger counterparts. Vu said the NWCUA has received many requests for support from smaller CUs.
"On the Foundation side we have grant programs for smaller credit unions that need operational support. There also is a huge opportunity for cooperative development. This can be part of a larger conversation involving all types of cooperatives. In the Pacific Northwest region cooperatives are very strong, so we want to start a conversation that involves all industries, not just the credit union industry."
