According to business guru Peter Drucker, "Efficiency is doing things right; effectiveness is doing the right things."
That philosophy mirrors the thinking behind NAFCU's strategic focus in its three core competencies: advocacy, education and compliance.
As NAFCU chairman, I have had the opportunity to see up close how NAFCU operates and just how much it values its members. Indeed, everything it does is through the filter of what is in the best interest of its members.
The decision to refine the association's focus was made based on careful consideration of feedback from its member credit unions. NAFCU's core competencies resonated with its members.
The focus on advocacy, education and compliance is integral to NAFCU's commitment to providing extreme member service. It speaks volumes about NAFCU's dedication to excellence and always striving to look for the best way to do what members want. The ever-changing marketplace and the continuous tide of regulations require a keen eye for analysis and the alacrity to respond to changing needs of members. By focusing on advocacy, education and compliance, NAFCU will remain nimble and better able to assist member credit unions to help them grow.
NAFCU recognized that the industry's consolidation, escalating compliance costs and revenue challenges warranted a bottom-line perspective that could offer a critical return for CUs to thrive, not just survive. This renewed focus crystallizes the value NAFCU offers its members and underscores just how well it understands its members and the challenges they face.
Examples abound of NAFCU's acumen in the areas of advocacy, education and compliance. NAFCU is not afraid to take unpopular positions that are in the best interests of credit unions — even in the face of great challenges. One need only recall NAFCU's unwavering position opposing direct CFPB authority over any credit union. NAFCU continues to believe credit unions should be exempt from CFPB rulemaking and advances that concept at every opportunity with lawmakers and regulators.
More recently, we have seen NAFCU's top-notch advocacy efforts garner assurances from NCUA Chairman Debbie Matz and CFPB Director Richard Cordray that they will focus on CUs' "good faith" efforts in the early days of compliance with upcoming TILA/RESPA integrated mortgage disclosures requirements.
In response to member requests, NAFCU created the Risk Management Seminar. As part of the conference, executives in risk management can attain the new NAFCU Certified Risk Manager (NCRM) designation to demonstrate their overall understanding of credit union risk management and show that they're prepared to deal with both internal and external threats their CU might face. This new certification can only be obtained by taking and passing an optional exam during August seminar.
In terms of compliance, NAFCU recently added a TILA/RESPA Integrated Disclosure "Boot Camp" Series to help our members manage the complex task of complying with the upcoming rule's Aug. 1 deadline. NAFCU is also bolstering its compliance team with the addition of another regulatory compliance counsel.
Ultimately, with the association's laser focus on advocacy, education and compliance as well as its continued commitment to its membership and the industry, I am sure the best is yet to come for NAFCU and its members. I am proud to be a part of the organization and look forward to an exciting and productive year ahead!
Ed Templeton is president and CEO of SRP Federal Credit Union and chair of NAFCU.