Consumer Lending Perspectives

EP 9 CEO Steve Bugg, GLCU: How to Manage Lending & Liquidity

In this episode of Consumer Lending Perspectives, Jeff Bogan hosts Steve Bugg, CEO of Great Lakes Credit Union, to discuss balance sheet leadership, intraday liquidity, and the operational realities facing financial executives. A central theme is execution speed. From emergency loan programs to AI tools like GLCU’s “Olive,” Bugg shows how operational dexterity lowers cost and strengthens member service. “We’ve learned that we’re agents of change. We need to jump in quickly, we need to pivot, and if we’re going to fail, we need to fail fast, fix it, and move on.” - Steve Bugg Bugg explains how member behavior is bifurcating as low-income households in underserved communities turn to small-dollar credit, while mid-market members return to autos and unsecured loans. The conversation explores Bugg's telecommunications background that framed his approach to digital banking, portfolio mix and AI deployment to handle contact center calls. Other topics include HUD-certified counseling programs, financial wellness centers, scenario modeling, regulator engagement, strategic mergers, and fee income. Bugg shares his practical perspective on how modern credit unions can stay relevant, disciplined, and responsive in a faster, more data-driven environment. What You’ll Learn in This Episode: How CEO leadership and execution speed shape credit union strategy and culture Why behavior is diverging across income segments and how that affects lending demand How to blend automation with human guidance to improve outcomes and lower cost Ways to build growth and fee income through mortgage and insurance CUSOs How intraday liquidity monitoring and scenario modeling strengthen ALM & regulator discussions Subscribe to Consumer Lending Perspectives [https://www.youtube.com/@ConsumerLendingPerspectives] to stay ahead of the latest trends in consumer lending, financial innovation and technology from industry leaders and experts. TIMESTAMPS: 00:00 Steve shares his professional journey to the Great Lakes Credit Union 03:18 Engagement philosophy, HUD-certified counseling and the foundation help scale financial literacy 08:14 Balance sheet management strategy 13:17 Serving low-income designated members with small-dollar lending and financial wellness counseling 17:53 Federal shutdown relief program funded $650,000 in loans at 0% in two weeks, and AI 26:32 Liquidity management transformation through strategic mergers, paying down borrowings, and behavior analysis 32:00 Strong relationships with regulators KEY TAKEAWAYS: Operational agility in program launch is a strategic advantage. Loan portfolio design must reflect member behavior and economic realities. Mission-focused strategy can scale when paired with leadership alignment. Automation and human coaching are complementary, not competitive. ALM, liquidity, and data modeling require real-time discipline. ABOUT THE GUEST: Steve Bugg serves as President and CEO of Great Lakes Credit Union, a $1.4 billion Illinois-based credit union serving over 100,000 members. After starting in banking and spending 20 years in telecommunications, he has been a leader in the credit union industry for 17 years. Bugg is a graduate of the University of Evansville and The ProCon Leadership Institute for Cooperatives, and serves on numerous industry boards, including the Illinois Credit Union League Legislative Committee. He advocates for financial literacy initiatives and housing counseling for low-income households through nonprofit partnerships. Under his leadership, Great Lakes Credit Union is designated as a low-income, community development, and Juntos Avanzamos credit union. Steve Bugg - LinkedIn [https://www.linkedin.com/in/stevebugg/] - https://www.linkedin.com/in/stevebugg/ Great Lakes Credit Union - Website [https://www.glcu.org/] - https://www.glcu.org/ Jeff Bogan – Website [https://www.upgrade.com/team/jeff-bogan/] - https://www.upgrade.com/team/jeff-bogan/ Jeff Bogan - LinkedIn [https://www.linkedin.com/in/jbogan5/] - https://www.linkedin.com/in/jbogan5/ HUD Housing Counselors [https://www.hudhousingcounselors.com/] - https://www.hudhousingcounselors.com/

EP 8 Bank Capital and AI Trends with Ethan Heisler

In this episode, host Jeff Bogan speaks with Ethan Heisler, Editor of The Bank Treasury Newsletter, about how bank treasurers are managing liquidity, regulation, and risk today. Heisler explains how instant payments and weekend settlement gaps are pushing institutions to hold higher reserves, changing traditional strategies. Heisler considers stablecoins a practical tool for evaluation in cross-border transfers that banks must come to understand. They also examine how AI and machine learning can move beyond automation to support strategic treasury and balance sheet decision-making. As Heisler notes, better analytics could have changed outcomes at some recent bank failures. AI support for strategic brainstorming and decision-making could benefit many leadership teams, whether bank treasury, depository, financial institution, or asset manager. “How are you using machine learning/AI to make better decisions? … How can you enhance your brain to do more when you think?” - Ethan Heisler The conversation covers how examiner turnover, deposit growth, and liquidity preferences are changing priorities, as many treasurers choose to “stay liquid” while adopting new risk management tools. Together, Bogan and Heisler unpack the role of bank treasurers and financial management today. What You’ll Learn in This Episode:    How bank treasurers are prioritizing liquidity and risk management post recent bank failures What stablecoins are and their connection to instant payments  How AI and machine learning can support smarter balance sheet decisions Current trends in regulatory focus, deposit growth and loan growth Why deposit insurance reform and fintech partnerships matter more Subscribe to Consumer Lending Perspectives [https://open.spotify.com/show/7fOQosruoYWPqvnww1Fugi?si=23d06a168b144713] to stay ahead of the trends in banking, fintech innovation, and financial services from industry experts. TIMESTAMPS:   01:00 Ethan shares his background as an Institutional Investor-ranked analyst and the launch of the Bank Treasury Newsletter, with 21 years of industry insights 03:45 Deep dive into stablecoins in banking and how they function as a new payment method for cross-border payments, potentially disrupting the quadrillion-dollar international payment market 10:18 How artificial intelligence in banking and machine learning for financial institutions should enhance cognitive decision-making rather than just operational efficiency 13:00 Critical lessons from Silicon Valley Bank on balance sheet risk management and why liquidity management strategies must account for instant payment systems and deposit volatility 17:59 Discussion of uninsured deposits, deposit insurance, bank examiners, risk management and AI 26:17 The future outlook for the banking industry, including economic stability, deposit insurance reform needs, and fintech partnerships KEY TAKEAWAYS:   Bank treasurers are rethinking liquidity. Instant payment systems and weekend settlement gaps are leading institutions to hold more cash and short-term assets. Deposit behavior is changing. Despite the 2023 turmoil, deposits reached record highs, yet more funds are moving into money market products and Treasury bills outside of banks. AI is underused in brainstorming and decision-making. Many banks apply AI for process automation, but few use it to improve risk and balance-sheet choices, an opportunity for smarter capital use. Stablecoins could affect cross-border payments. Large banks may gain efficiency and lower costs by adopting stablecoins for international transfers, but widespread understanding is still limited. Regulation and staffing are shifting. Examiner turnover and new supervisory focus require treasurers and CFOs to strengthen analytics and prepare for deeper regulatory review. ABOUT THE GUEST:  Ethan Heisler is the editor-in-chief of The Bank Treasury Newsletter, commentary on bank treasury issues, investment portfolio strategy, asset/liability management, and trends. Ethan began his career on the repo desk at Dillon Read in 1981. Since then, his career has included senior positions in fixed income sales and trading, corporate bond research, and bank supervision. His experience spans multiple economic and interest rate cycles and includes work on key bank accounting and regulatory capital policies. He has analyzed banks in the U.S. and abroad. While a managing director in Corporate Bond research at Citigroup, he was recognized by Institutional Investor as a leading analyst of U.S. and Yankee banks. Ethan Heisler - Website [https://www.thebanktreasurynewsletter.com/] - https://www.thebanktreasurynewsletter.com/ Ethan Heisler - LinkedIn [https://www.linkedin.com/in/ethan-heisler-58b370119/] - https://www.linkedin.com/in/ethan-heisler-58b370119/ Jeff Bogan – Website [https://www.upgrade.com/team/jeff-bogan/] - https://www.upgrade.com/team/jeff-bogan/ Jeff Bogan - LinkedIn [https://www.linkedin.com/in/jbogan5/] - https://www.linkedin.com/in/jbogan5/

EP 7 Sheel Mohnot: Building Symbiotic Fintech-Banking Partnerships

In this episode of Consumer Lending Perspectives, Sheel Mohnot, Co-Founder and General Partner of Better Tomorrow Ventures, joins the show with host, Jeff Bogan, CFO at Upgrade and fintech veteran. Better Tomorrow Ventures is a venture capital fund dedicated to fintech companies globally.  Sheel’s insights span the fintech landscape, from the symbiotic relationship between fintech and banking to the transformative potential of AI in areas like compliance and underwriting.   He discusses how Better Tomorrow Ventures nurtures entrepreneurs’ ideas into thriving businesses through seed investing, emphasizing infrastructure solutions.   Tune in as Sheel explores new investment frontiers, including accounting and mortgages, and shares his vision for Better Tomorrow Ventures’ role in driving Fintech innovation forward.   IN THIS EPISODE:  * (1:30) Sheel explains how he became involved with Kiva and what prompted him to move into the Fintech space  * (06:43) Better Tomorrow Ventures, what is seed investing and how entrepreneurs' ideas become businesses  * (14:40) Interaction between fintech and the banking industry  * (20:32) Discussion of AI and advice for choosing an AI business partner or vendor  * (26:12) New areas of investment that Sheel finds interesting, his outlook for Better Tomorrow Ventures, and his thoughts on the consumer    KEY TAKEAWAYS:   * Sheel Mohnot’s early work at Kiva, a consumer lending platform enabling microloans to alleviate poverty, shaped his fintech career. Kiva’s model of crowdfunding small loans (as little as $25) to individuals in developing countries highlighted the power of technology to improve financial access, influencing his focus on fintech solutions.  * Mohnot’s venture capital fund, Better Tomorrow Ventures, focuses on seed-stage Fintech investments, leveraging his and his partner’s operational experience.   * BTV  prioritizes founder-driven investments, valuing speed, tenacity, and articulation in entrepreneurs, and targets fintech infrastructure solutions (e.g., Unit, Layer) over other areas.  * Mohnot sees significant opportunities in specialized AI applications for Fintech, such as compliance, underwriting, and accounting automation (e.g., Basis, Kaaj, Monk). These solutions address specific industry needs, reduce risk, and enhance efficiency, unlike generic AI models, making them attractive investment targets.  RESOURCE LINKS     LinkedIn Sheel Mohnot: https://www.linkedin.com/in/smohnot/ [https://www.linkedin.com/in/smohnot/] Website Better Tomorrow Ventures: https://www.btv.vc/ [https://www.btv.vc/] LinkedIn Jeff Bogan: https://www.linkedin.com/in/jbogan5/ [https://www.linkedin.com/in/jbogan5/] Website Upgrade: https://www.upgrade.com/ [https://www.upgrade.com/] ABOUT THE GUEST:    Sheel Mohnot is Co-Founder and General Partner of Better Tomorrow Ventures, an early-stage venture capital fund investing in Fintech companies globally. He’s also the General Partner of the 500 Fintech fund. His own startup experience includes two successful Fintech exits: a payments company. Previously, he worked as a financial services consultant at BCG, and he began his Fintech career at Kiva, a non-profit, peer-to-peer lender.

EP 6 Digital Transformation: Maintaining Customer Focus with Marc Butterfield

What does it take to innovate in banking today? How do institutions balance cutting-edge technology with customer trust and regulatory responsibility?  In this episode of Consumer Lending Perspective, guest Marc Butterfield, SVP of Market Expansion and New Product Development at First National Bank of Omaha (FNBO), joins Jeff Bogan, host, to explore digital transformation, consumer lending, and the role of AI in reshaping operations and credit modeling.   “It comes back to understanding the what and the why. When you recognize it, if you're clear on the what and the why, as well as the outcomes you wish to achieve, the further you stray from that, and you realize, I'm just trying to get this done; that's not the reason we should be doing it. That's when it becomes crucial to be honest with yourself and your team. The lies you can tell yourself are monumental.” - Marc Butterfield  Marc shares how becoming a “forcing agent” and listening to stakeholders , especially the qualitative component of feedback, drives innovation and more intelligent decisions.   From machine learning in credit modeling to piloting generative AI for employee support, his conversation with Jeff touches on real-world technology use in a regulated space.  Together, they also cover trends such as, tokenized payments and digital wallets, with insights on data infrastructure , partner data, data engineering, and venn diagrams . Listen to learn more! Follow the podcast for episode notifications.    IN THIS EPISODE:  * (00:00) Opening and introduction  * (01:16) Marc Butterfield explains how he earned the American Bankers Innovators of the Year Award  * (03:22) Marc talks about digital innovation, expanding consumer lending, and partnerships  * (09:24) Discussion of the philosophy of banking transformation and technology, and advice on how to get the stakeholders' buy-in  * (17:45) AI machine learning is helping employee efficiency and internal discussion on initiatives regarding credit cards  * (27:00) The future of banking and Marc’s view on the tariffs and stock markets     KEY TAKEAWAYS:  * Listening to all stakeholders, such as customers, partners, and employees, drives better product development in digital innovation and banking transformation. Clear goals help guide teams, but flexibility in execution allows for innovation and growth.  * AI and machine learning are transforming banking operations and credit modeling, mainly within consumer lending. Tools like internal chat systems boost employee efficiency while maintaining a focus on data security and compliance.  * Before rolling out AI to customers, banks must build internal expertise and guardrails.   * As digital tools like stablecoins and tokenized payments evolve over time, strong data infrastructure becomes key to sustaining innovation in a rapidly changing financial landscape.    RESOURCE LINKS   LinkedIn Marc Butterfield: www.linkedin.com/in/marc-butterfield-0263281 [http://www.linkedin.com/in/marc-butterfield-0263281] Website First National Bank of Omaha: https://www.fnbo.com [https://www.fnbo.com/] LinkedIn Jeff Bogan: https://www.linkedin.com/in/jbogan5/ [https://www.linkedin.com/in/jbogan5/] Website Upgrade: https://www.upgrade.com/ [https://www.upgrade.com/]   ABOUT THE GUEST:    As the SVP of Market Expansion and New Product Development at FNBO, Marc Butterfield leads innovation, oversees the Market Expansion Team, and spearheads new product initiatives within FNBO’s Partnership division. Marc holds a bachelor’s degree in business administration, specializing in marketing, from the University of Nebraska at Omaha. His journey started at Nexterna, a wireless technology startup owned by Union Pacific Railroad. With a career at FNBO that began in 2001, Marc has held pivotal leadership roles in Digital Banking, Marketing, Consumer Lending, Credit Risk, and Product Development. His recent projects include the launch of the consumer digital banking app Milli, the innovative transaction enrichment service Ordem, the versatile card-as-a-service platform Bend, and the cutting-edge digital calving book with a visual-based learning algorithm, Cattle ID. Marc has earned the prestigious American Banker’s Innovators of the Year award (2023). He is an active member of the ABA’s Innovation Committee and Investment Committee. Marc is also the recipient of the Key to the City of Omaha!

EP 5 Data Transparency and the Future of Consumer Lending with dv01

Vadim Verkhoglyad, Head of Research at dv01, joins the podcast this month with his rich background in data and performance analysis. In this episode, Jeff Bogan, host, and Vadim discuss several key topics, including data transparency in consumer credit, consumer behavior psychology and mindset, the effects of inflation and debt on home prices and home insurance, and the implications of zero interest rates on future consumer credit.   Looking ahead, Vadim identified opportunities to enhance consumer lending, such as better data utilization and lower APRs. He acknowledged challenges like outdated systems, financial literacy gaps, and the need for greater market maturity to fully realize the potential of more transparent and scalable unsecured lending.  “2024 has been exceptional for performance. So some of that is certainly a correction from how bad 22 and 23 were, but a lot of that is still kind of—healthy just credit performance.” – Vadim Verkhoglyad    “I've been focused on getting people to understand that the market is in full recovery mode. I think some people still think that performance is trending down, which it certainly isn't.” – Vadim Verkhoglyad   IN THIS EPISODE:  * [1:22] Data transparency in consumer credit   * [4:49] Vadim describes his role at dv01 and the psychology and mindset of consumer behavior  * [10:55] Discussion about inflation and debt and home prices and home insurance  * [15:00] Zero interest rates (ZIRP), and drivers of future consumer credit   * [20:33] Discussion of unsecured credit and financial literacy and weak lending practices  * [27:26] The value dv01 brings in terms of transparency to the lender and how markets evolve  * [32:16] Vadim offers suggestions to investors     KEY TAKEAWAYS:  * The increasing use of data and technology, such as cloud computing and big data analytics, fundamentally changes how credit is assessed and underwritten. This shift towards data-driven decision-making has improved credit risk assessment, opened new lending opportunities (like short-duration, high-yield characteristics), and increased investor confidence.     * The housing market faces significant challenges, including rising costs, regional disparities, and the impact of events like the housing insurance crisis. These factors impact lending performance, strain homeowners financially, and reshape the credit landscape.     * Challenges remain while opportunities exist to improve consumer lending, such as disrupting the credit card market through better data utilization and lower APRs. These include outdated systems, financial literacy gaps, and greater market maturity to fully realize the potential of more transparent and scalable unsecured lending.     RESOURCE LINKS   LinkedIn Vadim Verkhoglyad: https://www.linkedin.com/in/vadim-verkhoglyad-cfa-7037b07/ [https://www.linkedin.com/in/vadim-verkhoglyad-cfa-7037b07/] Website dv01: https://www.dv01.co/ [https://www.dv01.co/] LinkedIn Jeff Bogan: https://www.linkedin.com/in/jbogan5/ [https://www.linkedin.com/in/jbogan5/] Website Upgrade: https://www.upgrade.com/ [https://www.upgrade.com/]    ABOUT THE GUEST:    Vadim Verkhoglyad leads dv01’s research and publication efforts, authoring analysis on consumer credit and distilling complex financial data into actionable insights. With experience across structured credit, finance, and technology, Vadim has an extensive background in data and performance analysis, structured credit investing and research, and capital markets. He started his career as an analyst at Fitch Ratings and then transitioned to hedge fund Tricadia Capital, where he rose from systems analyst to senior vice president over his 12-year tenure.  Data, Transparency, Consumer Credit, Jeff Bogan, Upgrade, Predictive Analytics, Consumer Behavior, Technology, Innovation, Regulation, Financial Literacy, Credit Scores, Debt Management, dv01, Vadim Verkhoglyad