The 2024 International Credit Union (ICU) Day is celebrated with World Council of Credit Unions’ theme of “One World through cooperative finance”. As the financial sector undergoes rapid transformation, attracting and nurturing young talent is crucial for our continued evolution. As we celebrate ICU Day, we spoke with Chris Inniss, President & CEO of Mainstreet Credit Union, and Rachel Palaci, Central 1’s Member Relations Engagement Manager, about the significance of this day. Together, their perspectives offer a glimpse into the innovative ideas that will shape the future of our sector.
What’s your experience in the credit union/cooperative sector?
RP: I came across the cooperative sector almost by chance; I was in the midst of switching careers, because of burnout in the financial sector. I left the “Big Banks”, but realized I had very strong transferable skills, if only I found an organization that would allow me to use my skills without the sole focus of increasing shareholder value — I wanted a culture and my career to be aligned to my personal values. I stumbled across an opportunity with the CCUA at the time, which allowed me to connect and explore the credit union system that I never knew existed as a young professional — I was not exposed to it in my studies, nor in my family life.
CI: I’ve had a diverse career in financial services, spanning both the banking and credit union sectors. Currently, I’m the President & CEO of Mainstreet Credit Union, a role I took on in September 2021. Before joining Mainstreet, I led Pathwise Credit Union in Oshawa, ON, and served in various leadership roles across the financial industry. My experience has shaped my perspective that credit unions are uniquely positioned to not only help people live their best financial lives but also create meaningful impacts as community connectors, ethical employers, and member-owned institutions. I’m passionate about creating a vision where credit unions become the primary choice for Canadians and successfully take market share away from banks.
“One World through cooperative finance”: What does this bring to mind for you?
RP: In my eight years in the system, I developed the ability, through listening and learning, to tie-in the challenges faced by credit unions, and “amalgamate” the issues heard in different regions. I’ve been in the fortunate position to share within the system lessons learned or ideas from other credit unions that have successfully overcome these same challenges. As the previous chair of the BC Young Leaders (now BC Emerging Leaders), when I moved across the country to Ontario, I was also able to bring my experiences, procedures, processes, and best practices along with me, to build upon in the Ontario Young Leaders. This year’s theme brings to mind this superpower skill we can leverage in the sector: we all operate independently, but we’re better when we work cooperatively, when we are able to learn from others, and build a network and support system that allows us to be informed of best practices, strengths and challenges.
CI: To me, this theme highlights how traditional business models are increasingly falling short for many people. We’re seeing the consequences in the form of rising inequality, housing crises, and financial stress. What stands out is that cooperative finance represents a new-old model—one that prioritizes people over profit. Credit unions and cooperative housing, for example, offer tangible solutions by emphasizing shared value, democratic control, and a genuine community focus. These models are rooted in an approach that values sustainable growth and mutual support, rather than just maximizing returns. They show that we can build a financial system that serves everyone, not just the bottom line.
What are the opportunities you see for the young people within credit unions and the broader cooperative sector?
RP: We should be leveraging what makes the cooperative sector different from others: a lot of opportunity for young leaders to move laterally into different areas, to nourish curiosities for their professional development, to delve into the “wearing many hats” we so often refer to, and to build that experience in a way that makes these young leaders not tempted to leave the system. If opportunities are not available within one credit union, let’s go by the theme of this year’s ICU Day, and remember that there may be a great opportunity for your young leader in a different credit union or cooperative. Let’s create “One World” for young talents so that they don’t need to go elsewhere. We should also cultivate the grassroots initiatives led by young leaders, such as provincial Young Leader groups, National Young Leaders Committee, and the World Young Credit Union Professional Network as well.
How do you see young talents shaping the future of our co-op sector?
CI: Young leaders are the future economic participants in our sector and will be the ones defining its direction for the next 30 years or more. One of the core cooperative principles is economic participation, and I see a direct correlation between supporting young leaders today and the long-term success of credit unions. How could we not invest in the future? Ignoring young leaders isn’t just short-sighted—it’s actively harmful to our ability to innovate and grow. At Mainstreet, we know that investing in our emerging talent isn’t just about long-term sustainability; it builds productivity, retention, and a real sense of purpose in our future leaders. That’s why we’re such strong supporters of initiatives like the Ontario Young Leaders and the National Young Leaders Committee. Internally, we have a dedicated committee focused on supporting emerging leaders, with a strong emphasis on mentorship. By empowering the next generation, we’re building a stronger and more resilient credit union movement.
Don’t miss the opportunity to join credit union-led networks:
World Young Credit Union Professional Network
CCUA National Mentorship Program
