Virtual Shapiro Summit Provides Insight and Knowledge

Shapiro Summit
Day 2 of the Summit kicked off with a Regulatory Guidance and Compliance panel featuring RaAnn Wood, former California Deputy commissioner of the Office of Credit Unions for the Department of Business Oversight, and Elizabeth Habring, supervisory examiner for the National Credit Union Administration. The panel was moderated by Comunidad Latina FCU CEO Erick Orellana and County Schools FCU CEO John Bagents.

Though this year’s Shapiro Summit was virtual due to the pandemic, the two-day event still featured a number of informative speakers discussing topics of importance to smaller credit unions, including credit union operations, the economy, and investment strategies. 

More than 140 attendees took part in this year’s event, which kicked off on Sept. 30 with Progress Coaching Chief Coaching Officer Tim Hagen speaking “Coach Your Team Through Difficult Times”.  Hagen told participants a crisis, such as the current one, does not create character, it reveals it. He advised leaders that there is much they can do to coach their employees through this time.

"Want to make an impact during this time? Call people into the office with the good stuff; call them in and praise them,” he said.

Hagen added this crisis provides an opportunity to “show empathy, to ask questions, and to go above and beyond the call of duty to help” both employees and members.

TCT Risk Solutions Founder & CEO Randy Thompson, PhD, then provided an overview of the economy. Every recession up until this point has been caused by something in the economy. This recession is unique that has been caused by the government itself, according to Thompson.

He added that while this recession is technically over because growth in employment, payroll, and spending has resumed, there will be a disproportionate impact on small businesses.

“They will just disappear. It is not that jobs will disappear. They will disappear,” Thompson said.

He believes the post-pandemic comeback could be rapid compared with the recovery from the Great Recession. The expectation for recovery in California is that it will very much mirror the U.S. recovery.

“It will take time for consumers to return,” he predicted. “The only bright spot will be in the housing sector.”

First-day breakout sessions included: Strategy for 2021 & Beyond with Tansley Stearns of Canvas CU; Investment Strategies to Boost Your ROA with Casey Peterson of Catalyst Corporate FCU; and Collections Best Practices During COVID-19 with Karel Rocha, Esq, with Prenovost, Normandin, Dawe & Rocha, APC.

Day 2 of the Summit, on Oct. 1, started with a Regulatory Guidance and Compliance panel featuring  RaAnn Wood, former California Deputy commissioner of the Office of Credit Unions for the Department of Business Oversight, and Elizabeth Habring, supervisory examiner for the National Credit Union Administration. The panel was moderated by Comunidad Latina FCU CEO Erick Orellana and County Schools FCU CEO John Bagents.

Wood and Habring said one of the biggest obstacles or challenges for smaller credit unions is lack of resources so they can’t be everything to everyone. But they also have advantages.

“As small credit unions, you have the ability to react more quickly and you know your members better than those at larger credit unions,” Wood said. “Be creative and innovative.”

Asked about the CARES Act, loan modifications, and TDRs, Habring said it all depends on each credit union’s field of membership and how loan deferrals made during the early days of the crisis will pan out. If a credit union only has a few members who still need assistance with loan payments, then she advised working with each member individually to “come up with a solution that works for them.” If, on the other hand, the credit union has a large number of members with difficulties, then it will need to look at its balance sheet to see how much it can tolerate. Using TDRs might be a good option at that point and a credit union shouldn’t refrain from them, she added.

Breakout sessions for Day 2 included: CU Life with COVID-19 with Dana Schuller of SchoolsFirst FCU; Creative Ways to Drive Income with Teri Robinson of Ironworkers USA FCU; CECL Encounters the Perfect Storm with Michael Richard, CPA, Richards & Associates.

In addition to the keynote speakers and breakout sessions, attendees had the opportunity to network with each other in a virtual lounge and visit an interactive exhibit hall.

All of the general and breakout sessions are now available to view free of charge. Click here to view the sessions.

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