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

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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.