Celebrating ‘Women’s History Month’ with Tammy Phillips
March is Women’s History Month, a time to recognize and celebrate the countless ways women have shaped American history, strengthened our communities, and driven progress across every sector of society. At Utah’s Credit Unions, we’re especially proud to celebrate the women whose leadership, innovation, and dedication help advance the credit union movement and serve members every day.
We are honored to spotlight Tammy Phillips, Utah’s Credit Unions’ Board Chair and President of Varex Federal Credit Union, whose leadership reflects the impact women continue to make across our industry. Tammy shares reflections from her own career journey and offers insight into how we can continue empowering and supporting the next generation of women leaders in the credit union movement.
How did you get started in credit unions?
I was fortunate enough to have had a member service representative who worked at the credit union that I belonged to back in 1995 who knew how miserable I was working for a bank at the time. She approached me one day and said that if I was so miserable, why didn’t I come try working for a credit union. I couldn’t put in my two weeks fast enough, and I started my credit union career with what was at the time Treasury Credit Union for the IRS. I was there for 4.5 years and learned to wear many different hats, and I loved it!
I immediately noticed the difference between banks and credit unions and how they treated their members and how they conducted themselves. Treasury started going through a lot of changes, and I was afraid that some of the changes that were coming would affect me, so I started looking at other credit unions.
I was hired immediately by Varian Credit Union in 1999 as a loan officer and became the vice president two years later, with the plan of becoming CEO in the next five to seven years…but as luck would have it, it only took 3.5 years, and I was the CEO. I admit I didn’t feel very well prepared to take on this role, but the current board of directors was willing to give me six months to run with it, and I guess I did OK, as I’m still here.
I have never regretted that decision and have never looked back.
How has participating on boards, committees, and other groups helped you grow professionally?
Participating on various boards, committees, and groups has helped me grow and understand the credit union movement on a deeper level. I have served on an Education Committee and a Grant Committee, and I felt like those two committees have made me want to work hard for smaller credit unions. A lot of them do not get the opportunity to attend events or get upgrades that they so badly need because they are so small and so fee- and cost-conscious toward their members that they don’t have the means or ways to get what they need.
Thanks to larger credit unions, they are very generous and giving, as they truly want to see the smaller credit unions thrive and survive. I have also served on Utah’s Credit Unions’ board as a volunteer, as their executive vice chair, and currently as the chairperson. Working shoulder to shoulder with other credit union CEOs makes me appreciate them so much. Seeing the passion that they have to ensure the future of all credit unions is just an experience that has truly been one of the best things I have ever had the opportunity to participate in. I have met so many wonderful people who have impacted my growth through the years, and I appreciate all of them.
Who are some women leaders and role models you admire?
There are a few exceptional women in my life who I feel had a great impact on me.
The first woman I mostly admire is my mom. She was the leader of six kids and taught all of us the value of hard work and that if we wanted something bad enough, we would work hard and do what it took to achieve it. Without her setting me on a strong path, I may not be where I am today.
Some amazing women who took me under their wings when I first got put into the role of CEO were other women who were CEOs of their own credit unions. There was a particular group of five who contacted me weekly to make sure I was up on regulation changes and that I was going to educational events. They made sure to welcome me at events and eagerly shared their knowledge and experiences with me and taught me more than any classroom could have.
One other lady who comes to my mind is Diana Dykstra, retired California and Nevada Credit Union Leagues president and CEO. I have been to a few meetings where she spoke and also had her as a teacher while attending Western Credit Union Management School. Her personality was one that I would have loved to have been able to mirror. She had a way of making you feel like you were the most important person in the class or meeting, wherever you were. If she was there, you mattered. I have always thought that I want my members to always feel like they are the most important people when they come into the credit union or my office.
What advice would you give women looking to start a career in credit unions?
I have a lot of advice to share! The credit union world is not always easy, and sometimes being a woman in the credit union industry can be even more challenging. But remember, there is always someone out there willing to help you. Never be afraid to ask. I am currently the only female on our board, and I will honestly tell you that I couldn’t ask for a better group of gentlemen to serve with, and I have asked them for help and advice many times.
Remember that your members are why you are there. They are #1. They come from all walks of life, all nationalities, and they all have a story…and YOU are their confidant, their sounding board, their financial expert. They rely on you to be patient, forgiving, and kind. They are the reason credit unions exist.
I’d also tell them to learn as much as they can whenever you can. Credit unions have a lot to them, and there is a wealth of knowledge out there, and the more you know, the more opportunities there are to serve.
Remember…it’s People helping People.
In your opinion, what is the best way to attract more women to the credit union workforce?
I feel the best way to attract more women into the credit union workforce would be to continue to talk about the women already in the credit union space. Talk about women in all aspects of the credit union, from those spending time answering the phones helping members, to those providing financial counseling to members, to those who are in HR, collections, lending, and any woman who loves what she does and loves helping members. Show that passion.
Another way would be to provide workshops for women who are uncertain or not sure they can do a credit union job and show them that they may have more of what it takes than what they are giving themselves credit for.
What do you wish you knew back then compared to what you know now?
One thing I think I wish I would have known when I first started as CEO was that it is OK to help the members any way I can and to not be so afraid that NCUA would write me up for everything if I didn’t follow the exact letter of the law. I have learned that there is flexibility in how we help our members, and as long as it’s not too far away from your credit union policies and you have a great board that supports the credit union mission…you can accomplish a lot in helping those struggling members. I wish I would have known that not all things are strictly black and white…that there can be some gray.
I also wish back then that I would have had more confidence in myself and not been so afraid to ask for help. That is very valuable to me, and I am at the point now that at times I have the opportunity to help other credit unions, and I love it.
What are your future goals?
I will have been with my current credit union for 27 years in July, and I am on the downward side of my career. My goal is to retire in about 3.5 years when I reach 30 years at Varex FCU. So, I guess my current goals are to find someone who I would trust taking over my place, who will love my staff and members as much as I do, and to leave my position in a much better way than I found it.
I have loved my credit union career, and I have loved working for the members, and I am just so fortunate that the member service representative at my credit union so many years ago convinced me to take a chance.