It’s safe to say Bruce Adams, whose resume includes stints as a legal advisor to former Gov. Dannel P. Malloy and Lt. Gov. Nancy Wyman, and leadership roles within the state’s banking and tax departments, is politically connected.
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It’s safe to say Bruce Adams, whose resume includes stints as a legal advisor to former Gov. Dannel P. Malloy and Lt. Gov. Nancy Wyman, and leadership roles within the state’s banking and tax departments, is politically connected.
The former Day Pitney attorney’s rolodex, along with his knowledge of financial regulations and law, is one of the main reasons the Credit Union League of Connecticut hired him as its new president and CEO.
Adams took over the league — an association that represents about 70 Connecticut credit unions — in August, succeeding Jill Nowacki.
In a recent interview, Adams, 46, of West Hartford, said he will leverage his network as much as possible when it comes to state and federal advocacy on behalf of the credit union industry here.
For example, he wants state lawmakers to authorize electronic automobile titles, a move he says would reduce DMV foot traffic and ease headaches for dealerships, buyers and lenders, including credit unions. He also hopes to find a better way for credit unions to provide medical marijuana retailers cash-management services.
But what Adams is most eager to discuss is his vision for a more entrepreneurial Credit Union League.
His aim is to keep the league financially healthy and independent at a time when counterpart associations in multiple other states have merged.
Adams said the league will design or arrange new products and services to give credit unions more ways to attract and retain customers. In turn, those offerings would produce income for the association, helping it to bolster and build its membership and fuel its government-relations and policy initiatives.
“I’m not looking to fund my organization on the backs of dues,” Adams said. “I want to fund it on the backs of a partnership with my members where we all share, because that is who credit unions are.”
His vision aligns with a broader trend, as credit unions themselves are increasingly business-minded, launching or investing in a growing number of business ventures called credit union service organizations (CUSOs) that sell insurance and investment products and offer processing and other services.
The trend has accelerated as credit unions and banks seek new revenue streams in a time of persistently low interest rates and digital transformation.
A vehicle for growth
The Credit Union League has a for-profit subsidiary known as League Services Corp., which has long pooled members’ buying power to leverage discounts on a multitude of products and services, from compliance and cybersecurity to marketing.
Those arrangements produce income for the league and help its member credit unions market products and services to their customers that they may not otherwise have been able to offer on their own.
The for-profit subsidiary currently produces about half of the Credit Union League’s annual revenue; the other half comes from member dues, Adams said.
But he’s convinced there’s room for growth through the launch of new products and services, and he wants League Services’ revenue to be the Credit Union League’s dominant revenue source in the coming years.
Product pitches
Adams has plenty of ideas for new products and services.
The first, which could launch in early 2020, is an online service that would help credit unions purchase pieces of loans from each other, spreading out their individual risk and freeing up room in their respective loan portfolios.
Other ideas include designing a service to help credit union customers monitor and improve their health, with the aim of increasing financial wellbeing, and pairing a student loan refinancing product with borrower financial education.
John Holt, a league board member and CEO of Rocky Hill-based Nutmeg State Financial Credit Union, said he likes Adams’ vision and is also convinced the league can play a larger role in designing its own products.
“We’re taking a route that we believe will keep us relevant and around for a very long time, ” Holt said. “Bruce has the vision to do that. He has the connections to do it.”
Holt has some expertise when it comes to new product development. Last summer, his credit union acquired a Colorado-based technology provider that serves credit unions.
DaLand Solutions has since developed software for Nutmeg that powers self-service DMV kiosks in its Milford and North Haven “express” branches, and the company is also earning money helping other credit unions improve their technology systems.
Holt said the venture has been profitable, but not all credit unions have the scale to do similar ventures.
“Many credit unions in the state are tiny and they don’t have the capital or resources or knowledge to go out and do this themselves, or even to hire a vendor to do it,” he said. “That’s where the league can assist them.”
