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 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.

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 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...

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/

Website Better Tomorrow Ventures: https://www.btv.vc/

LinkedIn Jeff Bogan: https://www.linkedin.com/in/jbogan5/

Website Upgrade: 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.