Workplace Connection - CU Student Choice
"The collaborative and information-sharing culture within the credit union space has been very enlightening and inspiring to me." - Doug Farry Thank you for tuning in to The CUInsight Network, with your host, Robbie Young, Vice President of Strategic Growth at CUInsight. In The CUInsight Network, we take a deeper dive with the thought leaders who support the credit union community. We discuss issues and challenges facing credit unions and identify best practices to learn and grow together. My guest on today’s show is Doug Farry, SVP of CU Student Choice and Director of the Employer Choice Platform. He joins me for this conversation to talk about how the workplace could become one of the most meaningful places for credit unions to build relationships with members again. We talk about how Employer Choice is bringing credit union services directly into an employee’s benefits ecosystem and why that could make a real difference for people who are living paycheck to paycheck. Doug explains why the platform started with a no-credit-check small-dollar loan designed to help employees handle the kinds of unexpected expenses that can quickly become financial crises, from car repairs and medical deductibles to home repairs, and we discuss how payroll-connected repayment changes the equation, why this approach is different from early wage access, and how credit unions can still practice responsible underwriting without relying on a traditional credit score. Throughout our conversation, we take a step back and look at the history behind the idea. Credit unions were originally built around relationships between employers and employees, and Doug sees Employer Choice as a chance to reconnect with that part of the movement’s roots, while creating new ways to serve people who may not have many good financial options. The possibilities even go beyond emergency lending, and Doug shares how the platform could eventually support payroll-deposited savings, direct deposit incentives, and other services that help employees build a stronger financial foundation rather than simply solve the crisis in front of them. As we wrap up the episode, we also get to know Doug outside of his work. He discusses his appreciation for a good bottle of bourbon, two cities that he loves to visit, the book that made a lasting impression on him, and why he has to deliberately schedule time with his family. Most of all, though, Doug shares what has surprised and inspired him about the credit union movement: its willingness to collaborate, share ideas, and learn from one another. Enjoy my conversation with Doug Farry! Connect with Doug: Doug Farry, SVP of CU Student Choice and Director of the Employer Choice Platform creditunions.studentchoice.org employerchoice.org Doug: LinkedIn CU Student Choice: LinkedIn | Facebook | X | Email Show notes from this episode: Shout-out: NASA Shout-out: MetLife Shout-out: UnitedHealthcare Shout-out: FICO Shout-out: Medicare Shout-out: Social Security Shout-out: Pew Research Center Shout-out: Bank of America Shout-out: Wells Fargo Shout-out: Doug’s first boss Shout-out: Randall Smith Place mentioned: New Orleans, LA Place mentioned: Prague, Czech Republic Event mentioned: World War II Shout-out: Mardi Gras Shout-out: Jazzfest Book mentioned: Madame Bovary by Gustave Flaubert Shout-out: Edith Wharton Book mentioned: Atlas Shrugged by Ayn Rand In this episode: [0:52] - Doug reveals that there was a time when he wanted to be a mission control operator for NASA. [2:20] - Hear how Doug’s varied career led him to develop Employer Choice with CU Student Choice. [4:33] - Doug explains how Employer Choice connects credit unions with employers, integrating financial services into employees’ existing benefits platforms. [6:39] - We learn how payroll integration leads to more efficient credit union services, beginning with small-dollar loans repaid via deductions. [8:19] - Employer Choice helps financially struggling employees access responsible small-dollar loans. [11:42] - Doug explains how payroll data enables instant eligibility verification and automated loan repayment regardless of an employee’s credit score. [14:37] - Unlike early wage access, Employer Choice offers larger loans repaid gradually via payroll deductions. [17:35] - Though credit scores aren’t required, Employer Choice still underwrites both employers and employees through alternative criteria. [19:10] - Doug explains how credit unions can customize underwriting rules based on employer stability, circumstances, and repayment capacity. [21:57] - Credit unions historically served employer groups, although many eventually became more community-based. [23:19] - We learn how Employer Choice reconnects credit unions with employers while expanding services such as payroll savings and emergency funds. [25:43] - Credit unions can help encourage direct deposits, helping to strengthen relationships with employers and employees with integrated benefits. [27:09] - What is Doug’s focus for the road ahead? [29:28] - Doug credits his first boss at his first job as having been a great leader. [31:48] - Hear what Doug loves about New Orleans. [34:27] - Doug prioritizes family by deliberately scheduling dedicated time. [35:24] - Doug expresses that he values the credit union industry’s collaborative culture and welcomes ideas for expanding services.