The recovery is taking hold in America, and recovery equals more savings, more lending, and more business start ups. The positive in a recovery is sugar coating of the negative in a recessionary period. A consumer/business owner must have a relationship with a financial company from Wells Fargo to Ace Cash Express. A prospective client is embarking on a new banking relationship should commit to research in relation to financial needs, but a character check is an equal qualifier on the determination of bank in a search. The bank may be a perfect match on products and services, but the CEO is mediocre with some questionable leadership judgements to impact the bank or respective clients. The CEO is mediocre in leadership; the bank is mediocre in performance irrelevant of the portfolio of products and services.
What litmus test is appropriate in the determination of a great leader. The following article was written for the Consumer Banking Examiner column in early 2010. The CEO of this Georgia Credit Union was outstanding leader and representative of the Credit Union, the community, and the consumers /small businesses in his footprint. Many bank leaders do have these attributes as this CEO. One reason is the size of the institution does restrict the intimate knowledge of every community served; the second reason is the bank or the leader does not believe those attributes are important in meeting strategic goals.
One last thought, the banker working under an outstanding leader as this CEO will struggle to find that quality leader with another bank if looking to move….The reason is the fact that they are few and far between…
The morning news feed did produce an unexpected article from the Chief Executive Officer (CEO) of credit union. The CEO knew the economic conditions of his local markets, regional markets, and the national economy. The CEO gave an assessment on the only viable hope of recovery is with the small business owner. The access to credit was the main challenge to fund expansions in operations and employment as a result the stagnation in the economy. The article was detailing the credit unions efforts in lending to small businesses but limitations of business loans in relation to assets are not allowing the credit unions to make an impact to the economy. The article continues that legislation to increase in the cap would release the credit unions to lend money to small businesses with more vigor and the immediate impact would be noticed in the creation of new jobs.
As the article concluded, the analysis was concise in the state of the economy in Main Street America. The author of the article was from a CEO of a credit union out of Macon, Georgia. The analysis was an assessment of a successful credit union or bank cannot be profitable isolated in surroundings of economic despair. The CEO’s character is to be a leader of the credit union and a leader in the community in relating the success of the credit union is co-dependent on the economic health of the surrounding community.
In addition, this executive did not defend actions of inaction. The forward thinking leader knew that lending to small businesses was the most prudent action to a recover, and the banks may not want to provide credit to the small business owners but the credit unions are waiting and ready to act if allowed by the government.
As the banks defend inaction, the leader and representative of one credit union made the case for action for many credit unions and welcomed the opportunity to assist the small business owner. The result of assisting small businesses is the benefit to the recovery of the surrounding community and America.
- Congress should boost credit union commercial lending (mysanantonio.com)
- DC Community Banks must strategize to survive (donny-wise.com)
- On Capitol Hill, Battle Over Small-Business Loans Grows Fierce (entrepreneur.com)
- 3 Reasons I Love My Credit Union (bargaineering.com)
- More Business Loans, No Tax Payer Subsidy (forbes.com)
- Solving the Small Business Credit Mess (smallbiztrends.com)
- Bankers pressure Senate leaders to avoid credit union bill (theneteconomy.wordpress.com)