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Ronald McLean
President and CEO, Cooperative Credit Union Association
Industry experience: 28 years
Ronald McLean was hired earlier this year as president and CEO of the Cooperative Credit Union Association, a trade group that represents credit unions in Massachusetts, Rhode Island, New Hampshire and Delaware. McLean comes to the CCUA from the New York Credit Union Association, where he began working as a financial analyst when he was 24 years old. Most recently senior vice president and chief engagement officer at the NYCUA, McLean was tasked with growing membership, expanding services and helping to build a strong statewide credit union movement.
Although he has been a longtime New Yorker, McLean’s roots are in Massachusetts. The Providence College alumni grew up in Acton and he has family spread out across Eastern Massachusetts and New England, and said his new job is “the only other state credit union association job I would leave New York for.”
Q: What made you want to apply for the position of president and CEO of the CCUA?
A: I was the No. 2 person at the New York Credit Union Association, so the opportunity to be the CEO of a regional and progressive state credit union association was very attractive. After 25 years at NYCUA, I was ready to take the next step professionally. Change is good, both personally and intellectually. I knew it would challenge me in new ways that would make me a better person. It’s also the right time for my family. I am married with three kids, two of whom are out of the house, and my youngest is close to graduating high school.
Q: What issues do you consider priorities for your members?
A: Our members want leadership, best–in–class advocacy and solutions from the association. An overarching goal is for us to create an environment for our credit unions to grow and best serve their members. For many credit unions, advocacy is king, and that comes in many forms including legislative advocacy, regulatory advocacy and consumer advocacy. For others, they look to us for direct assistance with compliance and education and training. Reducing the regulatory burden at the federal and state level is an ongoing priority. Since 2014, regulatory compliance has cost credit unions across the country $7.2 billion. Every dollar spent on compliance is one less dollar spent on serving their members.
In [Washington] D.C. we also advocate on data security. We need a robust national data security and consumer notification standard along with effective enforcement mechanisms. Housing reform and various charter amendments are also part of our national advocacy agenda. Marijuana banking is a federal advocacy issue and in the states we represent. We want Congress to enact safe harbor legislation to allow financial institutions to legally provide services to marijuana-related businesses in states where it is legal.
Q: How does the credit union landscape differ in New York from Massachusetts or the other states you now represent?
A: Credit unions share the same philosophy of “people helping people” so they are more similar than different both regionally and across the country. But there are some differences, the biggest one is the number of credit unions. New York has more credit unions (340) than the four states (200) in CCUA’s footprint.
The composition of charter types is dramatically different. Only 5 percent of New York’s credit unions are state-chartered, while 40 percent of Massachusetts’ are. More diversity in state and federal charters is better for the CCUA: it makes us more relevant for our membership since we actively advocate with the Massachusetts Division of Banks, Congress and the state legislature.
Because CCUA represents credit unions in Massachusetts, Rhode Island, New Hampshire and Delaware, that translates into advocating with multiple state legislatures and multiple state banking departments, which is much more dynamic than advocating with one state legislature and banking department. There’s a big difference in federal advocacy. CCUA interacts with eight senators and no other state credit union association has that level of federal representation in the Senate.
Q: What is the biggest challenge credit unions face today? What is their biggest advantage?
A: One of the biggest challenges is being able to deliver on the member experience that people expect from their financial institution. Consumers compare their banking experience against their everyday interactions with Uber, Facebook, Amazon, Apple, etc. The banking experience must be seamless, convenient, available at any time and on any device.
Credit unions have a number of advantages. As member-owned financial cooperatives, credit unions are mission–focused and place people over profit. That focus on putting members’ interests first resonates with people. They want to do their banking with an institution they can trust, know their money stays local, and are trying to help them build a better life.
Credit unions are much smaller institutions compared to the megabanks like Bank of America, Chase and Wells Fargo. As a result, credit unions can be nimble and move quickly to change direction to meet member expectations. The credit union system is very well capitalized. I encourage credit unions to put some of that capital to work on innovative member services.
McLean’s Top Five Family Summer Vacation Destinations:
- Paris, France
- Chatham, Massachusetts
- Ocean City, Maryland
- Kennebunkport, Maine
- The Green Mountains, Vermont
