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 September '18August '18
# of CUs5,6535,686
Total Assets
($ billions)
Total Savings
($ billions)
Net Cap.
Loans to Savings85.5%84.5%
Loan Delinq.0.7%0.7%

         Credit Union Indicators

Tough love for credit unions

I'm sorry the world is moving fast. Tough luck,' says serial entrepreneur Gary Vaynerchuk.

Credit union leaders need to stop making excuses, "put on their big boy pants," and embrace innovation, Gary Vaynerchuk said at CO-OP Financial Services' THINK 16 conference this month.

That was just some of the tough love the best-selling author and serial entrepreneur dispensed during an entertaining "fireside chat" at CO-OP Financial Services' annual conference.

Vaynerchuk's tough love advice addressed topics such as:

Awareness of credit unions: "People don't know what credit unions are. You have an awareness issue as an industry."

Innovation: "I try to replicate the behavior that would put me out of business. Too many people use compliance as an excuse for not doing what they should be doing."

Advertising: "It's crazy to make commercials in 2016. I can sell you stuff on Facebook. The second something [on TV] goes to commercials, you grab your phone. Attention is all that matters. Before you tell me how great you are, you need to have my attention.

"This is an old crowd, and none of you are consuming commercials. No one is going home and looking through their direct mail. I don't understand how you can act one way at home, but when you go to work you have different strategies."

Technology: "Technology is not a sector; it's all-encompassing. It will eat up everything. It got to bookstores early, then hotels and taxis. It's going to get to everything."

Keeping up with change: "I'm sorry the world is moving fast. Tough luck. Innovation doesn't care about you and me."