The Most Powerful Women in Credit Unions 2023

November 14, 2023 6:00 AM

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The credit union industry's commitment to diversity is evident from the top down. Currently, four of the top 10 credit unions are run by women — double the number of female CEOs leading top credit unions last year.

Beverly Anderson became president and CEO of BECU in November 2022, just days after American Banker published its inaugural Most Powerful Women in Credit Unions. Leigh Brady became SECU's CEO in June and is the credit union's first female CEO.

They join Mary McDuffie, who heads Navy Federal Credit Union, the largest credit union in the world, and Donna Bland, president and CEO of Golden 1 Credit Union, as leaders of the nation's top 10 credit unions by assets.

Though these credit unions serve different constituencies, they share common challenges. Among those are the impact artificial intelligence is having on the industry, the challenges of managing a hybrid workforce, and consumers' wariness following this year's banking crisis.

"A lesson learned from the banking crisis earlier this year is that credit unions are part of the solution," Bland said. "In many ways, the crisis was about consumers' trust. Most credit unions, including Golden 1, are federally insured. Overall, I think it affirmed our mission and our purpose, that we were on the path toward helping people in achieving financial wellness."

Credit unions

How credit unions are still benefiting from the 2023 banking crisis

November 14, 2023 11:04 AM

Julie Renderos, CFO of Suncoast Credit Union, said the crisis emphasized the importance of communication with the community.

"Creating a culture of transparency and open communication with all stakeholders helps develop, maintain and retain trust and confidence even in the face of concern," she said. "This was a lesson learned during the great recession, when capital dropped to extremely low levels as a result of significant losses on loans."

Congratulations to this year's Most Powerful Women in Credit Unions. Read on for the full list of this year's honorees.

All asset sizes are the latest available from the National Credit Union Administration as of November 13.

Profiles below written by Frank Gargano and Ken McCarthy. Introduction by Daniel Wolfe.

Pamela Cohen

Senior Vice President of People, Culture and Administration
Affinity Federal Credit Union

Basking Ridge, New Jersey
Assets: $4.4 billion
Time in role: 6 years
Time in credit union industry: 7 years

After witnessing the impact of the banking crisis this year, and seeing industry-wide pullback in consumer lending, Cohen and other leaders at the credit union dedicated more time to conversations about risk thresholds and began reevaluating how much the credit union was comfortable taking on. "Risk, the understanding of risk and the impact that decisions may have on the organization or the membership, is something that all employees of the organization should understand, as well as consider in their decision making," Cohen said.

Affinity's past procedures for helping members recover in the wake of natural disasters were disjointed, with individual departments reaching out to impacted communities independent of one another to check in and offer support. Cohen helped establish a cross-functional team of employees from risk, marketing, public relations and other divisions to better understand the scope of damages to members and craft a more focused message in order to better provide help. This, and new partnerships with local non-profit organizations, will help the credit union provide communities with the aid they need, Cohen said.

Sherri Thomas

Chief Administrative Officer
Truliant Federal Credit Union

Winston-Salem, North Carolina
Assets: $4.7 billion
Time in role: 3 years
Time in credit union industry: 13 years

To be your authentic self, you have to feel comfortable being who you are, Thomas said. "It is exciting for me as a woman of color to influence and create change. I feel duty bound to do it," she said. Thomas added that she wants to help others feel supported to have whatever future they would like. "As long as there is a continued intentional focus on putting diverse groups in leadership, and supporting and creating opportunities for diverse individuals to be successful, it will happen," she said.

Truliant surveys its employees annually, Thomas said, and one of the biggest requests it sees from employees is that they want a defined career path. They also want feedback about growing their career opportunities. "If we are effective at enabling our employees to move positively toward their career goals, it will help us increase retention and engagement," Thomas said.

Stacy Armijo

Chief Experience Officer
Amplify Credit Union

Austin, Texas
Assets: $1.5 billion
Time in role: 5 years
Time in industry: 5 years

In addition to spearheading the debut of Amplify's inaugural virtual branch, Armijo helped launch the credit union's community banking program. Staff members go out into the local communities to provide the employees and clients of interested organizations with resources for financial education. Companies that partner with Amplify can access these resources through Banzai, a virtual financial education platform. "These initiatives are rooted in the idea that we should orient ourselves around the needs of our members and community, not the other way around," Armijo said.

Armijo believes that for credit unions interested in putting younger, more diverse talent in the C-suite, "board chairs and CEOs must shift perspectives, no longer settling for avoiding discrimination in the workplace, and adapting an active posture around inclusion," she said. Suggested methods of doing this include reconsidering "back to office" mandates and implementing term limits for those who sit on the institution's board of directors. "If we want different results, we must take different actions, and if our industry has the courage to do that, it can become a powerful competitive advantage," Armijo said.

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Corlinda Wooden

Senior Vice President/Chief Retail Officer
Unitus Community Credit Union

Portland, Oregon
Assets: $1.7 billion
Time in role: 4 years
Time in credit union industry: 25 years

Like many financial institutions, Unitus Community has been seeking deposits throughout the year to balance its portfolio. In response, it launched a series of promotional certificates of deposit to capture funds. Its nine-month CD launched in January and helped bring millions of dollars into the credit union. "The challenge now is how to retain those deposits beyond maturity. I worked closely with my team to develop a solution that would be simple for members to take advantage of a new promotional CD at a higher rate of return," Wooden said.

Wooden also leads some of Unitus' DEI efforts, ensuring that the company sets an example for inclusion in its community, membership and among its staff. "When making hiring or placement decisions, I always look within our organization to seek out employees who may feel historically marginalized or do not believe they have the skills to take on new roles," she said.

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Tonita Webb

Chief Executive Officer
Verity Credit Union

Seattle, Washington
Assets: $837 million
Time in role: 2 years
Time in credit union industry: 20 years

This year, Verity partnered with Zest AI, which provides automated underwriting, to create a new process for approving credit cards, personal loans, lines of credit and auto loans, using about 300 data points to assess credit risk, as opposed to one credit score. "This was a critical step to expand credit access to underserved communities, and further our mission to provide fairer lending practices and increase opportunity for all to prosper financially, an important facet of expanding who can create generational wealth," Webb said.

During her 15 years as executive vice president and chief operations officer at Seattle Credit Union, Webb emerged as one of few Black women in the CEO role at a credit union with assets exceeding $150 million. As CEO of Verity Credit Union, she uses tools, data and technology to drive financial prosperity for members, especially those in underserved communities. Since Webb became CEO two years ago, Verity has surpassed 40,000 members for the first time in the credit union's history.

Elizabeth Osborne

Chief Operations Officer
Great Lakes Credit Union

Bannockburn, Illinois
Assets: $1.3 billion
Time in role: 2 years
Time in credit union industry: 2 years

A little over a year ago, Osborne assumed responsibility for the member contact center, a pivotal department within the credit union that at the time was struggling to maintain staff and deliver consistent support for its members. Osborne quickly identified that the contact center needed more assistance than she could provide, so she leveraged the expertise of the credit union's project management office team, which "quickly developed a collaborative partnership with the call-center staff to develop a plan to address some quick wins, including frequent training, refining roles/responsibilities and improving morale," she said.

In the ever-evolving landscape of financial institutions, Osborne said it is imperative that credit unions recognize and adapt to the changing preferences and values of newer generations. "The secret sauce, so to speak, that makes a credit union unique is in its dedication to community, financial education, and the greater good," Osborne said.

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Kathryn Davis

President and Chief Executive Officer
Valley First Credit Union

Modesto, California
Assets: $1 billion
Time in role: 4 years
Time in industry: 28 years

Despite Valley First being new to small-business lending, Davis was eager to help a local nonprofit launch a children's museum. After the nonprofit was turned down by numerous banks due to its status as a startup, Valley First was able to work with the organization's board members to underwrite a loan that helped support a successful $9 million fundraising campaign. "Had we not taken a leap of faith with them, the project would not have happened. … We had many challenges to address throughout this process because not only was it a startup, but it also was the largest business loan we had done at the time," Davis said.

Delinquency issues have been on the rise within the credit union, as low to moderate-income members saw balances of pandemic-era savings begin to dwindle. But Davis plans to utilize the credit union's designation as a community development financial institution to support businesses through grant funding while also offering low-cost micro loans to "bridge the gap" between payments, she said.

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Lindsey Myhre

Executive Vice President, Chief Financial Officer
Spokane Teachers Credit Union

Liberty Lake, Washington
Assets: $5.8 billion
Time in role: 8 years
Time in credit union industry: 23 years

Over the last 12 months, Myhre reworked the credit union's organizational structure by integrating updated staff feedback systems and performance review measurements such as one-on-one meetings, plus a new program for developing career paths and succession planning. This "focus of evaluations on areas of approach and impact" helps keep employees and leaders "accountable not only for their results and goals, but also for demonstrated alignment with our core values and leadership principles," she said.

Artificial intelligence is top-of-mind for many leaders throughout the financial services industry. At STCU, Myhre uses AI as part of its fraud prevention programs, and she plans to integrate AI-powered tools to similarly bolster procedures such as credit scoring and decisioning. "Our organization is not afraid of these new technologies, but embracing the change, and leveraging these enhancements and solutions to create safe and personalized member experiences. … If we continue to serve members the way we've always served them, we will fall behind and become obsolete," she said.

Darlene Johnson

Executive Vice President/Chief Growth Officer
Suncoast Credit Union

Tampa, Florida
Assets: $17.1 billion
Time in role: 2 years
Time in credit union industry: 33 years

Johnson's career in the credit union industry began in member services, where she cultivated a strong understanding of member needs. This early engagement set the stage for her subsequent roles in loan underwriting and originations, as she consistently proved her endurance, strength of character and her unyielding commitment to Suncoast's mission. Throughout her career at Suncoast, Johnson has worn multiple hats, demonstrating her dynamic leadership abilities. Her roles have included loan underwriting manager, consumer loan manager, vice president of loan originations, vice president of member solutions, senior vice president of member experience and chief operating officer.

Suncoast prides itself in being a minority majority employer with 54% of its leadership — manager and above — being under the age of 40. To continue to attract, retain and train younger, more diverse future leaders, Johnson supports internal initiatives that identify those leaders by offering management development training programs. "We must meet prospects and internal candidates where they are. We do this by increasing our presence in the digital channels, including TikTok, YouTube and other social networks," Johnson said.

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Meredith Ritchie

General Counsel, Chief Ethics and Government Affairs Officer
Alliant Credit Union

Chicago, Illinois
Assets: $18.9 billion
Time in role: 3 years
Time in credit union industry: 16 years

Under Ritchie's leadership, the Alliant Credit Union Foundation works for digital inclusion and invests in causes that matter to Alliant employees. Serving as Alliant Credit Union's charitable arm, the Alliant Foundation assists programs and organizations that offer digital inclusion across the United States. "I initiated and grew a relationship with Alliant's digital inclusion charitable partner, PCs for People, and held two digital device drives at Alliant's headquarters in 2022," Ritchie said.

Because of Alliant's focus on giving back to its members, as well as it being smaller than most banks, Alliant can often offer more opportunities for younger and diverse people to advance to leadership positions, Ritchie said. "In my experience, credit unions tend to be more collaborative both internally and externally than other traditional businesses and institutions. Younger and diverse individuals especially tend to be very skilled at collaboration — sharing ideas, working toward a common goal and wanting others to succeed," Ritchie said.

Julie Renderos

Executive Vice President and Chief Financial Officer
Suncoast Credit Union

Tampa, Florida
Assets: $17.1 billion
Time in role: 11 years
Time in credit union industry: 25 years

It's critical to create internal opportunities to develop talent and cultivate leaders within the organization through training and mentorship, Renderos said. And an important strategy to attract younger and more diverse leaders is playing the long game. A long-term strategy must be intentional and start now to attract, develop and retain talent that will be future leaders, she said. "Create the right culture, with the right training and development opportunities, and give them a purpose, and that will nurture a young and diverse leadership pipeline," Renderos said.

Renderos believes that she has a purpose in life, and that every experience and every person along her path prepares her for the next step. She calls herself a "purpose-driven person who works for a purpose-driven organization" that allows her to multiply her impact much more than she could on her own. "It is an amazing feeling to make a difference in the life of one person, but when you can multiply that impact, and make a difference that can impact people and credit unions across the country, that really excites me," she said.

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Donna Bland

President and Chief Executive Officer
Golden 1 Credit Union

Sacramento, California
Assets: $20.5 billion
Time in role: 13 years
Time in industry: 29 years

In July, the credit union formally announced its $10 million commitment to the impoverished community of Del Paso. Over the next five years, Bland will support local development projects and launch a new financial resource center within the area. "Working with a community advisory committee made up of local leaders and residents, we asked for assistance in designing a plan to invest in Del Paso Heights. … The group created a holistic agenda that included community, economic and opportunity pathways to improvement," Bland said.

Diversity, equity and inclusion are key values for Bland, who said "now, more than ever, companies need to create an inclusive space where all current and future employees feel a sense of belonging." She aims to create this space within the credit union through its leadership development program, where employees have access to courses and programs for learning new skills.

Beverly Anderson

President and Chief Executive Officer
Boeing Employees' Credit Union

Tukwila, Washington
Assets: $29.2 billion
Time in role: 11 months
Time in industry: 30-plus years

Anderson has been CEO of BECU for less than a year, but has already tackled record interest rate levels, increasing member expectations for new technology and a hybrid work model. In that time, she's also launched campaigns to more efficiently restructure the credit union and has added a new Interactive Voice Agent while expanding other previously-offered services. "I had to learn the organization and business quickly in the midst of an uncertain environment and signal a refreshed direction that would set BECU on a course toward long-term growth and transformative change," she said.

Outside of her leadership roles with the credit union, Anderson volunteers her time with the Harvard Business School's African American Alumni Association and has been doing so for the last 23 years. She also recently took a volunteer role on the Alumni Advisory Board of the Harvard Business School.

Leigh Brady

President and Chief Executive Officer
State Employees' Credit Union

Raleigh, North Carolina
Assets: $50.7 billion
Time in current role: 4 months
Time in credit union industry: 36 years

Brady got her start with SECU right out of college as an accountant in 1987, according to her LinkedIn profile, and was thrust into the top job when previous CEO Jim Hayes stepped down for a similar position at State Department Federal Credit Union in Alexandria, Virginia. To get a better sense of the credit union's operations and figure out which issues needed to be prioritized, she visited "all of [the credit union's] branch and operations management teams statewide to listen and learn what was working well or might need to be modified," Brady said.

Throughout her tenure in the credit union industry, volunteering has been a core tenet of Brady's approach to leadership. She recently concluded her term as chair of the Credit Union National Association's Councils Executive Committee, and is currently a member on the board of the Carolinas Credit Union League.

Mary McDuffie

President and Chief Executive Officer
Navy Federal Credit Union

Vienna, Virginia
Assets: $168.4 billion
Time in role: 4 years
Time in industry: 24 years

2022 was the credit union's "year of member centricity," focusing on investments in its omnichannel platform as well as data infrastructure. These efforts proved to be worthwhile, as Navy Federal onboarded its 13 millionth member in July. This increase of 1.2 million members over the last year is more than the total membership of all but five credit unions in the U.S., as previously reported by American Banker.

As a woman leading the largest credit union in the U.S., the values of diversity are not lost on McDuffie. More than 65% of Navy Federal's staff are women, as well as roughly 60% of its leadership team. "In the future, I will continue to push for leadership that reflects the diversity of both our workplaces and our membership," McDuffie said.