Member Spotlight: Bill Vogeney

CUNA Lending Council
April 7, 2009 | COMMENTS

Bill Vogeney is senior vice president/chief lending officer for Ent Federal Credit Union in Colorado Springs, Colorado. After growing up on a small farm in Pennsylvania, Bill started his career in lending with what is now Wells Fargo Finance in Harrisburg, Pennsylvania, and eventually managed offices in Zanesville, Ohio and Orlando, Florida.

It was in Orlando where Bill got his "big break" in 1988. “Navy Orlando Federal Credit Union (now Fairwinds Credit Union) hired me as the vice president of lending was I was 27,” he says. “It was a $200-million credit union at the time. It was an interesting management team; half of the team was 30 or under. I think part of my big break was because my future wife had just started a job as a loan officer with a smaller credit union in town, and was able to school me on credit union philosophy.”

Bill joined Ent Federal Credit Union in 2001. “Today we're a $2.5-billion credit union,” says Bill. “The job change was very positive for me. I've learned more in the last seven years than I did during my first 18 years in lending.”

Biggest challenge

Well, I'd have to say keeping pace with the problems with the economy and the financial markets. Earlier this year, I wrote the lending section for the CUNA E-Scan publication, and my opening paragraph alluded to the fact that my biggest worry had changed three times in the last quarter of 2008. Our loan portfolio is performing very well, but keeping delinquency at acceptable levels and assisting members with loan modifications and payment arrangements has certainly taken a larger chunk of my time over the last 90 days. I'm very hands-on in regards to many of today's challenges.

Best advice

First of all, remain consistent. I've seen too many lenders get in trouble because they relax credit standards when the economy is good, and then have to make huge adjustments to tighten criteria when the economy turns south. I've built a career from curing sick loan portfolios. I take great pride that I've never created a problem someone else has to fix.

My second piece of advice is to take pride in lifelong learning. Let's face it, there is no textbook on how to manage a loan portfolio. You learn from your peers, you learn by going back to school (I earned my MBA in 1996, the smartest thing I ever did), you learn from reading trade publications. Our credit union has a fairly good indirect lending portfolio and I think part of the reason why is because while my former credit union was sitting on the sidelines in the mid to late 1990s without an indirect program, I read everything I could find on the auto lending market. I also learned from analyzing the mistakes of some of my peers. Don't be afraid to venture outside of the credit union world as publications like Auto Finance News and the National Mortgage News are great sources of information.

Greatest benefit of Council membership

I believe our annual conference is a must for any CUNA Lending Council member. I attended my first conference in the late 1990s in Orlando. I started meeting some great lending professionals who have become good friends and resources for my job. We also have so many other sources to share information with other credit union lending professionals. I love sharing ideas with other credit unions!

Best part of my job

Being part of a senior management team and having a voice in strategic and tactical decisions. I also enjoy educating and developing my staff and direct reports. Ultimately, how well you develop your staff will determine your legacy.

Hardest part of my job

Managing paper. I am not an administrative wiz. If my organization skills dictated whether I had a job or not, I'd be unemployed. I've made only slow progress over the years.

Success story

I mentioned Ent's indirect lending strategy at the 2007 CUNA Lending Council annual conference, and basically my message was: Create your own strategy. We are not afraid to do something different than the competition. It helps us stand out from the crowd.

Financially, our credit union is doing very well. The Colorado Springs real estate market is down maybe 7-8% in terms of median home prices over the last year; better than most of the country, but certainly unexpected if you had asked any industry experts just two or three years ago. I think we've been successful in avoiding the land mines because we found ways to recognize some of the warning signs that existed in the marketplace—easy loans through subprime lending, home prices that were increasing far faster than personal income, and borrowers making irrational decisions about buying homes. We recognized the signs, and made adjustments to our lending policy to avoid a lot of the resulting credit risk.

Biggest misconception about my job

They think all I do is make loan decisions. I look at very few loans in my position. It's all about managing the process and developing people who work for you to carry the ball, so to speak.

Hobbies and interests

I am a golf fanatic. I participate on a couple of different blogs devoted to golf club collecting. I wrote a book on collectable putters in 2001 and have started doing the photography on a second book which I hope to have completed by mid-year 2009. Besides all of that, I do find some time to actually play.

Recent book

The Match. It details a famous golf match at Cypress Point in 1956 with Ben Hogan, Byron Nelson, Ken Kenturi, and Harvey Ward. I really don't read that much for enjoyment after I read everything work related. If I do read a novel, it's most likely either a Dan Jenkins book (golf and sports) or a Michael Crichton book. I love the intricate details he has in his books.

Life goal not yet accomplished

I'm constantly making goals. I really don't even want to fully retire, I'll always keep busy. I'm only 47 years old, so I have a lot to accomplish. I think the one thing that stands out is to find some way to live at least part of the year in San Diego! Seriously now, I think my biggest goal is to do what I can to get my 14-year old son, Matt, through school and college so he can have a better life than what I have. I think that should be the goal of every parent.

Favorite quote

I really don't have one. There is this line from a movie I saw years ago. I can't even remember the movie now. It goes something like this: "There are things you do well, and things you enjoy doing. And if God is smiling on you, they're the same thing." I like the thought behind that.

If I could spend a day with anyone . . .

I'd spend it with my son. He's a great kid, he has a great sense of humor, and I think he'll make a great father/husband/manager some day. I learn from him all of the time.

How I would explain the credit union difference to a potential new member

I would invite them into one of our staff or management meetings. They'd notice what we're talking about. Not profits. Doing the right thing for members. The best possible rates. Great service. Financial education.

Bill Vogeney (2nd from left) playing golf at the foot of the Colorado National Monument in Grand Junction, Colorado - short golfer in the middle is Frank Beard, drummer for ZZ Top.

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