Credit Unions at a Crossroads: Keynote Reflections from CCUA’s National Conference

At this year’s National Conference in Halifax, close to 1300 credit union leaders and supporters came together to exchange ideas, explore shared challenges, and chart a path forward for the sector. The conversations in meeting rooms, hallways, and informal gatherings carried as much weight as the formal sessions, underscoring the importance of collaboration at a time of profound change.

In his keynote address, Canadian Credit Union Association President and CEO Jeff Guthrie delivered a powerful message: credit unions must confront the realities facing our sector and act with urgency, courage, and clarity of purpose. His remarks challenged the sector to look inward, question the status quo, and seize the opportunity to build a stronger, more sustainable future.

Here are the key themes that emerged from Jeff’s keynote:

Confronting active inertia

Too often, organizations respond to change by doubling down on what worked in the past. Jeff highlighted this pattern, known as active inertia, as a major risk. Active inertia is defined as: “Stuck in the modes of thinking and working that have been successful in the past, market leaders simply accelerate all their tried-and-true activities. In attempting to dig themselves out of a hole, they deepen it.” Jeff implored credit union leaders to break old routines and to rethink long-standing strategies and partnerships to become relevant to young and new Canadians.

Updating the sector for today’s realities

The structures and policies that shaped the sector decades ago were designed for a world of small, local credit unions that rarely competed with one another. That world no longer exists. As consolidation continues and credit unions grow in scale, we must re-examine how well our sector supports innovation, responsiveness, and growth. The time has come to build new frameworks that reflect how credit unions operate today.

Leveraging local trust in a time of global uncertainty

Trust is becoming more localized. While public confidence in institutions like governments and corporations has declined, people still trust the organizations rooted in their communities. Credit unions are uniquely positioned to lead in this environment. We are owned by our members and embedded in the places we serve. That trust is a powerful advantage, but only if we work intentionally to earn and grow it.

Committing to growth and innovation

Growth is not just about scale; it’s about capacity. Without growth, credit unions will struggle to invest in the technology, talent, and tools needed to meet modern member expectations. Jeff emphasized that adopting new business models and accelerating digital transformation are critical to the sector’s future. We cannot afford to treat innovation as optional or wait for perfect alignment before we act.

Practicing real stewardship

Leadership at this moment is not about maintaining the status quo. It is about stewardship, making the hard decisions now to leave the sector stronger for the next generation. Jeff called on CEOs, boards, and sector leaders to embrace this responsibility with honesty and courage. It means facing uncomfortable truths and letting go of partnerships, processes, or beliefs that no longer serve our collective mission.

Acting with urgency

The challenges are clear: a shrinking member base, aging demographics, low awareness among new Canadians, and increasing operational pressures. What remains is the willingness to respond. Jeff’s message was direct: this is a time for decisive action. The worst decision is indecision. If credit unions are to thrive, we must shift from slow, cautious movements to bold, coordinated steps forward.