Gary E. Furtado serves as CEO and president of Navigant Credit Union and recently completed a six-year term as a member of the board of directors for the Credit Union National Association.
He has served as credit union leader since 1989. He has a bachelor’s degree and a Master of Business Administration from Bryant University.
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PBN: What is the Credit Union National Association and what are its core goals and objectives?
FURTADO: Credit Union National Association is the only national financial services trade association that specifically advocates on behalf of the credit union industry. Representing more than 7,000 credit unions and roughly 120 million credit union members across the country, the core mission of CUNA is to help individual credit unions grow, and to advance the credit union model as a model.
CUNA works with policymakers and regulators on both federal and local levels; consistently publishes informational resources like Credit Union Magazine and the CUNA News Podcast to educate its audience on the value credit unions can play in the financial lives of their members; and encourages collaboration across the credit union sector.
PBN: Over the course of your term on the CUNA board, what are a few of the key initiatives the organization focused on?
FURTADO: Over the last six years, the team at CUNA has successfully advocated on behalf of a wide range of policy issues that have helped credit unions across the country better serve and protect their members, including the bipartisan passage of the Secure and Fair Enforcement Banking Act in 2019.
Beyond the association’s advocacy scope, one of CUNA’s most exciting initiatives over the last several years was the launch of our “Open Your Eyes” advertising campaign. Funded by contributions by more than 1,000 credit unions, the Open Your Eyes campaign aims to correct common misperceptions about the credit union model and help community credit unions reach a larger, younger audience. The campaign is currently running in more than 20 states, and the team at CUNA is working on expanding its reach in the coming months.
PBN: As the CEO and president at Navigant Credit Union, you were the only CUNA board member representing a New England-based credit union during your term. Did/does Navigant Credit Union work with its neighbors/competitors in Rhode Island to advance the credit union model?
FURTADO: I was elected to serve on CUNA’s board of directors in 2015 as a representative of CUNA District 1, which is comprised of Rhode Island, Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, Puerto Rico and the Virgin Islands. On local and regional levels, there is obviously a great deal of competition between the individual organizations operating in these areas. The value CUNA brings to the table is to bring these organizations together to work toward a common goal.
Looking at my role as president and CEO of Navigant Credit Union, I can certainly say Rhode Island’s local financial services industry – and our business community at large – shares the collaborative, cooperative values shown by CUNA. I can’t speak for any other organizations, but our belief at Navigant Credit Union is that if we can help the credit union model as a whole grow and succeed, we will all benefit.
PBN: Coming out of an extremely difficult year, what is your opinion of the current state of the credit union industry? Where does it go from here?
FURTADO: As we return to some semblance of normalcy in Rhode Island and around the world, we do see some of the changes our industry has experienced sticking around for good. For example, while we absolutely believe in the value of in-person banking and physical branch locations, we also anticipate our members’ interest in online and mobile banking tools will increase as we enter a post-COVID world.
As for the state of the credit union industry, it’s quite strong, and I am confident Navigant Credit Union and our colleagues across the sector have plenty of room to grow.
Here at Navigant Credit Union, for example, we saw steady growth in our membership and deposit and loan activities for the sixth consecutive year. We currently operate more than $2.7 billion in assets, serving more than 110,000 members across 20 Rhode Island branches. Our success is a testament to our employees’ tireless hard work. Our personal, hyper-local approach to customer service helped our members navigate this unprecedented time with confidence.
PBN: A number of banks and financial institutions have committed funding and training to racial justice in light of the events of the last year. What has Navigant done to address this and what do you see as the gaps in racial equity in the industry still?
FURTADO: Navigant Credit Union is proud of our strong roots in Rhode Island’s most diverse areas, and we are committed to ensuring Navigant Credit Union will always accurately and fairly reflect the people and the communities we are so proud to serve. The values of diversity, equity and inclusivity are the driving force behind our hiring practices, our philanthropic efforts and – most importantly – the lending products and programs we offer to our members.
Of course, our organization – and our industry as a whole – can always do more. The work to foster a culture of equity is never finished, and our entire team is as committed as ever to listening to our members, educating ourselves and continuing to build on Navigant Credit Union’s long history as a safe, welcoming place for all Rhode Islanders looking to improve their financial lives.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
