Peg Lamb: Member Spotlight

CUNA Councils
December 14, 2006

Peg Lamb, CFO for Capital Community Credit Union, got her start in the credit union business while working on her undergraduate degree at Michigan State University in human environment and design.

“I worked part time at MSU Federal Credit Union,” she says. “That was my first exposure to credit unions and I loved the environment.”

After receiving her BS degree and continuing on with an MBA in finance, she stayed at MSUFCU, working there for a total of 13 years. Peg later worked for Bank One in East Lansing as its CFO, where she learned the “dark side” for six years.

“Although it was a commercial bank, I learned a lot and when a new CFO position was created at Capital Community Credit Union, I was the first to apply,” she says. She got the job in 1999 and since then the credit union has completed five mergers.

Peg and her husband have been married for almost 30 years and have two older sons. “My youngest graduated from the University of Michigan last May and my oldest graduates next week from Michigan State,” says Peg. “I feel like I'll be wealthy beyond belief now!”

Biggest challenge

Because of the many mergers we've done, controlling expenses is my biggest challenge. We do realize a lot of economies of scale, but we also have huge overhead from many locations and lots of staff. It’s always a challenge to keep a lid on spending.

Best advice

Stay current, read everything you can get your hands on, and constantly ask questions.

Greatest benefit of Council membership

The CFO Council Listserv is my first stop whenever I need a second opinion on any question facing my credit union. By being an active Listserv member, when we get together annually for the CFO Conference, I recognize names of people from the Listserv and get an opportunity to meet them, which is always rewarding. The Listserv makes the Council worth every penny my credit union spends for my membership.

Best part of my job

Working with a very capable and independent team. Without the group of executive staff we have put together, my job would be much more difficult.

Hardest part of my job

Saying “no” to some of the new technology that presents itself. I am a techie at heart and would love to have all the latest and greatest gadgets and services, but because of the drain on resources we have to be careful that we only do as much as our staff can handle.

Success story

We implemented a new relationship pricing program, Total Member Rewards (TMR), this year. Our members have loved it because it offers them the ability to waive lots of fees as long as we become their primary financial institution. We love it because it gives the sales staff a conversation starter to find ways to bring more of their business home.

Hobbies and interests

Boating, reading, watching movies (especially action/thriller flicks), exercising, and cooking.

People would be surprised to learn that . . .

Not only was I a cheerleader for four years in high school, but after high school I played amateur ice hockey.

Recent book

Financial Peace by Dave Ramsey

Something that always makes me laugh

The Bob & Tom Show while I'm driving to work each morning.

If you had an extra hour in the day I’d . . .

Spend it in my kitchen with all of my family around and a bottle of wine (well, ok, we'd need more than one bottle because there are so many of us!).